Originally Posted by
pshuang
What's even more evil is when you're overseas, you agree on a transaction at a merchant where the prices are clearly posted in the local currency and you expect to be charged in the local currency (accepting your US card issuer's 0-3% foreign transaction ding), only to find that the merchant has attempted to gouge you by converting the local currency into USD at an outrageously bad rate. (And you know that on top of that gouge, your card issuer will still try to take its 0-3% foreign transaction ding even though they no longer bear any currency conversion work or risk.) Grrr!
And so as to keep vaguely on topic for this forum... no, earning more miles or points through said US card's reward program does not serve to salve the wound!
Yes, that is indeed "evil." Any ideas what can be done to avoid being taken advantage of that way? (While out of the country, I keep taking cash out of ATMs and pay most things that way, avoiding the 2-3% vigorish thrown in by the credit card companies for an exchange surcharge and avoiding shenanigans by merchants. Didnīt expect problems with an "international" car rental company.)
Any experience challenging the charge with the credit card company as an improperly inflated one? I donīt see how a merchant can insist upon converting a sum in the local currency to one in USD $ at a rate of their choosing, then getting back more in local currency than the amount would have been in cash. (Are they trying to recoup the merchant fee the credit card company imposes on them?)