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Foreign exchange rates discussion [FOREX]--all cards

Foreign exchange rates discussion [FOREX]--all cards

Old Dec 2, 16, 1:03 am
  #406  
 
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Originally Posted by asur View Post
I've used ATMs all over the world and never seen Schwab not lump the amount withdrawn and the fee into a single transaction. Regardless, they'll reimburse the fee at the end of the month.
I agree, even within the US I don't recall an ATM fee ever being split out separately.
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Old Dec 6, 16, 8:47 am
  #407  
 
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As I said before, I think Schwab uses FX rate to calculate the amount that is more than the nearest reasonable amount, like 20, 50, 100, etc. The amount is calculated, not directly read from an itemized bill provided by the ATM. What the ATM tells the network is just the total, fees included.
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Old Dec 6, 16, 6:44 pm
  #408  
 
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Originally Posted by zyxlsy View Post
As I said before, I think Schwab uses FX rate to calculate the amount that is more than the nearest reasonable amount, like 20, 50, 100, etc. The amount is calculated, not directly read from an itemized bill provided by the ATM. What the ATM tells the network is just the total, fees included.
Yeah, these things rely on the fee being less than a valid multiple of a currency.

So you withdraw AUD$50, the bank tacks on AUD$3. Schwab knows you can't withdraw AUD$3, so they treat that as the fee.

Not that difficult. My credit union does this too (though they reimburse as soon as it posts).
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Old Dec 21, 16, 9:45 am
  #409  
 
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Originally Posted by TravelinSperry View Post
Thanks, this is great. Will use my Amex in Japan in October MC is backup. Visa on the shelf.
I have some charges on my Amex PRG in Japan, and have unfavorably exchange rates comparing to the published mid-market rates, about 1% lower, and constantly, from the day prior to the transaction to the transaction's posting date. I have been talking to Amex and the customer service agents didn't seem to understand much. It seems that Japan is among the few countries that Amex doesn't appear to have a favorable forex rate. Am I right?
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Old Dec 21, 16, 11:22 pm
  #410  
 
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Originally Posted by Safetravel3 View Post
I have some charges on my Amex PRG in Japan, and have unfavorably exchange rates comparing to the published mid-market rates, about 1% lower, and constantly, from the day prior to the transaction to the transaction's posting date. I have been talking to Amex and the customer service agents didn't seem to understand much. It seems that Japan is among the few countries that Amex doesn't appear to have a favorable forex rate. Am I right?
In my case MC was better than either Amex or Visa for JPY. I don't think there are enough JPY data points to draw a conclusion (whereas I can tell you with 100% certainty MC should always be used for AUD).
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Old Dec 22, 16, 10:57 am
  #411  
 
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I got a much better rate with Amex in Japan than MasterCard on my Canadian AmEx. MC was about 1% less than AmEx.
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Old Dec 22, 16, 11:17 am
  #412  
mia
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Originally Posted by reclusive46 View Post
I got a much better rate with Amex in Japan than MasterCard on my Canadian AmEx. MC was about 1% less than AmEx.
To my knowledge all American Express cards issued in Canada add a 2.5% foreign transaction fee. Are you comparing the base exchanges rates used by two networks, or your full cost including fees?
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Old Dec 22, 16, 9:50 pm
  #413  
 
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Originally Posted by mia View Post
To my knowledge all American Express cards issued in Canada add a 2.5% foreign transaction fee. Are you comparing the base exchanges rates used by two networks, or your full cost including fees?
The base rate without the fee. They were business expenses, so the fee on top didn't really matter to me. (Although forex fee free cards in Canada are about as common as unicorns)
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Old Dec 23, 16, 2:30 pm
  #414  
 
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Regarding Japan ... I went through charges from my trip in August. Mastercard seems to have worked best for me then.

08/20
Citi Prestige 7,732 Yen $75.22 <-- winner
Amex SPG 5,100 Yen $50.99

08/21
SSFCU (MC) 31,066 Yen $310.07
Citi Prestige 939 Yen $9.20 <-- winner
Amex SPG 689 Yen $6.87

08/22
Citi Prestige 1,688 Yen $16.83 <-- winner
Amex SPG 640 Yen $6.41
Chase SP (V) 1,230 Yen $12.29

08/23
Citi Prestige 3,380 Yen $33.71 <-- winner
Amex SPG 1,566 Yen $15.65

08/24
Citi Prestige 149,340 Yen $1,492.50 <-- winner
Citi Prestige 8,578 Yen $$85.73
Amex SPG 581 Yen $5.81
Chase SP (V) 1,230 Yen $12.29

08/25
Citi Prestige 2,580 Yen $25.78 <--- winner
Amex Plat 62,000 Yen $619.63
Amex SPG 3,240 Yen $32.38

08/26
Citi Prestige 78,676 Yen $786.29
Citi Prestige 3,600 Yen $35.98
Amex BRG 9,500 Yen $94.74 <-- winner
Amex SPG 5,205 Yen $52.02
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Old Dec 25, 16, 1:26 am
  #415  
 
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For those visiting Cuba, how did you go about converting USD to CUC without paying the 10% cuban tax for conversion of USD. Wondering if it's worth the fees to convert USD-->CAD first then take that. Unfortunately credit cards are rarely used (particularly those based on US banks).
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Old Dec 25, 16, 1:42 am
  #416  
mia
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This thread didn't generate any discussion, but might be of interest:

http://www.flyertalk.com/forum/credi...work-cuba.html
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Old Dec 25, 16, 7:06 pm
  #417  
 
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Originally Posted by Safetravel3 View Post
I have some charges on my Amex PRG in Japan, and have unfavorably exchange rates comparing to the published mid-market rates, about 1% lower, and constantly, from the day prior to the transaction to the transaction's posting date. I have been talking to Amex and the customer service agents didn't seem to understand much. It seems that Japan is among the few countries that Amex doesn't appear to have a favorable forex rate. Am I right?
I had the opposite experience in Japan, both before and after Amex switched currency conversion provider.

I can dig some more data for you, and I've been comparing it to my Citi Prestige and Barclay A+ as well. Can't say SPG has been better, but certainly not worse.

Would you like to share some data points?
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Old Dec 28, 16, 3:22 am
  #418  
 
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Thanks very much. I have been spending a lot more over the past few days in Japan (by using my new Amex PRG and SPG). I have chosen some of the transactions over the past few days in Japan. The dates below are posted dates, not transaction dates.

Dec 27 - SPG: 116.96
Dec 26 - SPG: 117.14
Dec 25 - SPG: 116.97/117.08
Dec 24 - SPG: 117.14
Dec 23 - SPG: 117.14

Based on the above, it does seem that the Amex rates are pretty bad. The average rate over the past week is about 117.40 according to xe.com at http://www.xe.com/currencycharts/?fr...to=JPY&view=1W. 117.07 is probably the worst. Anyway, I am a newbie here and just finding my ways.

One thing for certain is that calling Amex is utterly useless. Amex representatives seem to have absolutely no clue what I was talking about.

Last edited by Safetravel3; Dec 28, 16 at 7:40 am
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Old Dec 28, 16, 11:10 am
  #419  
 
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Originally Posted by Safetravel3 View Post
Thanks very much. I have been spending a lot more over the past few days in Japan (by using my new Amex PRG and SPG). I have chosen some of the transactions over the past few days in Japan. The dates below are posted dates, not transaction dates.

Dec 27 - SPG: 116.96
Dec 26 - SPG: 117.14
Dec 25 - SPG: 116.97/117.08
Dec 24 - SPG: 117.14
Dec 23 - SPG: 117.14

Based on the above, it does seem that the Amex rates are pretty bad. The average rate over the past week is about 117.40 according to xe.com at http://www.xe.com/currencycharts/?fr...to=JPY&view=1W. 117.07 is probably the worst. Anyway, I am a newbie here and just finding my ways.

One thing for certain is that calling Amex is utterly useless. Amex representatives seem to have absolutely no clue what I was talking about.
For comparative purposes, MC for some of those dates:

Dec 27 - 117.275
Dec 26 - 117.316

So those Amex rates are a little bit worse.
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Old Dec 28, 16, 11:31 am
  #420  
mia
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Originally Posted by patrick.barnes View Post
Dec 27 - 117.275
Dec 26 - 117.316

So those Amex rates are a little bit worse.
Agreed, we are talking about factional portions of a yen per dollar, certainly not sufficient to characterize as pretty bad.
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