kayanco

1. It's sounding like MC is generally better than Visa? How much can we say in terms of % overall/on average that MC is better?

2. Would it be true to say that using Visa would still be better than exchanging USD for local cash and using cash?

3. How about the Charles Schwab Visa debit? Does that give good rates?

Thanks for helping me figure this out.

tmiw

Settings->Payments->Manage pre-approved payments->Set Available Funding Sources, then choose the Conversion Options for the card in question. You'll see the following:



(Yes, it's probably that convoluted to change on purpose.)

kayanco

Whoaaa ... them Ba****ds.

I have PayPal for over a decade and I did not know this.
I can't believe how sneaky they made this.

And I don't know about you, but how they word the second option, it sounds worse .

ajnaro

Does this choice apply only to subscriptions and other recurring payments or also to one-time non-recurring payments such as a single purchase from a foreign merchant?

tmiw

Both. I made an eBay purchase from a foreign seller recently and the credit card statement showed that the charge was in the foreign currency and not USD.

Kremmen

I get no cards listed on that screen, so there's nothing I can click on to get to the selection screen. However, going directly to this link works for me. (As written up on this blog.)

(However, all this belongs in the DCC thread!)

Kremmen

1. For me, it's been about 0.5%.
2. Absolutely. A Visa card with no foreign exchange fee is still better than cash and earns you points/miles.
3. No idea. I'd never contemplate using a debit card instead of earning points/miles.

tmiw

I ran into one case in the UK where paying cash absolutely was better than using a card. That was mainly due to the restaurant wanting to charge an extra 20p for using it, however. Fortunately, that sort of thing is going to become illegal there soon, but this may still be an issue elsewhere.

Kremmen

True. Surcharges can enter into the calculation, but that is thankfully rare. Australia seems to be one of the few countries which allow credit card surcharges, but they recently moved from unlimited surcharges to limiting them to the amount the business is being charged.

kayanco

I had meant for currency conversion, ATM withdrawal in foreign currency.

I'm wondering if Schwab, despite being Visa, would still be better than money exchanger.

Kremmen

Money changers in most countries where cash is commonly needed seem to offer rates about 1% from the mid-rate. (Unless you do it at an airport.) Schwab should still be better and has the ATM fee rebate, which would make it superior to my credit union Visa debit card in those countries which have massive ATM fees.

However, it depends how much effort you think it's worth. I pay for hotel, air fare, etc, on credit card. Even in a third world country, less than 10% of my spending is in cash. On a week-long trip to Thailand having a Schwab account might save me 75c. (After checking statements to make sure that all the ATM fees were rebated, that makes a very low return on time invested.)

inY

Took my Citi Prestige to southern Africa.

1. 1800 BWP on 16 December 17 (weekend, but says it posted on the 16th). Prestige $179.57. Mastercard site has $175.70 on 15, 16, and 17, $179.11 on 18, and $179.57 on 19. So I guess the conversion happened on the 19th despite both columns in my bill showing the 16th?! On oanda.com it's $171.869 for the 16th and $173.703 for the 19th. That's a 3.37% hidden fee.

2. 11890.58 ZAR on 13 December 17. Prestige $882.65, matching the Mastercard site for 13 December. On oanda.com it's $871.04 for that day. That's a 1.33% hidden fee.

3. 105 ZMB on 14 December 17. Prestige $10.72, matching the Mastercard site. On oanda.com it's $10.47. That's a 2.38% hidden fee.

ajnaro

Try using the rates on xe.com. In the past, I found them very close to credit card rates.

benitovacation

It was advertised as NO FOREIGN TRANSACTION FEE. However, I've had foreign transactions of same amount ran through both Amex Platinum and CSR simultaneously , and CSR trsnactions usually costs 1%~1.5% more.

https://creditcards.chase.com/reward...4R8&iCELL=61HB

paperwastage

no explicit fee, but the fee can be hidden through the exchange rate

try comparing transactions on the same network (eg: both visa cards with no ftf)