Foreign exchange rates discussion [FOREX]--all cards
Feb 14, 2016, 8:23 am
#181
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I regularly run across this in Ireland, and was surprised that a Berlin hotel I stayed at once had a sign on the counter offering DCC for my convenience (they had to reverse that transaction, done without my authorization, so I could properly be billed in Euros). The only entity this is "convenient" for is the merchant and their credit card processor.
Feb 14, 2016, 10:47 am
#183
Join Date: Jan 2013
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Three words of warning, though, for credit card users: dynamic currency conversion (DCC). Be very careful that your purchase is billed in the local currency or you may risk a 3-5% surcharge for allowing the merchant to charge you in dollars "for your convenience", and you could also be hit with a 3% surcharge from your bank for a foreign transaction on top of that. Always insist on being billed in the local currency at time of payment.
I regularly run across this in Ireland, and was surprised that a Berlin hotel I stayed at once had a sign on the counter offering DCC for my convenience (they had to reverse that transaction, done without my authorization, so I could properly be billed in Euros). The only entity this is "convenient" for is the merchant and their credit card processor.
I regularly run across this in Ireland, and was surprised that a Berlin hotel I stayed at once had a sign on the counter offering DCC for my convenience (they had to reverse that transaction, done without my authorization, so I could properly be billed in Euros). The only entity this is "convenient" for is the merchant and their credit card processor.
Feb 14, 2016, 11:38 am
#184
Moderator: Travel Safety/Security, Travel Tools, California, Los Angeles; FlyerTalk Evangelist
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Concerning cash, I have yet to be at a European airport that does not have an ATM in the arrival area. You may not avoid the the conversion charges or the ATM fees (BofA partners with Barclays, BNP and Deutsche Bank, so you will not be assessed the ATM fees if you use their ATMs), however, it will still be cheaper than buying Euros or British Pounds in the US.
Feb 14, 2016, 2:14 pm
#185
Join Date: Jun 2012
Location: New England
Programs: American Gold, Marriott Gold, Hilton Silver
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My BofA card is actually an older Power Rewards card. I've tried to see whether I could convert it to another product, and every agent I've spoken to said that it cannot be done, and that they encourage me to apply for a new card instead.
As far as ATMs, I can probably use that Allpoint ATM in the LHR Radisson with my credit union debit/ATM card and get cash that way without any fees.
I just thought of another decent idea. I could probably offer to set up a currency exchange at the next local Do. I'm sure FTers with GBP/Euros (especially coins, since US Banks don't deal with foreign coins) lying around would want to get rid of them at a better exchange rate than the banks will offer them anyway.
As far as ATMs, I can probably use that Allpoint ATM in the LHR Radisson with my credit union debit/ATM card and get cash that way without any fees.
I just thought of another decent idea. I could probably offer to set up a currency exchange at the next local Do. I'm sure FTers with GBP/Euros (especially coins, since US Banks don't deal with foreign coins) lying around would want to get rid of them at a better exchange rate than the banks will offer them anyway.
Feb 14, 2016, 3:33 pm
#186
Join Date: Nov 2015
Posts: 392
A very upscale hotel in Beijing hit me with DCC without my consent, so I contested with my CC issuer. I sent in my hotel bill which showed what I should have been charged, and they looked up the USD cost for that day. I ended up with the entire hotel bill of $1600 refunded to my account, which was a pretty good deal as the DCC upcharge that I contested was only about $60.
Feb 14, 2016, 3:40 pm
#187
Join Date: Jan 2013
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Feb 15, 2016, 12:52 am
#189
Join Date: Feb 2013
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Guys, regarding the hidden 1% on A+ we've all been discussing here, I do want to mention that my recent transactions on A+ in Singapore all ended up posted with a ~1% uptick from the pending amount.
I cannot verify whether this is due to hidden exchange charge added when getting posted, or simply rate variation between the transaction/settlement date.
I have another SGD charge coming up. Let's see whether it is going to be 1% more.
Anyone who has data on this issue? I'm starting to really think that A+ adds hidden fees now.
I cannot verify whether this is due to hidden exchange charge added when getting posted, or simply rate variation between the transaction/settlement date.
I have another SGD charge coming up. Let's see whether it is going to be 1% more.
Anyone who has data on this issue? I'm starting to really think that A+ adds hidden fees now.
Feb 15, 2016, 9:00 am
#190
Join Date: Jul 2014
Posts: 197
If Singapore's currency is appreciating against the US Dollar, then it's totally expected that your posted charge is higher than your pending charge. Just comparing pending amount vs. posted amount doesn't tell you anything.
Feb 15, 2016, 11:02 pm
#191
Join Date: Feb 2013
Location: Irvine CA & PEK
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If we check the USD/SGD trend, we don't see a 1% jump of SGD over Feb 10-12 period. The biggest jump should be somewhere of 0.5% max.
Also, the 1% number I got by comparing pending amount to posted amount eerily looks alike to the 1% people have been mentioning here, the hidden exchange charge Barclay is claimed to have added recently from Jan 2016.
However, another transaction of SGD on Feb 13 came back without being increased. But, the transaction amount is little.
I will cross-compare this transaction and other transactions on my A+ with transactions on my Citi Premier on the same date to verify whether Barclay is charging hidden fees on foreign exchange.
Feb 21, 2016, 4:56 pm
#192
Join Date: Jun 2012
Location: New England
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Is it by chance a Visa card? This is what my credit union has to say about that:
Most CCs/banks will lump it together though.
What is the 1% currency conversion fee on my credit card?
The currency conversion fee is assessed by Visa on all international purchases, credit vouchers, and cash disbursements. The fee applies to all transactions where the merchant country differs from the country of the card issuer.
Prior to April 2005, Visa incorporated the fee into the transaction amount. Effective April 2005, the currency conversion fee appears as a separate line item on your billing statement.
HFCU does not assess additional fees on foreign transactions.
Prior to April 2005, Visa incorporated the fee into the transaction amount. Effective April 2005, the currency conversion fee appears as a separate line item on your billing statement.
HFCU does not assess additional fees on foreign transactions.
Feb 23, 2016, 12:26 am
#193
Join Date: Feb 2013
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I stopped using Visa in countries where their currencies follow market rates. In countries with rate control, I find Visa usable.
My concern is A+ using a worse rate for large transactions, mentioned by some of the posts here. They also say it started in Jan 2016.
I haven't been able to independently verify this. My transactions in Singapore were not all huge enough and the results were inconsistent.
I still tend to believe A+ doesn't do this dirty thing. But who wants to gamble on a $1000 charge where the potential hidden fee can be over $10?
Feb 23, 2016, 9:27 am
#194
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Just did some transactions in Singapore and Bali.
At SIN, I did two transactions at Shilla, back to back. They are:
1) Barclay A+, S$68, pending $48.25 (1.40933), posted $48.70 (1.39630)
2) Amex SPG Business, S$253.9, pending N/A, posted $181.07 (1.40222)
Apparently, A+ uses posting date's rate, and presumably Amex uses the pending date's rate (pending amount wasn't shown on its website but I remember making some calculations right after the transaction using available credit and concluding that the pending rate was also 1.40222).
I remember seeing somewhere that MC uses transaction date's rate, but seems like I saw that while dreaming...
Also some transactions in Bali:
1) Amex SPG Business, IDR 645000, pending N/A, posted $47.41 (13604.7)
2) Citi Premier, IDR 271040, pending $19.89 (13626.9), posted $19.93 (13599.6)
These two transactions happened within 30 minutes in the Bali Collection.
Even though these transactions are not "back-to-back, on the same machine", I do feel that this shows something useful, as travelers are not gonna always do transactions on the same machines. Using data points of the same region within a small time period can more precisely show the possible results travelers can get.
Here, Amex looks better a little bit.
At SIN, I did two transactions at Shilla, back to back. They are:
1) Barclay A+, S$68, pending $48.25 (1.40933), posted $48.70 (1.39630)
2) Amex SPG Business, S$253.9, pending N/A, posted $181.07 (1.40222)
Apparently, A+ uses posting date's rate, and presumably Amex uses the pending date's rate (pending amount wasn't shown on its website but I remember making some calculations right after the transaction using available credit and concluding that the pending rate was also 1.40222).
I remember seeing somewhere that MC uses transaction date's rate, but seems like I saw that while dreaming...
Also some transactions in Bali:
1) Amex SPG Business, IDR 645000, pending N/A, posted $47.41 (13604.7)
2) Citi Premier, IDR 271040, pending $19.89 (13626.9), posted $19.93 (13599.6)
These two transactions happened within 30 minutes in the Bali Collection.
Even though these transactions are not "back-to-back, on the same machine", I do feel that this shows something useful, as travelers are not gonna always do transactions on the same machines. Using data points of the same region within a small time period can more precisely show the possible results travelers can get.
Here, Amex looks better a little bit.
I want to use my Hyatt Visa since I'm staying at the GH Singapore but maybe I need to reconsider given recent reports re: Visa FX and use the Citi Premier (or Prestige) there instead since at least I'll get the same 3x for the stay.
Still need to decide what to use for restaurants - I used to use my CSP for travel all the time but as noted above sounds like Visa FX rates haven't been great recently.
Feb 25, 2016, 4:38 am
#195
Join Date: Dec 2003
Location: NYC
Posts: 6,433
In London, I used my Chase Sapphire Preferred Visa and Amex SPG for £5 top ups to my Oyster card. I did them within about a minute. Chase translated to $7.17, Amex to $7.26. There were no separate currency conversion fees. Charge was on 2/17.
This seems contrary to recent posts preferring Amex to Visa.
The Visa rate (1.434) approximated the highest inter-bank spot in 2/17, according to https://www.poundsterlinglive.com/be...-on-2016-02-17. The Amex (1.452) rate was higher, although the pound was dropping at the time.
This seems contrary to recent posts preferring Amex to Visa.
The Visa rate (1.434) approximated the highest inter-bank spot in 2/17, according to https://www.poundsterlinglive.com/be...-on-2016-02-17. The Amex (1.452) rate was higher, although the pound was dropping at the time.
