Exchange Rate??
 

I just got back from the RIO JW Marriott. I was quoted $269/Night US. When I checked in, the rate indicated $269/Night. When I checked out, they used a 1.8 exchange rate to charge me in the local currency which was 485 Real/Night. The 1.8 is way above the exchange rate. The hotel does not do currency exchange, but they have a local company that has a booth in the lobby. They were offering a 1.55 exchange.

At the end, I was being charged about $305/night because my credit card was only giving me a 1.59 rate.

If your reservation shows a US rate, shouldn't the exchange cover this rate? What is everyone else's experience?

This is a common trick used by Marriott and others. They provide a rate in US dollars for your "convenience". Of course the rate is calculated by taking the rate in the local currency and translating it using an unrealistic exchange rate.

You're lucky they didn't try to use dynamic currency conversion to nail you again when you checked out. This is when they bill you in US dollars, again for your "convenience", and again based on a unfavorable exchange rate.

I had the exact problem you did at the exact same property a couple of years ago! :eek:

http://www.flyertalk.com/forum/showt...rrency+janerio

I contacted corporate customer service and they in turn contacted the hotel. In the end they refunded my credit card hundreds back.

The thing that really gets me is even if you wanted to pay your US quoted rate in US dollars the hotel will not let you. Why? because they want to rip you off on the exchange! Shady...

That local booth in the lobby you mention must be new.

I was there just this past Nov. and they didn't have that there. In fact they sent me next door to that rundown hotel which I had security escort me to. :eek:

Foriegn Exchange in European Marriotts?
 

1.) Do they charge a transaction/service fee?
2.) Do they use an accurate exchange rate?
3.) Can you use a debit/credit card?

Thanks much!!

I wouldn't advise doing any currency exchange at any hotel.

1) The "service" fee is worked in to the exchange rate

2) The premium is approx 15% vs. what you'd get at a bank.

3) No you will not be able to do a "cash advance" on your credit card and they do not accept debit cards from North America.

You are better off using your debit card to withdraw cash from a bank ATM while in Europe. keep in mind your daily cash limits still apply. So if your daily cash limit is 500USD you will only be able to take out the eqvialent.

Use ATM machines. They are everywhere and you will get your best exchange rate from the ATM.

Start at the airport, so you will have some money for cabs or tips.

Make sure to let your bank and your credit card company know when you are in Europe. If they know this, they will not put any holds on your credit cards or ATM card for unusual purchases, etc.

Thanks for the information. I have always used my ATM card in the past, however, I was curious if this would help me avoid the $5 ATM fee that my bank charges.

I am lucky to have ATM cards from E-Trade ( 1 each from Bank & Brokerage) which not only do not charge a fee but also repay me for fees charged by the ATM owners :) ! Also, they use the mid-market rate to debit me in US$!

IF UR going to the UK &or Eurozone countries or even Canada, I recommend buying Marriott GCs to pay because the exchange rate of the Marriott GC center does not have the 3% fee of normal Visa cards!

International locations: Paying in USD
 

Obviously one can save quite a bit of money in foreign transaction fees when staying at international locations if the option of settling in USD is available.

Here's my limited personal experience: The Courtyard Marriott Xujiahui in Shanghai just went ahead and charged me in USD without me even asking. I had to request it at the Marriott City Walls in Beijing and they were more than happy to comply.

I was asked if I wanted to settle in USD at checkout at Marriott Regents Park in London. I wasn't given that option in any other European Marriott property though, including the Grosvenor Square in London. But then again I couldn't care less since I was traveling on business and my corporate card doesn't charge foreign transaction fees. So I didn't ask and just settled in local currency.

I just wonder if this option is available in all Marriott properties-I know this is probably a stretch. But knowing which locations have this option would certainly come in handy for personal travels.

So anyone else care to share their experience?

Why do you assume that you will obviously save money? Often hotels do not use favorable exchange rates when calculating charges in dollars.

Also, some credit cards charge a foreign transaction fee for all purchases overseas, regardless of whether the purchase was made in the local currency or in USD.

Because the OP didn't do the math to figure out the bad exchange rate s/he received.

Always IME. Asian properties try to slip this by, which they did once to me but never again. Schwab Visa or similar FX fee free CC is the answer IMO.

From my experience, the automatic billing in USD is a great source of revenue for either the hotel or their bank. Whoever is getting the money is doing very well as I have never seen a competitive rate offered. I have actually had the initial billing default to the automatic USD and the cashier has fully understood when I have requested they redo the billing.

Further, as noted, some credit card companies now have a policy of changing FX fees for any international transaction.

Thanks guys. I learned something today. I wasn't taking into account the exchange rates. From now on it's all local currencies.