WARNING: Amex overcharging on forex conversion rates form ZAR
Nov 9, 2008 | 9:58 pm
#1
Original Poster
Join Date: Apr 2004
Location: PER
Programs: AA LPLT, SQ Gold, QF, BA, UA, AS NB, Bonvoy LPLT, HH Gold
Posts: 398
WARNING: Amex overcharging on forex conversion rates form ZAR
Probably relates only to Aussie Amex cards but thought that those of you (like me) who have recently taken advantage of the flcutuating ZAR might want to track this discussion on the Australian FF board.
http://www.frequentflyer.com.au/comm...ors-15282.html
http://www.frequentflyer.com.au/comm...ors-15282.html
Last edited by Kiwi Flyer; Nov 9, 2008 at 10:46 pm Reason: fixed
Nov 10, 2008 | 5:32 pm
#3
Original Poster
Join Date: Apr 2004
Location: PER
Programs: AA LPLT, SQ Gold, QF, BA, UA, AS NB, Bonvoy LPLT, HH Gold
Posts: 398
Shouldn't matter really as OANDA spot (interbank) rates on 11/01/08 give:
52140 ZAR ---> 7912.73 AUD
or
52140 ZAR --> 5246.33 USD ---> 7912.73 AUD
Above is assuming of course that both occurred on the same day. However for reference I did do the ZAR to USD on the 10/30/08 and the USD to AUD on 11/01/08 just to see the result and it actually comes out even better for me ($7755AUD) so AMEX are going to strugle with the double conversion argument.
Of course I guess there's the possibility they will say they get to charge the 2% conversion fee twice, in which case it will be that last ever non US$ foreign purchase I make on my AMEX.
paul4471
52140 ZAR ---> 7912.73 AUD
or
52140 ZAR --> 5246.33 USD ---> 7912.73 AUD
Above is assuming of course that both occurred on the same day. However for reference I did do the ZAR to USD on the 10/30/08 and the USD to AUD on 11/01/08 just to see the result and it actually comes out even better for me ($7755AUD) so AMEX are going to strugle with the double conversion argument.
Of course I guess there's the possibility they will say they get to charge the 2% conversion fee twice, in which case it will be that last ever non US$ foreign purchase I make on my AMEX.
paul4471
Nov 10, 2008 | 6:40 pm
#5
Suspended
Join Date: Jun 2002
Location: Hong Kong
Programs: None any more
Posts: 11,017
I can't speak for AU Amex, but on HK Amex the 2% is explicitly only charged once (and I have verified that through various transactions, albeit from GBP not ZAR).
Nov 10, 2008 | 10:02 pm
#6
Join Date: Feb 2007
Location: Ume, Sweden
Programs: TK*G, SK*S, HH Gold, Marriott Gold
Posts: 257
The Swedish AmEx charges the 2 percent fee twice when making a transaction which is not in USD (except in SEK of course for which there is no fee). 4% makes quite a difference after a while...
Nov 12, 2008 | 3:06 am
#7
Join Date: Sep 2006
Location: Helsinki, Finland
Programs: AY Gold, BA Silver, SK Diamond, TG Gold, Bonvoy Gold, HH Gold, Radisson VIP, PriorityPass, AX Plat
Posts: 616
AmEx in Finland charges the 2% fee only once according to the representative I spoke with last week.