credit card conversion surcharge
 

Does anyone know, off the top of their heads what the following credit cards charge to convert money - diners' club, amex, aadvantage MC/Visa. Are they now all the same? or are some less? Going to Europe soon and want to know which is best to use.

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DtG

dgordon; DC & CITI AA(MC) charge 2%, I believe that's on top of what the local franchise charges so it's more like 3%.A way around this is to put the $$ into your checking acct and withdraw it at a local ATM. Call your bank 1st my checking is at a savings bank that doesn't charge from their end and when recently in LONDON the bank(ATM) there took $.60 for the trans. The bad pt most banks in the U.S> allow a max of $400 per day. Try to get car rentals/hotels to quote and prepay in the US in $$ and NO %%charges. A good piece of advice CITI-FI & XCOM gives you back the $$ that the foreign ATM's take up to $6 a month or X transactions I beleive check it out if you signed up with them.

When I was in Europe 4 years ago, the ATM exchange was actually worse than Travelers Checks. I will have TC from Chase. My Citigold card doesn't charge for ATM usage so if the local banks don't charge, there is no extra charge. I just wanted to know if any one of these credit cards was the best choice, otherwise I will probably use TC and compare to the ATM
Thanks

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DtG

AmEx and Diners club charge 2% above the Interbank rate.

Chase Travelers Checks To GO have a horrendous commission on the order of 5% last time I checked.

Bank of America Visa and FirstUSA United co-branded Visa/MC still charge only 1%.

My ATM cards have always charged me 0-1% (0 for Canada).

I would change US Dollar Travelers Checks, rather than get foreign currency travelers checks. I have a diner's club card, AA visa and mc/ and a Delta Amex card. Those are the 3 I'd be choosing from. Sounds like they are all at 2%. I'm thinking it would be cheaper to change US$ Travelers Checks (free of service fees and charged to an affinity card from Chase). I don't know how that rate compares to a withdrawal from an ATM. I will check with Citibank before I go to Belgium.

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DtG

I've always found ATM withdrawls best for cash, and the best low-fee CC deal for everything else. Rates on US$ traveler's checks are usually at best equivalent to a credit card + surcharge. I doubt that Chase (or anyone else) gives anything better on foreign currency traveler's checks. The ATM/credit card rate is wholesale (even plus surcharges), whereas traveler's checks (any currency) will be converted at retail rates. I have also yet to be charged a fee for using a foreign ATM other than my bank's normal non-local ATM charges--surcharges are a US phenomenon.

Also, IMHO traveler's checks are simply too illiquid and inconvenient to make them worthwhile, regardless of whatever miles one might be able to earn.

What does IMHO mean? When I used my citibank ATM 4 years ago, the actual cost of the money was more than if I changed a travelers check. In fact Citibank compensated me for the surcharge which is actually charged by cirrus. We will be in Belgium and Holland. I don't know how much it varies from country to country.

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DtG

dg; maybe I wasn't clear. When I withdraw the local money I do so at an ATM, however I NEVER NEVER use a CC I use the ATM card that is connected to my checking account this way its NOT a cash advance.If you use a CC I understood it was a cash-advance!! As for using TC's when you cash them you'll end up with less local money than an ATM withdrawl asI just outlined. In England doesn't matter if you went to a bank or any money-changing stand you got bet $10 & $20 less in Pounds,than the ATM besides you save alot of time remember most banks allow $400 US per day so I make a couple of deposits to a few banks to get around that. The ONLY exception to this is if the country you'll be going to has a BLACK-MARKET for its money where CASH or TC's would be better, make sure you go to an established changer otherwise you might just be switching good Yankee $$$ for funny-money.

[This message has been edited by craz (edited 01-26-2000).]

I agree with chalf. Base on my experience in Paris, ATM was the least expensive way to exchange to FF. BTW my credit union DOES NOT levy exchange surcharges. When I check the rate when I came back it was close to official rate for the day.

I also used GE MC (before sold to First USA) which didn't levy any surchages beyond that 1% fee by MC.

If you haven't noticed, large US banks aren't consumer friendly when it comes to fees or surcharges.

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"It is not doing the things we like to do, but liking the things we have to do, that makes life blessed." - Goethe

Yes, I would NEVER use a CC to get money anywhere, here or overseas. I have an ATM fro m citibank which would not levy fees if used at a non citibank ATM. I'll probably do a little of everything and compare when I get home. Of course a CC gives miles and a record of expenditures which may be worth the some of the extra cost. Thanks for the info

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DtG

IMHO means "In My Honest Opinion" ....

I wish there would be legislation putting a cap on the amount of any surcharge. I'll be in Europe this weekend, and you can guarantee I will use my card which only charges 1%.

IMHO = In My Humble Opinion

Perhaps jeffryt's translation/interpretation of IMHO is to be applied only to those (not he of course) who lack humility! Or perhaps only to those who are particularly honest!

[This message has been edited by doc (edited 01-27-2000).]