Currency exchange -- various ways to be taken
Jul 11, 1999, 8:47 am
#1
Original Poster
Join Date: Jul 1999
Posts: 462
Currency exchange -- various ways to be taken
I just got back from a couple of weeks in Italy with my family. The bills are rolling in. The peculations of some of my favorite credit card companies is staggering. Sophisticated travelers out there probably know all this, but some may find it interesting.
Some cards and ATM currency exchanges were closer to the rate published by the Wall Street Journal than others, but all were taking something more than seems reasonable for just converting currency. What you gain in FF points you may be losing in currency conversion.
I think Diner's provided the best rate, but it is not definitive because I don't have the energy to make exact comparisons.
A good article appeared a while back in the LA Times. http://www.latimes.com/HOME/TRAVEL/I...000041452.html
Some cards and ATM currency exchanges were closer to the rate published by the Wall Street Journal than others, but all were taking something more than seems reasonable for just converting currency. What you gain in FF points you may be losing in currency conversion.
I think Diner's provided the best rate, but it is not definitive because I don't have the energy to make exact comparisons.
A good article appeared a while back in the LA Times. http://www.latimes.com/HOME/TRAVEL/I...000041452.html
Jul 11, 1999, 12:12 pm
#3
Original Member
Join Date: May 1998
Location: Chicago, IL (2 miles from ORD)
Posts: 660
Good article. I always new that there was around a 1% conversion charge, but didn not know that some banks could charge a higher conversion fee. I will make sure that my bank(credit union) does not...don't think so because they are a credit union and are not as profit motivated. Boycott those new charges by switching to a card that doesn't go above 1%. My USAA cash and debit Mastercard will rebate 1/2% of all purchases and rebate 10 foreign ATM charges up to $1.50 each...great deal.
Jul 11, 1999, 12:24 pm
#4
FlyerTalk Evangelist
Join Date: Apr 1999
Location: Bryn Mawr PA & Wailea HI
Posts: 15,726
Aubie- In the the past 2-3 weeks it was announced most cards are raising their currancy conversion fees from typically 1-1.5% to 2-3%. As I remember almost all major cards are following suit. Let us know if you find a card that is not going down this path. I am willing to switch.
Jul 11, 1999, 4:19 pm
#5
Join Date: May 1998
Posts: 6,790
I believe Diners Club is still at 1% and holding.
If anyone would like an application (you get 2,000 points per month for each month you use the card during the first 12 months and I get 6,000 points for referring you), drop me an e-mail. The points are transferrable into miles at 2 points = 1 mile anytime, and sometimes with some airlines (like BA right now, and reportedly DL next February) at 1 for 1. That would be 24,000 bonus miles!
For more benefits of Diners Club (like 2 months to pay, primary insurance on rental cars, and airport lounges throughout the world) see the Diners Club forum.
If anyone would like an application (you get 2,000 points per month for each month you use the card during the first 12 months and I get 6,000 points for referring you), drop me an e-mail. The points are transferrable into miles at 2 points = 1 mile anytime, and sometimes with some airlines (like BA right now, and reportedly DL next February) at 1 for 1. That would be 24,000 bonus miles!
For more benefits of Diners Club (like 2 months to pay, primary insurance on rental cars, and airport lounges throughout the world) see the Diners Club forum.
Jul 11, 1999, 5:28 pm
#6
Join Date: May 1999
Location: Ottawa
Posts: 8,564
Xenon (xe.net) offer a currency conversion service, updated minutely (i.e. every minute 
Here are two of their extra services I find quite useful.
The Travel Expenses Calculator™ http://www.xe.net/tec/
This lets you provide a past date for the calculation, useful when you're submitting an expenses claim but don't have your statement yet. It's got a field for credit card charges (as a percentage), which is just as important as the exchange rate on a given date.
The Credit Card Charges Calculator™ http://www.xe.net/ccc/
This lets you determine your card's exact markup. You give it an actual transaction on a specific date, and it figures how much was the bank's cut.
Both very useful, both free.
andrew
Here are two of their extra services I find quite useful.
The Travel Expenses Calculator™ http://www.xe.net/tec/
This lets you provide a past date for the calculation, useful when you're submitting an expenses claim but don't have your statement yet. It's got a field for credit card charges (as a percentage), which is just as important as the exchange rate on a given date.
The Credit Card Charges Calculator™ http://www.xe.net/ccc/
This lets you determine your card's exact markup. You give it an actual transaction on a specific date, and it figures how much was the bank's cut.
Both very useful, both free.
andrew
Jul 12, 1999, 1:49 pm
#7
Original Member
Join Date: May 1998
Location: Cambridge, MA
Posts: 1,433
Another good currency rate site is http://www.oanda.com
Jul 13, 2003, 1:48 pm
#8
Join Date: Nov 2002
Location: CH / D
Programs: Amex, Avis, BA, BD, CX, FS, Hertz, HH, IC, LH, NH, RC, RCCL, Sixt, SPG, SQ, UA
Posts: 7,050
What do you recommend doing for Europeans travelling to the US ?
Change Euros in Dollars/Dollar Traveler Cheques in Europe ?
Or change Euro cash in the US into $.
Withdraw from ATM in the US with a credit card ?
I do not think the European Maestro (debit) card can be used at ATMs in the US, it can for sure be used in Thailand, Australia, etc. and is IMO the best way to change money.
Or does anyone want to get Euros from me in exchange for dollars:
http://www.flyertalk.com/travel/fttr...ML/000793.html
read this thread!
We have to agree on the exchange rate and amount though
.
Change Euros in Dollars/Dollar Traveler Cheques in Europe ?
Or change Euro cash in the US into $.
Withdraw from ATM in the US with a credit card ?
I do not think the European Maestro (debit) card can be used at ATMs in the US, it can for sure be used in Thailand, Australia, etc. and is IMO the best way to change money.
Or does anyone want to get Euros from me in exchange for dollars:
http://www.flyertalk.com/travel/fttr...ML/000793.html
read this thread!
We have to agree on the exchange rate and amount though
.
Jul 13, 2003, 5:19 pm
#9
In Memoriam
Join Date: Feb 2000
Location: Easton, CT, USA
Programs: ua prem exec, Former hilton diamond
Posts: 31,801
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by flamboyant 1:
I do not think the European Maestro (debit) card can be used at ATMs in the US,
</font>
I do not think the European Maestro (debit) card can be used at ATMs in the US,
</font>
My ATM card has a Maestro logo on it from a US Bank. Maestro should work where ever MasterCard or Cirrus work, they are all part of the MasterCard system.
ATM locator at
http://www.mastercard.com/cardholderservices/atm/
Though I believe just about every ATM in the United States is on the MasterCard system.
Jul 14, 2003, 2:42 am
#10
Join Date: Jun 2003
Location: WashDC
Programs: UA, AA
Posts: 635
Another transaction scam to watch out for regards credit card charges that are converted to USD by the merchant.
I encountered this scam in the Caribbean,, most notoriously in Jamaice. When charging to Visa/MC/AmEx, the merchant (most ofen a restaurant) will convert the bill, which is in Jam$ to US$. BUT, they used a conversion rate of 30:1 (Jam$:US$), when the bank rate was nearly 35:1 -- a quick 18% markup!
Once I caught on, I refused to sign the charge slip unless they wrote it up in Jam$. Begrudgingly, they did.
------------------
Da DOK
I encountered this scam in the Caribbean,, most notoriously in Jamaice. When charging to Visa/MC/AmEx, the merchant (most ofen a restaurant) will convert the bill, which is in Jam$ to US$. BUT, they used a conversion rate of 30:1 (Jam$:US$), when the bank rate was nearly 35:1 -- a quick 18% markup!
Once I caught on, I refused to sign the charge slip unless they wrote it up in Jam$. Begrudgingly, they did.
------------------
Da DOK
Jul 15, 2003, 3:49 am
#11
Join Date: Jan 2001
Location: Orlando,London, Chennai.
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Posts: 1,598
I have a NATIONWIDE debit card issued in UK which allows free withdrawal of up to $600 in any US ATM machine. I normally use Bank One ATM machines which do not charge for use and the exchange rate is the best, very close to wholesale rate.
I am sure similar cards will be available in other countries in Europe.
I am sure similar cards will be available in other countries in Europe.
