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iceman
Junior Saver
Joined: 30 Jul 2004
Posts: 60
Cash Points ££ 275.20
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 Posted: Sat Dec 04, 2004 8:24 pm Post subject: Extreme Exhange rates used on holiday transactions |
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I'm furious !!!
On holiday abroad, I bought a digital camera, on my credit card and expected to pay the exchange fees i.e. 2 to 3% as expected. What happaned was that the card processor for the retailer converted the transaction into EUROS ! at their own exchange rate and then I was charged in sterling on my credit card. This charge was more than 10% of the cost of purchase ! Much greater than what the cost would have been, should have been i.e.about 2.5% ! |
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cardjunkie
Professional Investor
Joined: 24 Jul 2004
Posts: 311
Cash Points ££ 2248.20
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| Posted: Sat Dec 04, 2004 8:28 pm Post subject: |
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Chase it up with the credit card company.
say you did not agree to this transaction, maybe request a chargeback |
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louise
Beginning Saver
Joined: 17 Oct 2004
Posts: 38
Cash Points ££ 110.00
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| Posted: Sat Dec 04, 2004 8:32 pm Post subject: |
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| Keep your reciept !, that shows what currency you were charged in and thus it is that currency that should show up in your credit card, with your card company applying the exchange rate charges, |
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Quinn
Saving Enthusiast
Joined: 06 Feb 2005
Posts: 181
Cash Points ££ 2817.02
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| Posted: Sun Feb 13, 2005 5:33 pm Post subject: |
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use the nationwide credit card for overseas transactions
They don't add any extra fees on top |
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Tabby
Money Saver
Joined: 17 Feb 2005
Posts: 86
Cash Points ££ 341.40
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| Posted: Tue Mar 08, 2005 12:40 am Post subject: Re: Extreme Exhange rates used on holiday transactions |
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| iceman wrote: | I'm furious !!!
On holiday abroad, I bought a digital camera, on my credit card and expected to pay the exchange fees i.e. 2 to 3% as expected. What happaned was that the card processor for the retailer converted the transaction into EUROS ! at their own exchange rate and then I was charged in sterling on my credit card. This charge was more than 10% of the cost of purchase ! Much greater than what the cost would have been, should have been i.e.about 2.5% ! |
Thats dispicable - Daylight robbery ! |
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Guest
Cash Points ££ 15.00
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| Posted: Wed Aug 17, 2005 4:55 am Post subject: |
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PKQ
Newbie
Joined: 17 Apr 2006
Posts: 23
Cash Points ££ 447.94
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| Posted: Thu Oct 19, 2006 9:54 pm Post subject: |
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Many credit card issuers have tripled the charges for foreign billings. They've been quietly adding new fees for the past few years--so quietly that consumers have sued Visa, MasterCard, and American Express, saying the markups were not properly disclosed. (Card issuers are now starting to break out the extra charges on statements.)
Despite the rising costs, credit cards remain the best way to pay when you're crossing borders, if you bring the right ones (and, of course, if you pay off your bill every month). Also pack an ATM card and some traveler's checks and foreign currency for smaller purchases. All payment methods have their costs; here's how to keep them to a minimum:
Most major credit-card issuers that have increased fees have added a 2 percent markup to Visa and MasterCard's 1 percent currency-conversion fee. Avoid the 3 percent trap by using cards issued by the many small banks and credit unions that don't add markups. Another option is American Express, which charges a flat 2 percent. Discover Card charges no fees for foreign billings
(Whichever card you use, avoid cash advances. Fees can exceed 5 percent, plus the interest rate may be higher than what you'd pay for regular credit-card purchases.)
Some overseas merchants will convert your bill to dollars. That service would seem to erase transaction fees, but it could cost you more. Visa now charges its 1 percent fee on foreign purchases made in dollars. MasterCard will introduce similar fees in October. In addition, retailers may tack on fees for converting charges into dollars. Rent a Hertz car overseas and the company will convert your bill into dollars and charge you 2.5 percent.
Watch out for ATM fees. Debit cards offer easy access to cash through ATMs and the same good rates as credit cards, but you could get hit with charges as high as £5. |
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