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Tom Admin
Joined: 15 Dec 2001 Posts: 17853 | TRs | Pics
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Tom
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Thu Apr 05, 2007 12:00 pm
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JimK Member
Joined: 07 Feb 2002 Posts: 5606 | TRs | Pics Location: Ballard |
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JimK
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Thu Apr 05, 2007 12:26 pm
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A timely thread. I was in Canada last week and I've been trying to find out why I seem to have had such lousy currency exchange rates. Three percent in fees explains a lot.
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Tom Admin
Joined: 15 Dec 2001 Posts: 17853 | TRs | Pics
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Tom
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Thu Apr 05, 2007 12:59 pm
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I just don't understand why they do it. They're just going to lose my business when I travel abroad. At least now they have to separately disclose the fees (thanks to class action lawsuits a few years ago). The 1% fee was ridiculous to begin with, but I could live with it because I get 1% back. It used to be you got the best exchange rates by using credit cards. Not any more. When I traveled to Asia a few years ago, I got the best exchange rates by using my BECU ATM card in the subway ATMs. There were no ATM fees or foreign exchange fees, and the merchants much preferred cash. It was also safer to pay with cash... A few months after that trip enough fraudulent charges started showing up that I had to get a new credit card. Perhaps that's why they charge the fees, but it should be covered by the 1% Visa charge (and the fees Visa charges the merchant), not the additional 2% of pure profit going to issuing bank.
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Stefan Member
Joined: 17 Dec 2001 Posts: 5093 | TRs | Pics
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Stefan
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Thu Apr 05, 2007 1:25 pm
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Dude, stop buying anything.
Buying anything contributes to global warming.
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marta wildflower maven
Joined: 07 May 2003 Posts: 1761 | TRs | Pics
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marta
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Sat Apr 07, 2007 7:06 pm
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The 3% for international purchases is getting to be really common with credit cards. Right now, the best are USAA, Capital One and credit unions.
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Canuck Member
Joined: 05 Jun 2006 Posts: 2137 | TRs | Pics Location: Lacey WA |
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Canuck
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Sat Apr 07, 2007 7:18 pm
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We had the same thing with our credit cards in England last week. It's doubly bad because the exchange rate was miserable. Things were already double the price. We got zinged no matter what we did -- credit or debit card, vs. taking cash out and getting the ATM fee from a bank overseas. Crappy deal.
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kiliki Member
Joined: 07 Apr 2003 Posts: 2326 | TRs | Pics Location: Seattle |
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kiliki
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Tue Apr 10, 2007 3:34 pm
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REI isn't any different than almost every other card. My understanding is that the ONLY credit card that does not charge this overseas fee (and they are almost always 3% fees now) is Capital One, and a lot of people expect this to change at some point. We got a CO card because we travel overseas every year, and it seemed like the best way (at least for now) to pay for the big things like hotels or nice dinners.
This has gotten a lot of press in recent years, and there's lots of articles that give tips for dealing with credit and ATM cards overseas, like this one from CNN.
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Tom Admin
Joined: 15 Dec 2001 Posts: 17853 | TRs | Pics
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Tom
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Tue Apr 10, 2007 4:36 pm
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Depends on the issuing bank. Most major banks tack on the extra 2%, but many credit unions don't.
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Riverside Laker Member
Joined: 12 Jan 2004 Posts: 2818 | TRs | Pics
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BECU charges, but less that 1%.
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Billoutwest Member
Joined: 01 Aug 2011 Posts: 260 | TRs | Pics Location: Redmond Oregon |
Quote: | ...... Right now, the best are USAA, Capital One and credit unions. |
Capital One is still 0% fees for any credit charge outside the US.
Plus their exchange rate is fair.
You may wish to check with your cc company on their rules regarding new cards with a chip in them. Depending on the account you may be able to use your current cc, albeit a new chipped card, without fees. Possibly you may have to upgrade your account when you get a card with a Euro Chip.
Be careful with using your cc for cash advances at ATM's. The SOP is for your cc company to charge DAILY compounding interest.
DAILY
One can get around that by overpaying before travel.
Or best to have a bank card that works with a partner bank in country for ATM cash. Do check on both charges from your bank card provider and the partner bank.
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mike Member
Joined: 09 Jul 2004 Posts: 6398 | TRs | Pics Location: SJIsl |
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mike
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Tue Mar 31, 2015 3:48 pm
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We could not get a chipped card for the account we wanted to use (for the miles). A bit of a hassle to use a non chipped card as not everyone knew how to run our card. Our card had a very high %rate on balances but we kept it paid off ahead of time. And the exchange was very good. Cash is still a good way to travel.
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Randito Snarky Member
Joined: 27 Jul 2008 Posts: 9513 | TRs | Pics Location: Bellevue at the moment. |
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Randito
Snarky Member
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Tue Mar 31, 2015 4:05 pm
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mike wrote: | Cash is still a good way to travel. |
Avoid doing currency exchange at those booths in the airport -- their fees are sky high and their exchange rate is terrible.
I used my BECU Credit Union Debit card in YURP to get Euros with good results. Watch out of machines that offer to the exchange for you (instead of having the Credit Union do it) Again their exchange rate is whacked.
XE.COM is a handy website for finding out current exchange rates.
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Billoutwest Member
Joined: 01 Aug 2011 Posts: 260 | TRs | Pics Location: Redmond Oregon |
XE.COM is an excellent site.
Thanks
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Billoutwest Member
Joined: 01 Aug 2011 Posts: 260 | TRs | Pics Location: Redmond Oregon |
REI is offering a new card with a chip but still the same 3% foreign surcharge.
I ordered a new chipped card just to get ahead.
We see how this pans out but I like the idea of better European style security.
Our American Express 'Costco Card' does not offer anything better than a 2.7% unless one goes long and pays for a better AE card.
New chip card is available from them also.
CapitalOne will not start sending out chipped cards till a month + from now.
They're still at 0% for purchases. Plus they are now easy to work with on claiming Award Miles etc.
=========
It looks like we'll be traveling BC and Alberta with CapitalOne for buying.
Bank of America for ABM's in Scotia Bank or their ABM's in 7-11.
B of A hits us for 1% on ATM but not sure what, if any, charges Scotia may tack on.
I'll have the REI card that my wife doesn't have as an emergency backup in chase she loses/gets robbed of her purse. She'll have a JPM Chase Visa that will cover me. Curious how cheap we can get that one for cash withdrawals.
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Randito Snarky Member
Joined: 27 Jul 2008 Posts: 9513 | TRs | Pics Location: Bellevue at the moment. |
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Randito
Snarky Member
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Tue Mar 31, 2015 6:34 pm
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Billoutwest wrote: | I ordered a new chipped card just to get ahead |
The chip means nothing in the USA, where retailers are fighting against adopting the chipped card + PIN security model. They don't want to spend the money upgrading to new readers.
As an ugly American I had no trouble in Spain and France with an unchipped VISA card. Sign a slip as usual. Here in the USA, most of my VISA purchases under $100 I don't have to sign anything.
I think in the USA the priority is encouraging convenient shopping over fraud protection. The banks are happy to eat the fraud in exchange for their "cut" of each $6 latte and $4 muffin purchase.
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