Every card is different. The best thing to do is call the credit/debit card company and ask them for every specific charge including possible hidden costs such as international transactions costs. I have a good rate, but there is a transaction cost to using the card overseas.
2007-01-04 01:25:12
·
answer #1
·
answered by nutwpinut 5
·
0⤊
1⤋
Every card is different. The best thing to do is call the credit/debit card company and ask them for every specific charge including possible hidden costs such as international transactions costs. I have a good rate, but there is a transaction cost to using the card overseas. Be careful where you use it! Yes you will be charged for I guess every transaction. Best thing to do is get in touch with your credit card company and ask them all your concerns and make sure to ask the name of the person you are dealing with in the credit card company. First, for the charges, you will not be charged for the transaction unless this is the terms of your card, so if you are charged per transaction in your local use of the card, you will be charged the same for an international use. As for the rate of exchange, it would be the selling rate of excahnge of your bank, which might be slightly higher than normal rate of exchange. Your bank will receive the charge by the original currency of purchase and it will be converted to your local currency at the selling rate. A couple of things to keep in mind. The exchange rate fluctuates so the rate of exchange will vary depending on rate at the time you exchange your pounds to U.S. dollars. If you go to a bank to exchange the pounds you will be charged a fee. The fee amount will depend upon which bank you go to. You can avoid this and not pay a fee by purchasing an international debit card from your local bank. You then use that card as a regular debit card in the country your visiting. If you take a withdrawal from an ATM it will automatically convert pounds into the currency of the country your in. Best of all you won't need to carry a lot of cash around. I'd suggest, however, that you do carry some cash with you (in small denominations) for use as tips, cab or bus fare, and small purchases. I have used my American credit card all over Europe, including the UK. Generally, you get the current exchange rate (the traded rate) on the currency. But the credit card company (Visa/ Mastercard/ Discover) charges a fee of about 1-2% for the conversion. The bank which issued the credit card (such as Chase, Citibank, etc) will also charge another 1-2% fee. For AMEX, cards are issued directly by AMEX and not through a bank so you only get charged about 2%. It depends on your specific credit card - so the best thing to do is call the company and ask what the fees are in advance. Also, I would recommend using a credit card instead of a debit card. If something goes wrong with a purchase, you can always file a dispute or claim with the credit card company. With a debit card, however, it's a lot harder to get your money back. Also, my experience has been that some debit cards will take out the $ twice - once in dollars and again in your local currency until they work out the actual exchange which can take a few days. In addition to the MasterCard and Visa 1% fee. Some banks do charge up to 5% fee per transaction but some banks have a cheaper transaction fee when using a debit card. Even with the fees it still best to use a debit card at atms. (Do not use the airports or hotel atms) Some merchants do not know how to merge the transaction. If using a U.S. debit card in the U.S. It could look a double purchase. If using a U.S. debit card outside the U.S. It could look a double or triple purchase. Those extra charge will usually fall off within 14 days or when it hard posted. This all depends on how your banks computer handles debit card transactions. You usually get the money market rate, which is a lot better than the tourist rate. Some banks won't take fees out until your statement is printed.
2007-01-05 12:21:09
·
answer #2
·
answered by neopetsrockstar10 2
·
0⤊
0⤋
I have used my American credit card all over Europe, including the UK.
Generally, you get the current exchange rate (the traded rate) on the currency. But the credit card company (Visa/ Mastercard/ Discover) charges a fee of about 1-2% for the conversion. The bank which issued the credit card (such as Chase, Citibank, etc) will also charge another 1-2% fee. For AMEX, cards are issued directly by AMEX and not through a bank so you only get charged about 2%. It depends on your specific credit card - so the best thing to do is call the company and ask what the fees are in advance.
Also, I would recommend using a credit card instead of a debit card. If something goes wrong with a purchase, you can always file a dispute or claim with the credit card company. With a debit card, however, it's a lot harder to get your money back. Also, my experience has been that some debit cards will take out the $ twice - once in dollars and again in your local currency until they work out the actual exchange which can take a few days.
2007-01-04 03:48:37
·
answer #3
·
answered by Anonymous
·
0⤊
1⤋
A couple of things to keep in mind. The exchange rate fluctuates so the rate of exchange will vary depending on rate at the time you exchange your pounds to U.S. dollars. If you go to a bank to exchange the pounds you will be charged a fee. The fee amount will depend upon which bank you go to.
You can avoid this and not pay a fee by purchasing an international debit card from your local bank. You then use that card as a regular debit card in the country your visiting. If you take a withdrawal from an ATM it will automatically convert pounds into the currency of the country your in. Best of all you won't need to carry a lot of cash around. I'd suggest, however, that you do carry some cash with you (in small denominations) for use as tips, cab or bus fare, and small purchases. BK
2007-01-04 01:31:24
·
answer #4
·
answered by radar 3
·
0⤊
1⤋
In addition to the MasterCard and Visa 1% fee.
Some banks do charge up to 5% fee per transaction but some banks have a cheaper transaction fee when using a debit card.
Even with the fees it still best to use a debit card at atms. (Do not use the airports or hotel atms)
Some merchants do not know how to merge the transaction.
If using a U.S. debit card in the U.S. It could look a double purchase. If using a U.S. debit card outside the U.S. It could look a double or triple purchase. Those extra charge will usually fall off within 14 days or when it hard posted. This all depends on how your banks computer handles debit card transactions.
Some banks won't take fees out until your statement is printed.
2007-01-05 00:08:16
·
answer #5
·
answered by Anonymous
·
0⤊
1⤋
First, for the charges, you will not be charged for the transaction unless this is the terms of your card, so if you are charged per transaction in your local use of the card, you will be charged the same for an international use.
As for the rate of exchange, it would be the selling rate of excahnge of your bank, which might be slightly higher than normal rate of exchange. Your bank will receive the charge by the original currency of purchase and it will be converted to your local currency at the selling rate.
2007-01-04 01:29:24
·
answer #6
·
answered by imdashti 6
·
0⤊
1⤋
Be careful where you use it! Yes you will be charged for I guess every transaction. Best thing to do is get in touch with your credit card company and ask them all your concerns and make sure to ask the name of the person you are dealing with in the credit card company.
2007-01-04 01:29:17
·
answer #7
·
answered by aloedistributor.com 2
·
0⤊
1⤋
You usually get the money market rate, which is a lot better than the tourist rate.
2007-01-04 01:36:24
·
answer #8
·
answered by mike-from-spain 6
·
0⤊
1⤋
you get the rate the day of purchase
2007-01-04 01:26:44
·
answer #9
·
answered by Anonymous
·
0⤊
1⤋
mastercard
2016-03-29 07:15:08
·
answer #10
·
answered by Megan 4
·
0⤊
0⤋