Foreign credit card use.
HLBRSMA
and Canada, duplicating a trip we made 3 years ago and thoroughly enjoyed. The
only aggravation that time was the fact that each time we cashed travellers
checks in Canada we were charged a surcharge.But when we used the mastercard we
received the correct exchange and no extraneous charges. So this trip we
decided we would only use the mastercard and use very few travellers checks,
well guess what, this time they ripped us of on the mastercard with surcharges
for each Canadian charge but we were able to cash everyone of our travellers
checks without extra expense. So be warned check your bank's policies before
you leave, they change them from time to time.
I would like hear of anyone who experienced this and did you have any recourse.
Stu
Jynndi
>each time we cashed travellers
>checks in Canada we were charged a surcharge.But when we used the mastercard
we received the correct exchange
We've always used a Visa card in Europe, Mexico, and Canada, always got the
best exchange and no surcharge... we carry little cash and NO travelers checks
.
Digger, AKA Grumps (old and crusty)
hometown.aol.com/jynndi/myhomepage/profile.html
All errors; spilling, grimatical, ore tieping intenshunal.
Richard Ferguson
Universal charges (or did charge) a 1% commission for foreign charges,
in addition to a less than ideal rate of exchange. My credit union
seems to have favorable rates of exchange and no commission. You might
be able to call the bank and interrogate them and find out what their
policy is before you leave the USA, and use the card with the most
favorable policy.
Most experienced international travelers today do not carry traveler's
checks, just depend on the debit card to get local currency from the
ATM. It is always good to have some local currency, even if you will
charge most of your expenses, such as gasoline or camping fees. I used
to buy canadian traveler's checks at home before going to canada, much
easier to cash than USA travelers checks. Now I just use the first ATM
I see after I arrive. Instead of traveler's checks, I carry maybe $100
of US cash as my emergency backup.
By the way, phone cards that have great rates inside the USA may not
have great rates when calling the USA from outside. Again, call and ask
before you leave the USA.
I do quite a bit of international travel, both inside and outside of
North America, so I know about this from experience.
Richard
al...@omnicast.net
Change banks. I live in the PNW and just made two extended trips to
Canada, used two different Visa cards, and never got charged any
surcharges. I would have words with my bank if they did.
Tom
LUK PORTER
>So this trip we
>decided we would only use the mastercard and use very few travellers checks,
>well guess what, this time they ripped us of on the mastercard with
>surcharges
>for each Canadian charge but we were able to cash everyone of our travellers
>checks without extra expense. So be warned check your bank's policies before
>you leave, they change them from time to time.
>
>I would like hear of anyone who experienced this and did you have any
>recourse.
>Stu
I would be interested in knowing what "ripped us" means.
My understanding is that MasterCard International charges 1% on foreign
transactions. Then your credit card company takes another 1%. So are we talking
you we getting ripped by 2%? for me it was worth it not having to hassle with
foreign cash. And I think you paid a 10% premium for you travelers checks.
I don't think many credit card banks list the amount tranaction charge. Just
the amount of foreign purchase and the amount you pay in USD. On my recent
Canada trip I paid around 66%, which I think is close to the daily exchange
rate.
Richard Ferguson
Mastercharge plus 2% for them. That seems high to me. They claim to
use the exchange rate from the Wall Street Journal, which sounds OK.
The key is to ask before you go, rather than just assume that you will
get a good rate.
The traveler's check premium is maybe 1%, but then the exchange rate may
not be that good, check the difference in exchange rate between by and
sell to see how much profit they are making on the exchange rate.
No perfect or free answer, do your research and then realize that
exchanging money from one currency to another is not free, whether it is
done by cash, traveler's check, or credit card.
Richard