Currency Conversion Fee increase

[serfty]

Certainly Wizard has no conversion fee -per se.

[ejb]

Certainly Wizard has no conversion fee -per se.

Hi serfty,

Thanks for this info, but do they just hit you with bad conversion rates or is it really cheaper to use.

ejb

[serfty]

Hi serfty,

Thanks for this info, but do they just hit you with bad conversion rates or is it really cheaper to use.

ejb

It is really cheaper to use!

On 6th June I had a transaction of USD42.50 at DFW. This was charged at AUD53.12.

Putting this though XE - Credit Card Charges Calculator gives a rate ~½% in my favour:

Date on transaction receipt:                    June 6, 2009
Amount on transaction receipt:                  42.50 USD
Mid-market rate for USD to AUD on 2009.06.06:   1.26070
(Excluding bank charges) 
Value of transaction in your currency:          53.58 AUD
(Excluding bank charges)
Amount shown on credit card statement:          53.12 AUD
Your "hidden" fee estimate:                     0.00 AUD ( 0.000% )
ACTUAL BANK FEES for this purchase:             -0.46 AUD ( -0.858%)

[lovetravellingoz]

Certainly Wizard has no conversion fee -per se.

In terms of total fees and charges thi is still the best card around???

The way things are shaping up it is best not to worry about using a points eraning card when overeses. Use cash where you can....and wizard where you cannot.

One rider would be if you want CC Insurance coverage.

[odysseus]

It is really cheaper to use!

On 6th June I had a transaction of USD42.50 at DFW. This was charged at AUD53.12.

Putting this though XE - Credit Card Charges Calculator gives a rate ~½% in my favour:

Date on transaction receipt:                    June 6, 2009
Amount on transaction receipt:                  42.50 USD
Mid-market rate for USD to AUD on 2009.06.06:   1.26070
(Excluding bank charges) 
Value of transaction in your currency:          53.58 AUD
(Excluding bank charges)
Amount shown on credit card statement:          53.12 AUD
Your "hidden" fee estimate:                     0.00 AUD ( 0.000% )
ACTUAL BANK FEES for this purchase:             -0.46 AUD ( -0.858%)

xe is based in the US, so the rates it used would likely be for the 5th (on their time) if it was processed through Wizard (AU) on the 6th our time. Checking the conversion then brings up relevant figures of 53.11 AUD and 0.47 AUD.

Realistically though, there's not one exchange rate a day so the transaction processing time was probably in the middle of those, when the USD was going down (again). Gives good credence to it being a 0 fee card - in US currency.

[serfty]

xe is based in the US, so the rates it used would likely be for the 5th (on their time) if it was processed through Wizard (AU) on the 6th our time. ...

The transaction was on the 6th - in Texas!

In any case performing it for the 5th returns:

ACTUAL BANK FEES for this purchase:  	0.01 AUD ( 0.025% )

[Mal]

Was doing some digging around about this tonight (due to another thread) and found out that Amex increased the fee from 2% to 2.5% on the 1st Feb 2007.

Also, I've noted that the statement says "when any charge" , yet the fee increased to 3% for both charges and credits occurring in foreign amounts.

Is this a breach of their policy to update people upon changes to their T&C's?

[LovemyCC]

At this rate, conversion rate fee will be 40% by the end of this century.

[straitman]

At this rate, conversion rate fee will be 40% by the end of this century.

I will have handed all my CC's back by then and will no longer have a need to travel

[codash1099]

I will have handed all my CC's back by then and will no longer have a need to travel

I'll probably be travelling but only downwards.