Wizard Mastercard Cash Advances while overseas

[FL360]

I have used this card in Hawaii, and the exchange rate used is within 1% of the actual rate, 85c to 95c seems to be a huge difference, may be the ATM provider have charged extra and charged to the transaction...

[aaronactive]

interesting, im just going off a transaction i just made a few days ago..

$417 US came out of my account as $466 AUD

guess I will know when the actual line comes through on the statement with how much they charged me.

i'm just going off the fact that that is the only transaction ive done on the card since it hasnt got anything left on it..and my balance shows as 466 under my limit.

[FL360]

Also, may be the merchant is a bit doggy and charged you card in AUD,
with their doggy conversion rates ! Sometimes they have this rip off practise in tourist spots, paypal also !

[aaronactive]

ahhhah i never thought of that..

then it uses their conversion rate and comes out as AUD on my card.

sneaky.

I did get asked if I wanted my card charged in local currency when I was in the states..I just did it for the heck of it..

I'll have to make sure they charge my card as US next time.

[FL360]

No worries,
Consider it is a small price to pay for a lesson...

[adrian]

interesting, im just going off a transaction i just made a few days ago..

$417 US came out of my account as $466 AUD

guess I will know when the actual line comes through on the statement with how much they charged me.

i'm just going off the fact that that is the only transaction ive done on the card since it hasnt got anything left on it..and my balance shows as 466 under my limit.

I think something is wrong with your statement ,or that particular transaction. I have used this card 100's times over the last year or so, and I have never been charged bad conversion rates like you have quoted.

For instance, a transaction on 10 June for 16 GBP, converted to 33.08 AUD.
This gives a conversion rate of 0.483675
The actual rate that day, according to xrates.com Exchange Rates Data (Australian Dollar, British Pound) was .48344, which is pretty much the same thing.

This card has been the best thing ever to travel with, and I have had it accepted almost everywhere I have been. As I buy most of my airfares on it from Tokyo or South Africa, and I have purchased around $70-80k worth of airfares in the last 12 months, it has saved me on airfares alone, at least $1750 (based on a 2.5% amex conversion fee) or $2450 (based on a 3.5% citibank conversion fee).

I can't recommend this card enough - i just hope they don't change the no conversion fees rule anytime soon.

[oz_mark]

Also, may be the merchant is a bit doggy and charged you card in AUD,
with their doggy conversion rates ! Sometimes they have this rip off practise in tourist spots, paypal also !

Hmm, quite a scam really!

[aaronactive]

I think something is wrong with your statement ,or that particular transaction. I have used this card 100's times over the last year or so, and I have never been charged bad conversion rates like you have quoted.

You're right.

I just looked up a transaction when I was in the states earlier this year to that website with the historical exchange rate

Ex.rate on day = .8577
Wizard rate on day = .8573

Cost difference = .24c extra..lol

[serfty]

Last month, I used my Wizard card a few time overseas for Cash withdrawals.

Using Xe.com's calculator (also OandA as xe.com has no reference to BAM's)

 DATE     Currency     AUD Debited   AUD @Xe.com     Var      Comm%

20JUN08   USD221.75      232.78        232.44       0.34      0.146

22JUN08   USD100.00      104.98        104.85       0.13      0.129

26JUN08   HRK700.00      157.85        159.03      -1.18     -0.742

27JUN08   BAM300.00      252.40        248.70(O&A)  3.70      1.487

29JUN08   SGD110.00       84.32         84.03       0.29      0.351 

30JUN08    SGD60.00       46.15         46.10       0.05      0.110

I'n very happy with those results ...

[FL360]

I would have to say sometimes its rate is so good it is possible to arbitrage... sell the currency overseas at slightly better rates than the foreign exchanges offices ....