Westpac Altitude 3.5% Foreign Currency Conversion

[serfty]

Yes!

Of the cards I have used in the last few years, it has been only the Wizard that seems to match the daily prevailing mid market exchange tate.

[trippin_the_rift]

Their "currency conversion" rate is 2½%, however there are other subtle charges.

FWIW, the transaction was for USD42.11 dated Dec 25 and charged AUD63.52. This is a variance of 2.989% from "Mid-Market" rates. Note that the AUS/USD exchange rate was very stable that day.

Also keep in mind that bank conversion rates are not XE.com rates -- but at their own, quite poor conversions. This explains the extra ~0.5% difference.

Effectively the bank makes money twice here, once on the conversion and again on the 2.5% fee.

[PLANT]

Is it better to use Westpac Altitude Visa to purchase goods or PAYPAL conversion rate NOW?

[wassie]

Is it better to use Westpac Altitude Visa to purchase goods or PAYPAL conversion rate NOW?

Hi folks,
great forum here so time to post.

I have done this excersize so many times and still cant get a clear answer. I have always found it difficult to get Paypal's exchange rate at the time of purchase, although my experience has been it is generally slightly better than the Altitude cards (or any other c/card).

But then another consideration is if you are purchasing over the net, especially in an overseas transaction, the c/cards afford you much better protection in the case of a disputed transaction, despite what Paypal advertise (Ebay purchases excepted).

I never was able to deal with a person by telephone with Paypal and dispute resolution was not always acheived to my satisifaction on several occasions. C/cards have always resolved in my favour over the years, even if it has been a bit drawn out on occasion.

[spunkarooney]

I never allow PayPal to convert foreign currency transactions into Australia Dollars. PayPal (an eBay company) exists to make money – I don’t like handing over my cash for no reason.

For all non-Australian Dollar transactions I use my NAB Gold Banking Visa debit card as it doesn’t charge a NAB conversion fee. I have consistently found this to be cheaper.

You can check FX rates online at sites like www.xe.com I always do this when making purchases in foreign currency.