Pantagruel

    :
    >>>I just received notice from AMERICAN Express that it is increasing the
    >>>"conversion commission" applied to foreign charges from 2.2% to 2.5%.
    >>>Does
    >>>anyone know if Visa and Mastercard do the same thing, or what their rates
    >>>are?
    >>>Joe
    >>>You might check with MBNA. I have had their credit card for years just to
    >>>use when travelling abroad. They have been 1% less than everyone else. I
    >>>don't know for sure if they still are but you might be interested in
    >>>inquiring.
    >

Elvira

If you're a UK resident, get a Nationwide card. They work out cheapest for overseas transactions.

EvelynVogtGamble

Donald Newcomb wrote:

    > "EvelynVogtGamble(Divamanque)" <[email protected]> wrote in message
    > news:[email protected]...
    >
    >>I've never paid much attention, frankly - I look upon
    >>whatever they charge as a necessary evil, an unavoidable
    >>cost of world travel. (So I pay it, and don't worry about
    >>it - if travel gets too expensive, then I'll just have to
    >>stay home.)
    >
    >
    > I'm sure your bank appreciates your business. Do they send you a birthday
    > card?

What bank? I have no-fee, "rebate" paying credit cards with
independent companies, not bank debit cards! (It's true
some of them are administered by banks, but not by MY bank.)
IMO fruitless worrying about nickels and dimes serves no
purpose but to raise one's blood pressure. As someone has
already pointed out, no matter what percentage credit cards
and ATM cards charge for foreign transactions, one would pay
considerably more in fees trying to bypass them by using
moneychangers and travelers checks. (If you have to worry
about half a percent differences in fees, you really can't
afford to travel!)

Hatunen

On Sat, 26 Mar 2005 10:42:53 -0800,
"EvelynVogtGamble(Divamanque)" <[email protected]> wrote:

    >Donald Newcomb wrote:
    >> "EvelynVogtGamble(Divamanque)" <[email protected]> wrote in message
    >> news:[email protected]...
    >>
    >>>I've never paid much attention, frankly - I look upon
    >>>whatever they charge as a necessary evil, an unavoidable
    >>>cost of world travel. (So I pay it, and don't worry about
    >>>it - if travel gets too expensive, then I'll just have to
    >>>stay home.)
    >>
    >>
    >> I'm sure your bank appreciates your business. Do they send you a birthday
    >> card?
    >What bank? I have no-fee, "rebate" paying credit cards with
    >independent companies, not bank debit cards! (It's true
    >some of them are administered by banks, but not by MY bank.)
    > IMO fruitless worrying about nickels and dimes serves no
    >purpose but to raise one's blood pressure. As someone has
    >already pointed out, no matter what percentage credit cards
    >and ATM cards charge for foreign transactions, one would pay
    >considerably more in fees trying to bypass them by using
    >moneychangers and travelers checks. (If you have to worry
    >about half a percent differences in fees, you really can't
    >afford to travel!)

A lot of us don't think of three percent as "nickels and dimes".

************* DAVE HATUNEN ([email protected]) *************
* Tucson Arizona, out where the cacti grow *
* My typos & mispellings are intentional copyright traps *

Donald Newcomb

"EvelynVogtGamble(Divamanque)" <[email protected]> wrote in message
news:[email protected]...
    > (If you have to worry
    > about half a percent differences in fees, you really can't
    > afford to travel!)
Maybe I worry about it so that I can afford to travel.

--
Donald Newcomb
DRNewcomb (at) attglobal (dot) net

JohnT

"EvelynVogtGamble(Divamanque)" <[email protected]> wrote in message
news:[email protected]...
    > Donald Newcomb wrote:
    >> "EvelynVogtGamble(Divamanque)" <[email protected]> wrote in message
    >> news:[email protected]...
    >>>I've never paid much attention, frankly - I look upon
    >>>whatever they charge as a necessary evil, an unavoidable
    >>>cost of world travel. (So I pay it, and don't worry about
    >>>it - if travel gets too expensive, then I'll just have to
    >>>stay home.)
    >> I'm sure your bank appreciates your business. Do they send you a birthday
    >> card?
    > What bank? I have no-fee, "rebate" paying credit cards with independent
    > companies, not bank debit cards! (It's true some of them are administered
    > by banks, but not by MY bank.) IMO fruitless worrying about nickels and
    > dimes serves no purpose but to raise one's blood pressure. As someone has
    > already pointed out, no matter what percentage credit cards and ATM cards
    > charge for foreign transactions, one would pay considerably more in fees
    > trying to bypass them by using moneychangers and travelers checks. (If
    > you have to worry about half a percent differences in fees, you really
    > can't afford to travel!)

In the UK, most Banks and other Financial Institutions add between 2.5 and
3.5 per cent, in addition to the 1 per cent charged by Mastercard and Visa.
There are two Issuers, Liverpool Victoria and Nationwide, which add no
loading at all. If I am visiting the USA and charge US $1,000 to a Credit
Card I would much rather keep the $25 to $35 thus saved than give it to a
Bank. But then I am just a poor pensioner!

JohnT

EvelynVogtGamble

Hatunen wrote:
    > On Sat, 26 Mar 2005 10:42:53 -0800,
    > "EvelynVogtGamble(Divamanque)" <[email protected]> wrote:
    >
    >
    >>Donald Newcomb wrote:
    >>>"EvelynVogtGamble(Divamanque)" <[email protected]> wrote in message
    >>>news:[email protected]...
    >>>>I've never paid much attention, frankly - I look upon
    >>>>whatever they charge as a necessary evil, an unavoidable
    >>>>cost of world travel. (So I pay it, and don't worry about
    >>>>it - if travel gets too expensive, then I'll just have to
    >>>>stay home.)
    >>>I'm sure your bank appreciates your business. Do they send you a birthday
    >>>card?
    >>What bank? I have no-fee, "rebate" paying credit cards with
    >>independent companies, not bank debit cards! (It's true
    >>some of them are administered by banks, but not by MY bank.)
    >> IMO fruitless worrying about nickels and dimes serves no
    >>purpose but to raise one's blood pressure. As someone has
    >>already pointed out, no matter what percentage credit cards
    >>and ATM cards charge for foreign transactions, one would pay
    >>considerably more in fees trying to bypass them by using
    >>moneychangers and travelers checks. (If you have to worry
    >>about half a percent differences in fees, you really can't
    >>afford to travel!)
    >
    >
    > A lot of us don't think of three percent as "nickels and dimes".

You prefer the higher rates you'd pay by NOT using credit
cards? (That dosn't seem very bright!)


    >
    > ************* DAVE HATUNEN ([email protected]) *************
    > * Tucson Arizona, out where the cacti grow *
    > * My typos & mispellings are intentional copyright traps *

Hatunen

On Sat, 26 Mar 2005 19:02:31 -0800,
"EvelynVogtGamble(Divamanque)" <[email protected]> wrote:

    >Hatunen wrote:
    >> On Sat, 26 Mar 2005 10:42:53 -0800,
    >> "EvelynVogtGamble(Divamanque)" <[email protected]> wrote:
    >>
    >>
    >>>Donald Newcomb wrote:
    >>>>"EvelynVogtGamble(Divamanque)" <[email protected]> wrote in message
    >>>>news:[email protected]...
    >>>>>I've never paid much attention, frankly - I look upon
    >>>>>whatever they charge as a necessary evil, an unavoidable
    >>>>>cost of world travel. (So I pay it, and don't worry about
    >>>>>it - if travel gets too expensive, then I'll just have to
    >>>>>stay home.)
    >>>>I'm sure your bank appreciates your business. Do they send you a birthday
    >>>>card?
    >>>What bank? I have no-fee, "rebate" paying credit cards with
    >>>independent companies, not bank debit cards! (It's true
    >>>some of them are administered by banks, but not by MY bank.)
    >>> IMO fruitless worrying about nickels and dimes serves no
    >>>purpose but to raise one's blood pressure. As someone has
    >>>already pointed out, no matter what percentage credit cards
    >>>and ATM cards charge for foreign transactions, one would pay
    >>>considerably more in fees trying to bypass them by using
    >>>moneychangers and travelers checks. (If you have to worry
    >>>about half a percent differences in fees, you really can't
    >>>afford to travel!)
    >>
    >> A lot of us don't think of three percent as "nickels and dimes".
    >You prefer the higher rates you'd pay by NOT using credit
    >cards? (That dosn't seem very bright!)

What logic you used to draw that conclusion escapes me

What I prefer is the lower rate back when my card issuer didn't
tack on greedy surcharges.

************* DAVE HATUNEN ([email protected]) *************
* Tucson Arizona, out where the cacti grow *
* My typos & mispellings are intentional copyright traps *

Markku Grönroos

"Donald Newcomb" <[email protected]> kirjoitti viestissä
news:[email protected]...
    > "John Smith" <[email protected]> wrote in message
    > news:[email protected]...
    > > There is no blanket Visa or MasterCard fee. It depends on the specific
    > card
    > > and card issuer. You to check on the exact card you have or want to get.
    > There is but it's hidden in the exchange rate. It's about 1% over
interbank.
    > The issuing banks sometimes add on an extra gouge to punish their
customers
    > for being stupid enough to use their card overseas.

I have never charged a penny of interests of any sort abroad (excluding
friction in currency compilations) when I pay a bill by a credit card. All
daily interests are paid by vendors. In some banana republics vendors refuse
to pay them but add the margin to the bill. So, in these countries the
credit card use is less attractive. When buying money out from ATM machines,
there are no vendors around to pay interests for you but you have to do it
yourself. You borrow money for several days or more likely for weeks or
months until you pay back the sum needed for the even currency convertion
and the interest concerned. In deals like that, interests are involved. It
seems obvious that about all the credit companies fix the margin relative to
the amount of money lent out rather than time elapsed.

The EU has passed a (set of) directive(s), which dictates the maximum amount
a bank can deduct from card owner's account when this withdraw money inside
the EU. The extra fee is truly pennies. When you use the accounts of your
creditor, it is all the different story then.

D R Newcomb

Donald Newcomb wrote:
    > Now, since then, the Visa website has become much less specific about
the
    > subject and I can't relocate that information. So, if you tell me
that there
    > was a policy change effective, say Jan 1st. of '05, then I guess I'll
just
    > have to contact my credit union and get the new information. So,
exactly
    > when did the policy change?

Follow up to my own post. I recently made a foreign currency charge for
about $20 on my Visa card. In addition to the ~$20 a 20c fee showed up
on my bill. However, the conversion rate was very, very close to the
interbank rate for the day of posting. I asked my credit union about
the fee and they replied that, as of April 2005, Visa's 1% fee was
broken out as a seperate item and they are just passing on that fee.
This seems like a reasonable explanation. So now, banks that post more
than a 1% foreign transaction fee are tacking on their own charges for
doing nothing in particular.

    > --
    > Donald Newcomb
    > DRNewcomb (at) attglobal (dot) net