Last year when I visited Europe I was surprised to find about a month after I
returned home that my Visa card (Chase) charged me a 1 percent handling fee on each
and every transaction made on the card while I was there. I called Chase and they
informed me that this was policy since January 2000.

Are there any cards out there that don't charge this riddiculous fee? I am visting
Europe again in the next 6 months and would like to apply to a card that doesn't
charge these fees.

Any help would be greatly appreciated.

Thanks,

Bruce

Bruce <[email protected]> wrote:

    >Last year when I visited Europe I was surprised to find about a month after I
    >returned home that my Visa card (Chase) charged me a 1 percent handling fee on each
    >and every transaction made on the card while I was there. I called Chase and they
    >informed me that this was policy since January 2000.
    >Are there any cards out there that don't charge this riddiculous fee? I am visting
    >Europe again in the next 6 months and would like to apply to a card that doesn't
    >charge these fees.
    >Any help would be greatly appreciated.

Yes there are. I found that my AT&T card charged a couple of percent when I
charged a hospital bill in the Bahamas, even though the Bahamas $ were on an exact
par with US $.

I called each card to see. AT&T did. Shell MC did (Chase). My credit union
VISA did not, and neither did USAA MC. I don't know who is eligible for that
card. I don't remember, but I don't think the Sears MC does either. You just
have to ask around.

grandma Rosalie

"Bruce" <[email protected]> wrote in message news:[email protected]...
    > Last year when I visited Europe I was surprised to find about a month after I
    > returned home that my Visa card (Chase) charged me a 1 percent handling fee on each
    > and every transaction made on the card while I was there. I called Chase and they
    > informed me that this was policy since January 2000.
    > Are there any cards out there that don't charge this riddiculous fee? I am visting
    > Europe again in the next 6 months and would like to apply to a card that doesn't
    > charge these fees.
    > Any help would be greatly appreciated.

The web site at http://www.bankrate.com/ is a
good resource for anyone who is shopping for a new credit card.

On Mon, 12 Aug 2002, Bruce <[email protected]> wrote:

    > Last year when I visited Europe I was surprised to find about a month after I
    > returned home that my Visa card (Chase) charged me a 1 percent handling fee on each
    > and every transaction made on the card while I was there. I called Chase and they
    > informed me that this was policy since January 2000.

The rate that banks charge each other when changing very large amounts is known as
the "Interbank" rate. This is usually the rate you see quoted in the newspaper. You
should expect to pay a premium over the Interbank rate: a surcharge of 1 % is
reasonable when using a credit card.

If the "base" rate, before the surcharge, was the Interbank rate, then the 1 %
"handling fee" is reasonable.

--
Yves Bellefeuille <[email protected]>, Ottawa, Canada Francais / English / Esperanto
Esperanto FAQ: http://www.esperanto.net-
/veb/faq.html Rec.travel.europe FAQ: http://www.faqs.org/faqs/travel/europe/faq

On Mon, 12 Aug 2002 23:35:04 GMT, Bruce <[email protected]> wrote:

    >Last year when I visited Europe I was surprised to find about a month after I
    >returned home that my Visa card (Chase) charged me a 1 percent handling fee on each
    >and every transaction made on the card while I was there. I called Chase and they
    >informed me that this was policy since January 2000.
    >Are there any cards out there that don't charge this riddiculous fee? I am visting
    >Europe again in the next 6 months and would like to apply to a card that doesn't
    >charge these fees.

1% is the system charge and is inescapable. Be glad you don't have a card issuing
institution that is chargiing another 1% or 2% for their greedy selves.


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

Don't get too excited by this charge as you are benfitting from wholesale exchange rates by using your credit card, compared to a typical 5% spread on retail FX transactions plus a commission on top. You also have more flexibility to spend while you are away and not have to worrow about converting surplus cash back again at a disadvantageous rate.

All round you are getting a good deal, and if there is a bank that doesn't charge it they will be converting your transactions at a retail FX rate, so you will be no better off, and most probably worse off.

The banks always get their pound of flesh.

Yves Bellefeuille wrote:

    > The rate that banks charge each other when changing very large amounts is known as
    > the "Interbank" rate. This is usually the rate you see quoted in the newspaper. You
    > should expect to pay a premium over the Interbank rate: a surcharge of 1 % is
    > reasonable when using a credit card.

I'd call it a gift. The usual rate is closer to 2%. See Oanda; that's what they
quote. I've monitored this with my Canadian credit cards and it's typically come out
very close to 2%. (On ATM withdrawals it's no more than about 1.25% over interbank.)

Michael Marchmount <[email protected]> wrote:

    >Yves Bellefeuille wrote:
    >> The rate that banks charge each other when changing very large amounts is known as
    >> the "Interbank" rate. This is usually the rate you see quoted in the newspaper.
    >> You should expect to pay a premium over the Interbank rate: a surcharge of 1 % is
    >> reasonable when using a credit card.
    >I'd call it a gift. The usual rate is closer to 2%. See Oanda; that's what they
    >quote. I've monitored this with my Canadian credit cards and it's typically come
    >out very close to 2%. (On ATM withdrawals it's no more than about 1.25% over
    >interbank.)

I think for a bill in the Bahamas it was closer to 3% that I was charged. When the
hospital refunded an overcharge, they did prorate the % that they charged me for that
amount, which confuses me even more.

On the cards I have that charge no extra fee, they did charge the commercial rate
that was in effect at the time. I'm not good enough at math to determine whether
this is or is not better than having the % fee and being charged the interbank
rate. My feeling is that the interbank rate is not a whole 1 or 2% different, and,
especially for small purchases I would much prefer just to have the commercial
rate. YMMV.

I did charge a large item (£635) in advance from the US. The company which I was
dealing with in the UK put an item on the bill of about £4 which they said was a
charge for using a credit card. But this was done in the UK, and not by my credit
card company.


grandma Rosalie

On Tue, 13 Aug 2002 11:24:42 -0400, Rosalie B. <[email protected]> wrote:

    >Michael Marchmount <[email protected]> wrote:
    >>Yves Bellefeuille wrote:
    >>> The rate that banks charge each other when changing very large amounts is known
    >>> as the "Interbank" rate. This is usually the rate you see quoted in the
    >>> newspaper. You should expect to pay a premium over the Interbank rate: a
    >>> surcharge of 1 % is reasonable when using a credit card.
    >>I'd call it a gift. The usual rate is closer to 2%. See Oanda; that's what they
    >>quote. I've monitored this with my Canadian credit cards and it's typically come
    >>out very close to 2%. (On ATM withdrawals it's no more than about 1.25% over
    >>interbank.)

The last time I checked (2001) VISA and MC were charging 2% and Bank of America (my
bank) was charging an additional 1%. Don't know how you could get around the 2% but
not everyone charges something additional. Found my wifes credit union added nothing
so this was the card we use while overseas traveling, with the added benefit that we
get a statement at the end of the year that seperates out hotel, restaurant, airline,
etc. charges.
    >I think for a bill in the Bahamas it was closer to 3% that I was charged. When the
    >hospital refunded an overcharge, they did prorate the % that they charged me for
    >that amount, which confuses me even more.
    >On the cards I have that charge no extra fee, they did charge the commercial rate
    >that was in effect at the time. I'm not good enough at math to determine whether
    >this is or is not better than having the % fee and being charged the interbank
    >rate. My feeling is that the interbank rate is not a whole 1 or 2% different, and,
    >especially for small purchases I would much prefer just to have the commercial
    >rate. YMMV.
    >I did charge a large item (£635) in advance from the US. The company which I was
    >dealing with in the UK put an item on the bill of about £4 which they said was a
    >charge for using a credit card. But this was done in the UK, and not by my credit
    >card company.
    >grandma Rosalie

Rick Garner To email replace the nospam with isomedia

For "commercial" you mean "retail" - ie what the individual changing $/£ 00's, as opposed to the commercial rate for large business transactions, and the inter-bank (wholesale)rate that banks charge each other.

You are most likely to be better off taking the interbank rate and paying the fee as the difference in rates is going to be more than 1% and probably closer to, if not above, 2%.

Bruce <[email protected]> wrote:
    > Last year when I visited Europe I was surprised to find about a month after I
    > returned home that my Visa card (Chase) charged me a 1 percent handling fee on each
    > and every transaction made on the card while I was there. I called Chase and they
    > informed me that this was policy since January 2000.
    > Are there any cards out there that don't charge this riddiculous fee? I am visting
    > Europe again in the next 6 months and would like to apply to a card that doesn't
    > charge these fees.

Try MBNA. At least in my case they don't seem to charge anything - they just pass on
the 1% that's built in to the network. It sounds like your bank is adding an extra 1%
on top of that, as the first 1% is "invisible" unless you go back and cross-reference
against the historical exchange rates.

miguel
--
Hit The Road! Photos and tales from around the world:
http://travel.u.nu New mini photo-feature: Life in
DC: http://travel.u.nu/dc/

"Miguel Cruz" <[email protected]> wrote in message news:[email protected]...
    > Bruce <[email protected]> wrote:
    > > Last year when I visited Europe I was surprised to find about a month after I
    > > returned home that my Visa card (Chase) charged me a 1 percent handling fee on
    > > each and every transaction made on the card while I was there. I called Chase
    > > and they informed me that this was policy since January 2000.
    > >
    > > Are there any cards out there that don't charge this riddiculous fee? I am
    > > visting Europe again in the next 6 months and would like to apply to a card that
    > > doesn't charge these fees.
    > Try MBNA. At least in my case they don't seem to charge anything - they
just
    > pass on the 1% that's built in to the network. It sounds like your bank is adding
    > an extra 1% on top of that, as the first 1% is "invisible" unless
you
    > go back and cross-reference against the historical exchange rates.
as I have said before, beware a UK MBNA card in Central / Eastern Europe - I have
seen rates 33% off what they should be. Maybe they have changed, but I'm not going
to try it!

"The Oik" <[email protected]> wrote in message news:[email protected]
om...
    > "Miguel Cruz" <[email protected]> wrote in message

    > > Try MBNA. At least in my case they don't seem to charge anything - they just pass
    > > on the 1% that's built in to the network. It sounds like your
bank
    > > is adding an extra 1% on top of that, as the first 1% is "invisible"
unless
    > > you go back and cross-reference against the historical exchange rates.

    > as I have said before, beware a UK MBNA card in Central / Eastern Europe -
I
    > have seen rates 33% off what they should be. Maybe they have changed, but I'm not
    > going to try it!

Hmm, I'm curious to know if those exuberant exchange rates apply only to European
MBNA credit cards or all of their cards issued outside the US. At any rate, I've got
a Mastercard issued by MBNA Canada which I just used a couple times on a recent trip
to California. I'll report here with the relevant info once I get my bill.

Richard

"Richard" <[email protected]> wrote in message
news:[email protected]...
    > "The Oik" <[email protected]> wrote in message news:[email protected]
    > .com    ...
    > > "Miguel Cruz" <[email protected]> wrote in message
    > > > Try MBNA. At least in my case they don't seem to charge anything -
they
    > > > just pass on the 1% that's built in to the network. It sounds like
your
    > bank
    > > > is adding an extra 1% on top of that, as the first 1% is "invisible"
    > unless
    > > > you go back and cross-reference against the historical exchange rates.
    > > as I have said before, beware a UK MBNA card in Central / Eastern
Europe -
    > I
    > > have seen rates 33% off what they should be. Maybe they have changed,
but
    > > I'm not going to try it!
    > Hmm, I'm curious to know if those exuberant exchange rates apply only to European
    > MBNA credit cards or all of their cards issued outside the US. At any rate, I've
    > got a Mastercard issued by MBNA Canada which I just used a couple times on a recent
    > trip to California. I'll report here with the relevant info once I get my bill.
I strongly suspect it was to do with Central / East Europe, before the currencies
were *fully* convertable... BTW, the 33% off was against a UK credit card rate, not
interbank. May have been fixed nowadays, but I'm not going to try it again!