International Transaction Fees on Credit Card

[STL]

These have increased by 2% for my Visa. I've been told that this is also the case for Mastercard. I noticed it b/c my fees had seemed to be going up comparatively higher recently and I wasn't sure as to why. A bit annoyed b/c it means effectively now we are 2cents below every other exchange rate.

It does make the spread between Paypal much smaller though that's for sure.

Doesanyone know of any other cheaper alternatives? I miss my 1.45%.

[Zippo]

I've been at 3% for years .. First few years were hidden until the Commerce Commission caught onto it. Everyone who was affected though got refunds.

[jaydisc]

Is your new rate 2% or did your 1.45% go UP by 2% making it 3.45%? 2.5% is standard.

[STL]

Is your new rate 2% or did your 1.45% go UP by 2% making it 3.45%? 2.5% is standard.

It's gone up to 2% from 1.45% so 55 basis points. Not happy.

[Golden Phoenix]

Mine has been at 2%
It is a Visa Debit though so it might be a bit different

[STL]

Mine has been at 2%
It is a Visa Debit though so it might be a bit different

Nope, no difference. They charge you still the same even if you have a visa debit

[jaydisc]

These percentages are bank, not card type, specific.

When you use your credit card for a foreign purchase, it typically takes two days for the merchant to actually get your money and the transaction to hit your statement. In most cases, you are assessed the conversion rate at that time, plus the 2%.

When you let PayPal do the conversion, you have the benefit of knowing exactly what the rate will be and you don't have to fear the AUD dropping over the next 2 days.

Interestingly enough, nothing scientific here, but it seems that PayPal's rates are about a day behind, and if you're on top of this, that can work to your advantage too.

I've found myself accepting PayPal's conversion more often that usual recently.

[bruticus]

Citibank Visa is 3% on top of whatever the crappy conversion rate they decide to charge you at the time...

I use paypal linked bank account for foreign purchases ever since i found out years ago about the above...

Not sure about the paypal exchange rates being a day behind, but it could be dependant on US markets rates which were closed (locked) when you made the transaction or when you checked the day rates at the time. Anyways, its always been a hit and miss with paypal's forex rates for me so far...but it still beats paying via CC.

[STL]

Interestingly enough, nothing scientific here, but it seems that PayPal's rates are about a day behind, and if you're on top of this, that can work to your advantage too.

I've found myself accepting PayPal's conversion more often that usual recently.

Definitely noticed that too. Good for days where there have been falls. I reconvert to my Visa for days like today when the exchange rate's up