Anyway Around Foreign Currency Conversion Charges?

Anthonyuk_2

Hi,

I was wondering if anyone in the know of these types of things can advise.

But I make a large amount of purchases off the internet from USA. This obviously is in US dollars that my credit card gets charged 2.75% just for it to be converted into UK Pounds.

This is very annoying and, but it seems most credit cards do it..

After reading the advice given on the main site about trying to get offers out of Credit Card companies, I telephoned Barclaycard about asking them if they was any way possible this could be reduced, or if there was any way they could match the deal by Nationwide for their card offers which dont charge anything at all.

On the other side I received an Indian Gentleman clearly from the Indian Call center, which for some reason was very difficult to deal with.

He said that Barclaycard cannot alter their set business practices just for one person, even though I know they do it all the time with their set APR when someone tries to cancel.

So as a bluff I said I wanted to cancel the card just so I could then sign up with Nationwide's credit card, which he seemed more than happy to do, however the department that handles cancellations was not answering the phone to him so he said he would put a notice on the account that I want it closed so someone from that department would set it all in motion when they see it.

Obviously I am guessing/hoping I must have done something wrong going about it all. So is there anyway around these 2.75% conversion charges similar to how the APR changes are possible.

Or am I stuck at this level, I also have a Halifax credit card if they are any better but telephoned Barclaycard first. Halifax xharge 2.95%.

Thanks for any help.

CLAPTON

I'ld say you have no hope of getting barclaycard to drop the 2.75% but why haven't you got a nationwide card?

jonesMUFCforever

Anthony can I ask you just one question?

If there was no debit / credit card invented how would you make your purchases and how much would it cost you?

Anthonyuk_2

CLAPTON wrote: »

I'ld say you have no hope of getting barclaycard to drop the 2.75% but why haven't you got a nationwide card?

As I have a Barclaycard, Halifx and Egg Money on the go at the moment.

I will be canceling the Egg money tomorrow as I don't like the hikes the have put in place from this month.

I planned to sign up to the virgin card to get the 10% discount in stores to replace the Egg.

I don't think I would be able to have the four credit cards on the go, and I really don't think my credit would support this too, I'd be surprised if I can get the Virgin.

Specifically as I had a MBNA card as a balance transfer card two years ago and was warned on cancellation my credit will be messed up for 10 years if I do (normally credit cards cancellations departments offer you deals to keep you on, this guy tried the threatening scare tactics approach so cancelled it immediately after this :mad:).

It would be better if I could get Halfix or Barclays to match it as I feel I have been a very good customer to them.

Anthonyuk_2

jonesMUFCforever wrote: »

Anthony can I ask you just one question?

If there was no debit / credit card invented how would you make your purchases and how much would it cost you?

If there was no credit card / debit card in existence then likely the option of purchasing from the internet wouldn't exist too so I wouldn't buy anything.

Not sure what you are getting at?

ayeaye

Anthonyuk wrote: »

If there was no credit card / debit card in existence then likely the option of purchasing from the internet wouldn't exist too so I wouldn't buy anything.

Not sure what you are getting at?

I suspect the point being made is that you would end up paying a lot more than 2.7% you're being charged by the credit card company for a transaction fee - if for example you had to buy the item from a local shop in the UK as we're normally charged a lot more for equivalent items in say the USA.

normanmark

No there isnt a way around it. You're putting the transaction through in dollars therefore in order for your card to be charged in sterling a conversion must happen. It'll be in the cards terms & conditions.

NickX

Just to say that Abbey Zero and the Post Office Card are also Commission free with regard to foreign currency transactions, so you do have some alternatives to Nationwide if there is a problem getting that card.

CLAPTON

Anthonyuk wrote: »

As I have a Barclaycard, Halifx and Egg Money on the go at the moment.

I will be canceling the Egg money tomorrow as I don't like the hikes the have put in place from this month.

I planned to sign up to the virgin card to get the 10% discount in stores to replace the Egg.

I don't think I would be able to have the four credit cards on the go, and I really don't think my credit would support this too, I'd be surprised if I can get the Virgin.

Specifically as I had a MBNA card as a balance transfer card two years ago and was warned on cancellation my credit will be messed up for 10 years if I do (normally credit cards cancellations departments offer you deals to keep you on, this guy tried the threatening scare tactics approach so cancelled it immediately after this :mad:).

It would be better if I could get Halfix or Barclays to match it as I feel I have been a very good customer to them.

obviously your decision but egg money is a good card... 1% cashback on everything and a useful 'mule' card for BT's if needed

I,_Brian

The call center guy is right - Barclaycard isn't going to throw away millions in revenue to suit an individual user, who can freely get a commission free credit card in addition to his current Barclaycard.

jonesMUFCforever

Anthonyuk wrote: »

If there was no credit card / debit card in existence then likely the option of purchasing from the internet wouldn't exist too so I wouldn't buy anything.

Not sure what you are getting at?

What I'm getting at is that you get owt for nowt.