Just bought something in euros on my tesco CC...

Odette

What kinda exchange rate do you think I should expect?

Just interested really, probably not my greatest MSE move of all time tho:money:!

Venusflytrap

wholesale rate on the day of purchase I suppose.

opinions4u

Significantly inferior to most other credit cards. Sorry!

Venusflytrap

opinions4u wrote: »

Significantly inferior to most other credit cards.

Why is this? Thought exchange rates were primarily determined by the payment scheme linked to the card i.e, VISA, Mastercard etc...? Is it more the financing institution/org that fixes the rates on the day?

Odette

Well I will let you know! TBQH euros are so nearly pounds at the moment I have been looking at E17 as £17 anyway, so I will be happy with a couple of quid off.

Mikhail

Venusflytrap wrote: »

wholesale rate on the day of purchase I suppose.

Actually 'time', as the exchange rate changes a couple times a day.

Degenerate

Venusflytrap wrote: »

Why is this? Thought exchange rates were primarily determined by the payment scheme linked to the card i.e, VISA, Mastercard etc...?

+2.75% Forex loading.

Tesco used to be even worse, as they had a deceptive extra loading of around 2% built into their own dodgy exchange rate that they were using instead of the Visa/MC rates, but they ended that in February after being publicly called out for their shenanigans.

Most CCs have a loading of 2.75% - 3.00%. The few that don't load at all are Santander Zero, Halifax Clarity, Sainsbury's Gold, Post Office, Saga and Metro Bank.

brewerdave

I know most cards carry a "loading" of 2-3% - but I've generally found that the underlying exchange rate that the Card Company quotes is much better than I could get on the foreign "high street" for my sterling so it evens out.

Degenerate

brewerdave wrote: »

I know most cards carry a "loading" of 2-3% - but I've generally found that the underlying exchange rate that the Card Company quotes is much better than I could get on the foreign "high street" for my sterling so it evens out.

True, but it's better still to use the cards I mentioned above.

nomoneytoday

Degenerate wrote: »

True, but it's better still to use the cards I mentioned above.

True, but if it's a EUR 17 item then we're talking about 50p difference

Venusflytrap

Still on the same subject, does anyone know (in practice) how 'competitive' AMEX's forex rates are? Use or avoid?

I have a Halifax clarity but would like to use the AMEX Nectar card to earn reward points this summer.