credit card exchange rate in Spain

fmcdowell

Good luck with your fight with Nationwide. I suppose it would be interesting if we all managed to endorse the retailer's copy of the credit card slip with a statement to show that we were only paying the EURO amount and get that signed by the cashier. Then when we complain and when the CC issuer queries those transactions with the retailer, they will see confirmation of only the EURO amounts to be billed, that would be fun and a nightmare to clear up

It's a rip off of course, but not as bad as you suggest as once it has been converted to GBP, then no other loading applies so in my case this was 3%, but no reason to suggest it might not be more for others. The whole set up is stacked against the consumer as you'd have to fight this rip off every time it happens

grumbler

peterbaker wrote:

Nationwide and all the card companies are well aware of this scam now and I hold them jointly liable with the VISA network for promoting what appears to be fraud.

'All the card companies' just pass to their customers Visa's 2.75% currency exchange fee. If local spanish bank makes conversion itself Visa has nothing to charge for. If local bank charges 3% (for example) for conversion costomers of 'all other banks' lose just extra 0.25% to standard 2.75% - as opposit to NW customers that lose full 3%. DCC hits NW customers more than others.

This really is a disgusting rip-off apprently condoned, (aided and abetted even) by the very secretive VISA network and the time is right I think for the whole VISA network to be blown wide open and investigated. It now means that for those poor unfortunates who do not have Nationwide or Liverpool Victoria or one or two of the other "no 2.75% charge" cards, that they are being charged at total of 5%-6% more by using their card than by using cash. IT ABSOLUTELY STINKS! WHAT CROOKS!

Visa doesn't profit from DCC, quite opposit they lose their 2.75% comission. As I told above, 'those poor unfortunates who do not have Nationwide or Liverpool Victoria' are not charged 2.75%+3%, but 3% instead of 2.75%. NW decided not to pass on customers Visa's 2.75% fee, but you cannot expect that they will do the same with Spanish banks 3%+ comission, espesially since NW does not have any information about this because transaction goes through Visa in ££s. The only thing they can do is to complain to Visa, bat NW is a very small player and Visa itself suffers enough from DCC. I think Visa cannot ban DCC. The only thing Visa can do is to insist in customers being offered a choice. However, only for NW (and some other) costomers this choice is really important - and they are pitiable minority (on a world-wide scale).

grumbler

peterbaker wrote:

Oh great, so I was right when I told Nationwide that it looked like VISA were warring against Nationwide and the few others?

Sorry, but I don't understand what you mean I think Visa even is not aware that NW and few others reimburse Visa's 2.75% fee to customers .

How come you know so much about it?

Just thinking over the information available :think:

I don't like the way you are defending VISA.

I don't defend VISA. I just try to explain you why although VISA does not like DCC it cannot ban it for some reasons (antimonopoly laws?) and has absolutely no interest in investigating wheather a customer was offered a choice of currencies or not.

Smoke and mirrors don't work with me my friend.

I wish you good luck in your fight.
I like fighting too, but in this case I don't see any chances to win in general :wall: and I don't want to fight with NW (and it is not NW's fault after all!) every time after coming back from abroad ... For me it is easier to withdraw cash from ATMs and pay cash everywhere.

brodev

If people just shrug their shoulders and say nothing then that is exactly what will be done "NOTHING" Personally I took a Saga card. Saga use Liverpool Victoria. Liverpool Victoria use Visa. As far as I am concerned my complaint is with Saga. If they choose to pass this on to (eventually) Visa then I'll go along with it till I do not get satisfaction then I will go to my card supplier Saga. I am delighted to see more people complaining and I am at a loss as to why some are suggesting that it should be just accepted

pin

brodev wrote:

If people just shrug their shoulders and say nothing then that is exactly what will be done "NOTHING" Personally I took a Saga card. Saga use Liverpool Victoria. Liverpool Victoria use Visa. As far as I am concerned my complaint is with Saga. If they choose to pass this on to (eventually) Visa then I'll go along with it till I do not get satisfaction then I will go to my card supplier Saga. I am delighted to see more people complaining and I am at a loss as to why some are suggesting that it should be just accepted

It shouldn't be accepted, however it isn't SAGA's, Livperpool Victoria's or Nationwide's fault.

It seems people are screaming blind at the card issuers, when it isn't their fault and that's just not fair.

The people you need to complain to is VISA. Nothing stopping you from complaining via your card issuer, but tell them so.

However you CANNOT blame the card issuers for this, blame VISA if you want to blame anyone.

brodev

Pin you may be correct but, as I remember, when I signed my agreement form it went to Saga and not to Visa. Surely if Saga use Visa to operaste their card then my beef is with Saga and they should take it up with Visa not me

ManAtHome

BUt this still goes back to the point of sale - the transaction will have hit the Visa network priced in Sterling. It's obviously worth complaining about it, but unless you can prove you weren't offered a choice of currencies I don't think you can reasonably expect Saga/LV/Visa to refund you. You may get some kind of 'goodwill' payment, but this is very unlikely next time it happens.

pin

I have a feeling this argument is going round and round in circles. I think it is something VISA needs to sort out. However the only way we as credit card users can complain is via our credit card issuers. It seems they have been put in a not so pleasant position of being the middle person.

MarkyMarkD

If you've signed a slip which states the amount in sterling, and that you've been offered a choice, and you sign it, you haven't got a leg to stand on.

If you refuse to accept being charged in sterling, and make them cancel the original transaction, and resubmit it in euro (say) and then sign the slip, you have a legitimate complaint.

If you do as Peter apparently did, and just cross out the stuff about the currency conversion, I don't see that the position is as clear cut. They'd already converted the transaction to sterling when Peter signed the slip, and crossing out declarations or whatever doesn't in itself get them to cancel and resubmit the transaction in the proper currency. They should have asked Peter why he crossed it out, and then voided and resubmitted the transaction.

DCC is a horrible scam and I wish that something would be done about it. But the only transaction I've suffered it on was for £28 so I haven't really got the patience to argue with Nationwide about it - I know they would just refund the difference out of goodwill and not pursue it with VISA, so it's a waste of my time and theirs.

pin

Its all a consipiracy, I'm sure the CIA are involved somewhere along the line, I'm pretty sure some slush funds are being used for something in connection with an offshore bank account in Luxembourg tied to Nigeria.