Foreign transactions in Stirling

Waterbabies

Most credit cards charge for foreign transactions I know, and I have 2 which don't which I always use abroad. However, I just wondered, if you use a credit card which does charge, but you select to pay in sterling (which many places seem to offer now) does it still class as a foreign transaction?
I mean, say I am in Switzerland, where I usually get the option to pay in CFR or £sterling, I know the exchange rate wouldn't be as good if I select the sterling option, but would my credit card still count this as a foreign transaction?

chattychappy

I have had online transactions from overseas in GBP on CapitalOne that have gone through without a loading.

But an American friend told me that he is charged for USD transactions overseas on his US card.

So I suppose the networks support either and it comes down to the T+Cs (which are then, hopefully, reflected in the processing).

lisyloo

but you select to pay in stirling (which many places seem to offer now) does it still class as a foreign transaction?

Many places offer it now, because they add a commission onto the exchange rate. This is about 4% IME but could vary quite a bit from that.

I wouldn't expect it to be treateed as a foreign transaction if it's in GBP.

You should always pay in local currency because pretty much always what your bank will charge is less than what the shop/restaurant will charge you.
Pay attention to machines/paper bills.

baby_frogmella

Has Scotland already joined the Euro? :rotfl:
(sorry OP, just ribbing ya)

Fruit_and_Nut_Case

baby_frogmella wrote: »

Has Scotland already joined the Euro? :rotfl:
(sorry OP, just ribbing ya)

You beat me to it.

Waterbabies

OK! So I can't spell!!!!!:D

Fruit_and_Nut_Case

Waterbabies wrote: »

OK! So I can't spell!!!!!:D

But you do know where to put the apostrophe in can't. :T

Waterbabies

Oh I'm good with apostrafys - just kan't spell!!! :rotfl:

jpwjpw

In the places I've seen this option, I've always opted to pay in the currency of the country I'm in. Their GBP rate has always been much poorer than the credit card rate.

Waterbabies

Yes so do I, but I have a card which doesn't charge for foreign transactions (a halifax clarity card). If you are stuck for any reason (usual card blocked, or lost or stolen), with a card that charges, it may be cheaper to pay a bit more in sterling, than to pay the foreign transaction charges, if by paying in sterling doesn't activate the foreign transaction charges IYKWIM.