using credit card abroad

gerbiljo

We are going away soon and have just been accepted for an aqua card as per MSE recommendations.

Never used card abroad before, I understand we need to pay in the currency of the country we are in to avoid the hotels exchange rate but the question is how do I find out the exchange rate that the card company will use. Is it a standard national one or will the card have a set rate? The card will not have a huge credit limit and I will want to check and double check how much is going on the card before I type in those 4 digits!

Any help appreciated, apologies if this is a stupid and obvious answer, just need to be clear :rotfl:

InsideInsurance

The card network set the exchange rates, normally on a daily basis.

For example if it is a Visa card you can check http://www.visaeurope.com/en/cardholders/exchange_rates.aspx

The "problem" is you cannot know in advance EXACTLY how much it will be because whilst you give authorisation for the payment when you put the pin in they merchant may not claim the (say) $1,000 for a few days at which point the exchange rates will have moved. Obviously the merchant still only gets the $1,000 you authorised but how much it costs you changes

Plxply

Also to go with InsideInsuance's post here is the MasterCard currency tool:
https://www.mastercard.com/global/currencyconversion/index.html

The upside is however that the card network normally have near perfect exchange rates and with an aqua card you won't be charged any fees so you will be getting the best for your money.

gerbiljo

Guys that is so helpful thank you will check that out, Jo