Non Sterling Transactions

NiftyDigits

reclusive46 wrote: »

Norwich and Peterborough also have fee free forex fees. The only Visa card with no transaction fees in the UK if I remember correctly.

That is a Debit card.

Saga Platinum is a Visa credit card with no forex loading.

MrWillyWonka

Not to hijack this thread but it is related. I have recently bit hit with one of these fees (luckily it was a small spend so a small fee) however I go abroad several times a year and this is the first time I have seen this fee.

Is this a new thing banks have recently brought out or because of the way the transaction occured (as Buzby pointed out)? The halifax website says there may be a 2.95 fee...

grumbler

Do you mean the Dinamic Currency Conversion? If so, it's pretty new, but I think is almost 10 years old already.

The banks have been always charging for conversion with very few exceptions.

Buzby

Always has been in place, the difference is they are now (since 2006?) required to show the fees separately for each TX. I use an AIB card that has no foreign use fees, and I treasure it for this benefit alone.

MrWillyWonka

grumbler wrote: »

Do you mean the Dinamic Currency Conversion? If so, it's pretty new, but I think is almost 10 years old already.

The banks have been always charging for conversion with very few exceptions.

I know that most fees are "hidden" within the exchange rate the banks use. However this fee I received was shown as a separate transaction, in 18 months of using this credit card abroad this is a first for me.

Edit:

Buzby wrote: »

Always has been in place, the difference is they are now (since 2006?) required to show the fees separately for each TX. I use an AIB card that has no foreign use fees, and I treasure it for this benefit alone.

Since 2006? I have just been through my statements and have never seen this fee. Unless Halifax was never conforming to rules until now!

grumbler

There can be a fixed fee that some banks charge and that is shown separately.
The 'exchange rate fee' is sort of 'hidden' as it is not separate, but some banks clearly show the rate they use in the transaction description.

zagfles

Get one of the cards mentioned above which don't charge. Then you get the VISA/Mastercard rate which is pretty much interbank. The Clarity is good for cash abroad too, as there's no cash advance fee, there is interest but it's trivial for a short holiday if you pay it off when you get back.

MrWillyWonka

grumbler wrote: »

There can be a fixed fee that some banks charge and that is shown separately.
The 'exchange rate fee' is sort of 'hidden' as it is not separate, but some banks clearly show the rate they use in the transaction description.

Thanks for that. As you say,there can be a charge, but my question is why was there this fixed fee? I suppose I could phone the bank but not sure if it's worth it for a 45pence fee!

zagfles

MrWillyWonka wrote: »

Thanks for that. As you say,there can be a charge, but my question is why was there this fixed fee? I suppose I could phone the bank but not sure if it's worth it for a 45pence fee!

It might be the exchange rate markup specifically itemised, rather than included in the rate. What rate did you get and what was the date?

MrWillyWonka

zagfles wrote: »

It might be the exchange rate markup specifically itemised, rather than included in the rate. What rate did you get and what was the date?

Sorry, it wasn't fixed (no idea why I typed that!) but it was a 2.95% fee on a 19Euro purchase on 30th December (fee amounted to 45pence).