None-sterling transaction charges

Victorthe2nd

Hi, we've just come back from a trip to USA and our expectedly-large credit card bill has been loaded with "none-sterling transaction charges" for every transaction we did whilst in America. This is on top of whatever NatWest make on the foreign exchange and it is the first time we've seen these extra costs. I can't recall NatWest ever advising me that these charges would apply. Just wondered if anyone else had experienced them and if they had any success in getting them refunded due to lack of previous advice that they would be applied?Also, I'm assuming they apply for any none-sterling transaction which is making me wonder what is my best option for another trip we have planned to Spain. Does anyone have recommendations regarding the best / least expensive way of spending whilst abroad? We'd prefer not to carry cash everywhere!! Thanks in advance...

[Deleted User]

The charges will be detailed in your t&cs and probably also on your statements.

Halifax Clarity is one card without forex fees.

noh

The charge is clearly stated in their T+Cs.
Here is the summary of the Platinum card their other cards are similar.
http://www.natwest.com/downloads/personal/cc_Platinum_summary.pdf

Victorthe2nd

Thanks Noh, appreciate the T&C issue. Its just that they've never appeared previously when we've used the card overseas. I'm sure that NatWest have communicated the changes to cardholders, but I certainly can't recall seeing anything that surely should be pretty clear when such a major change is being applied.

[Deleted User]

The charges will have been applied previously, but they were not split out. New regs mean that they need to be shown separately now.

CLAPTON

Victorthe2nd wrote: »

Thanks Noh, appreciate the T&C issue. Its just that they've never appeared previously when we've used the card overseas. I'm sure that NatWest have communicated the changes to cardholders, but I certainly can't recall seeing anything that surely should be pretty clear when such a major change is being applied.

These charges are pretty universal for all cards with a few notable exception like Clarity card and some variants of Nationwide.
They have always been so are are not a new charge.

Maybe in the past you simply did not notice them?

Victorthe2nd

Just as a side issue, I wonder what the views are "out there" on whether it is best to accept "the Banks" exchange rate OR - as is becoming more available - to accept a conversion to sterling (ie debit the card in sterling not the indigenous currency) at the time of purchase??

PS Thanks for the heads-up on the Halifax Clarity card!

Victorthe2nd

OK that makes sense, thanks. I certainly would have noticed them before - I check my statements like any good miser should!!!

CLAPTON

Victorthe2nd wrote: »

Just as a side issue, I wonder what the views are "out there" on whether it is best to accept "the Banks" exchange rate OR - as is becoming more available - to accept a conversion to sterling (ie debit the card in sterling not the indigenous currency) at the time of purchase??

PS Thanks for the heads-up on the Halifax Clarity card!

most CC use an excellent rate of exchange which is the VISA/Mastercard rate.
.. why do you say it's poor; have you checked the exchange rate used and compared to other rates?


the universal view is that converting locally is a complete rip off

Victorthe2nd

OK I'm going to ask a stupid question now. If, as you say, the fees were included previously but now have to be seperately advised, I'm assuming that the forex rate used prior to that change would reflect and include the "transaction" costs that are now visible. Now that the two are seperate, am I being naive in assuming that the Banks will refine the forex rate to exclude the previous fee element so that the cardholder actually doesn't end up being charged more than they were previously??

Victorthe2nd

Clapton, I have no idea if the rate is poor or not. In any event, I can;t see any choice other than to accept the rate quoted - certainly, something I have no control over. What irritated me was the apparent additional "transaction" charge - as other responders have pointed out, this is apparently due to a change in regs whereby those costs have to be advised seperately. See my other post as well - whether or not the Bank will have adjusted the forex rate to reflect the fact that transaction chages are no longer included within the rate (and where else could those costs be?)....and whether, as a result, we are actually paying more than before! We'll never know.....