Amex Foreign Exchange Fees - Any advice on reclaiming?

Ladyhall

Hi

I've recently returned from a trip to NYC. It was great! - thanks for asking :-) but having just checked my statement and picked myself up off the floor I've had a closer look at my Amex statement.

I was shocked to discover that I have been charged obscene foreign exchange fees for each and every one of my purchases... I know, more fool me for not checking before I left but I stupidly didn't realise these charges were possible and given the name of my particular credit card I think it's quite ironic I get charged that much in the USA especially.

I'm sorry if i've already missed a thread on this but couldn't find one so any advice anyone has on reclaiming these foreign currency charges would be very much appreciated.

Looking forward to hearing from you.

Thanks

Al

tomtontom

Not a hope - AMEX make this information readily available to you. Expensive lesson I'm afraid.

dunstonh

I'm sorry if i've already missed a thread on this

You havent.

any advice anyone has on reclaiming these foreign currency charges would be very much appreciated.

Why do you think you can reclaim these fees?

Nasqueron

Get a Halifax Clarity maybe for next time and pay in dollars - if they put it in GBP you can end up getting stiffed twice. I tended to find the exchange rates were fairly on a par, if not better, than the rates you get changing cash though been a while since I was in the US

Aquamania

Ladyhall wrote: »

Hi

I've recently returned from a trip to NYC. It was great! - thanks for asking :-) but having just checked my statement and picked myself up off the floor I've had a closer look at my Amex statement.

I was shocked to discover that I have been charged obscene foreign exchange fees for each and every one of my purchases... I know, more fool me for not checking before I left but I stupidly didn't realise these charges were possible and given the name of my particular credit card I think it's quite ironic I get charged that much in the USA especially.

I'm sorry if i've already missed a thread on this but couldn't find one so any advice anyone has on reclaiming these foreign currency charges would be very much appreciated.

Looking forward to hearing from you.

Thanks

Al

Could you please explain a little more by why you exactly mean by having "been charged obscene foreign exchange fees" please?

If these fees are not as per the terms and conditions (including tariff details) of your card, then there probably is grounds for reclaiming ... but as I say, more details needed please,

When you use a card abroad, of course there will be transaction costs.

In the past, these were all often wrapped up in the exchange rate

Nowadays, card providers are expected to be more transparent, so you see both an exchange rate and a foreign currency transaction charge.

Compare the competitive exchange rate you were charged by Amex with that which would have been applied at a high street travel exchange on the day

Foreign currency transaction charges also apply are typically charged at about 3% (but do vary by provider/card, so check your own terms/tariff)
Even when you factor this small additional charge into the total cost, it still probably is cheaper than the rate from a high street travel exchange.

This article says Amex actually charge 2.99%
https://www.americanexpress.com/uk/content/travel.html?inav=gb_menu_travel_money_abroad

So what exactly were these obscene charges that you refer to? :huh:
If you give us more details, we will be able to advise you better

roonaldo

They are allowed to charge fees and the fees are clear. They are certainly not refundable because you didnt realise. There are costs involved in currency exchange and its passed on to the consumer. Get your dollars in the UK and as someone else said there is a Halifax Clarity credit card that has no fees abroad.