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Currency exchange rate
edydotmail
Posts: 6 Forumite
Hi everyone
I have two credit cards, one issued by a British company and another by a Romanian bank. Whenever I use the British card for a transaction in a currency different than sterling I am charged the visa/MasterCard exchange rate plus a percentage as a fee. However, when I use the Romanian one, the bank puts a hold on the sum converted using the visa/mc exchange rate plus their fee and when the transaction clears they use their own exchange rate to convert the amount.
I remember reading somewhere that Visa ruled in September/December 2009 (as far as I remember) that banks have to use VISA's exchange rate when processing foreign transactions.
Unfortunately, I am not able to find that piece of regulation anywhere and asking Visa on this matter yielded no results.
If anyone can point me towards any direction, as to if banks are obliged to use VISA's exchange rate or not, that would be amazing.
Thank you
I have two credit cards, one issued by a British company and another by a Romanian bank. Whenever I use the British card for a transaction in a currency different than sterling I am charged the visa/MasterCard exchange rate plus a percentage as a fee. However, when I use the Romanian one, the bank puts a hold on the sum converted using the visa/mc exchange rate plus their fee and when the transaction clears they use their own exchange rate to convert the amount.
I remember reading somewhere that Visa ruled in September/December 2009 (as far as I remember) that banks have to use VISA's exchange rate when processing foreign transactions.
Unfortunately, I am not able to find that piece of regulation anywhere and asking Visa on this matter yielded no results.
If anyone can point me towards any direction, as to if banks are obliged to use VISA's exchange rate or not, that would be amazing.
Thank you
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