Skip to main content
Help Center Community Shop

world travel and credit cards

bobski
if you buy something outus, does the credit card co. convert all purchases to u.s. first and bill you?

I/e: Mexican dinner = 200 pesos.
swipe
credit card co reads 200 pesos,
converts,
bills in u.s. $ and sends to monthly statement.
[?]
0

Comments

7 comments

Date Votes
  • dpmule
    Mine get converted either from Euros or Egyptian pounds, depending where I use it.
    I use sparingly as it is usually not the best exchange rate.

    I prefer to exchange $USD to local currency and use cash when possible.


    Mule
    0
  • mark christian
    The amount in foreign currency is converted on your monthly statement and not at point of sale. The card company doesn't care if the charge is in pesos, dollars, Euros or Yuan; money is money to the card company. The currency you pay your charges with is determined by your agreement with your credit card company, which means paying in US Dollars for billing addresses in the United States. Your statement will show 200 Pesos and then the conversion to USD, which would be about $10.30 today. Ordinary cards will charge a fee to convert currency, but I have a dedicated travel card with Chase which does not.
    0
  • Sam06
    quote:Originally posted by dpmule
    Mine get converted either from Euros or Egyptian pounds, depending where I use it.
    I use sparingly as it is usually not the best exchange rate.

    I prefer to exchange $USD to local currency and use cash when possible.


    Mule



    +1

    When overseas I use cash. You CC will not give the best exchange rate and if you use it often enough it will get hijacked or stolen.

    Where are you going to be?

    I have a BofA card that can be a CC or an ATM card but NOT a Debit card9Never used a debit card).

    When I am in Africa I can use this card as an ATM card with no penalties at Barclays because they and BofA are part of the Global ATM Alliance.

    Check it out here, this is good info if you travel worldwide alot:
    https://en.wikipedia.org/wiki/Global_ATM_Alliance
    0
  • DPHMIN
    I have had trouble using prepaid credit cards in Russia. I've found that it's much better to take cash.
    0
  • gearheaddad
    quote:Originally posted by mark christian
    The amount in foreign currency is converted on your monthly statement and not at point of sale. The card company doesn't care if the charge is in pesos, dollars, Euros or Yuan; money is money to the card company. The currency you pay your charges with is determined by your agreement with your credit card company, which means paying in US Dollars for billing addresses in the United States. Your statement will show 200 Pesos and then the conversion to USD, which would be about $10.30 today. Ordinary cards will charge a fee to convert currency, but I have a dedicated travel card with Chase which does not.


    Exactly.
    American Express and some other cards also charge no foreign transaction fee.
    You also tend to get the most accurate conversion rate using a credit card.
    0
  • gruntled
    I don't know if it still applies but when I traveled several years ago I found that traveler's checks actually got a better exchange rate than cash. Didn't know why then but found everyone was delighted to cash them at the going exchange rate of Dollars to local currency even for small purchases as they then got more at their bank.
    0
  • austin20
    quote:Originally posted by gearheaddad
    quote:Originally posted by mark christian
    The amount in foreign currency is converted on your monthly statement and not at point of sale. The card company doesn't care if the charge is in pesos, dollars, Euros or Yuan; money is money to the card company. The currency you pay your charges with is determined by your agreement with your credit card company, which means paying in US Dollars for billing addresses in the United States. Your statement will show 200 Pesos and then the conversion to USD, which would be about $10.30 today. Ordinary cards will charge a fee to convert currency, but I have a dedicated travel card with Chase which does not.


    Exactly.
    American Express and some other cards also charge no foreign transaction fee.
    You also tend to get the most accurate conversion rate using a credit card.
    bngo
    0

Please sign in to leave a comment.

Recent Activity