I found a thread about this subject but it was from '05 and Stephen said he would look into it, but i never found his response! The question is what is the procedure for buying tickets and hotel bookings through spotlight with an american credit card??? What are the FEE'S associated with this conversion into EURO?? Is the PAYPAL system being used??
Buying with USA credit card
- Thread starter MattyC
- Start date
This is a question that you want to ask your bank. I know that Visa charges a flat 1% fee on every foreign currency transaction (I assume that Mastercard does the same). Your bank might also take a small percentage but you would need to ask them.
That being said, I used to work at a Credit Union and I would always recommend to our members to use their credit and debit cards abroad as opposed to travellers checks or cash. You will always get the best exchange rate using your card even when you factor in the fees.
That being said, I used to work at a Credit Union and I would always recommend to our members to use their credit and debit cards abroad as opposed to travellers checks or cash. You will always get the best exchange rate using your card even when you factor in the fees.
Here is an article from bankrate.com on the subject.
This was taken from http://www.bankrate.com/brm/news/cc/20050624b1.asp
"Most credit card issuers charge currency conversion fees for foreign purchases made with their credit cards, debit and check cards, and ATM cash withdrawals. Over the course of your travels, that can add up to a significant increase in the cost of your vacation -- money you could save by picking the right credit card.
The fees are twofold: Visa and MasterCard have a standard 1 percent charge on foreign purchases and the issuing bank adds another fee.
In the chart below, the percentage shown below each credit card issuer is the total of the fees: the amount charged by the issuer, plus the charge by Visa or MasterCard for a foreign purchase. For that 1 percent fee, Visa or MasterCard converts your foreign-currency purchase to U.S. dollars. All Visa or MasterCard cards carry that 1 percent charge.
The credit card issuer or bank often charges an additional fee, usually 2 percent, which adds up to a 3 percent total charge on foreign purchases. Bankrate contacted several credit card issuers and all refused to explain the reason for the charge.
The percentage posted under debit- and checking-card purchases is the charge assessed by both Visa or MasterCard and the credit card issuer or bank. A fee is also assessed by each card issuer and bank for ATM cash withdrawals. ATM charges vary for each card.
The table of major credit card companies and their currency-conversion-fee policies was correct as of December 2007. The data were originally collected by Bankrate researchers in October 2005.
Write to editors@bankrate.com if you are aware of an update not shown here.
Please note that the percentage shown includes the 1-percent charge Visa and MasterCard charge for foreign-currency conversion."
This was taken from http://www.bankrate.com/brm/news/cc/20050624b1.asp
"Most credit card issuers charge currency conversion fees for foreign purchases made with their credit cards, debit and check cards, and ATM cash withdrawals. Over the course of your travels, that can add up to a significant increase in the cost of your vacation -- money you could save by picking the right credit card.
The fees are twofold: Visa and MasterCard have a standard 1 percent charge on foreign purchases and the issuing bank adds another fee.
In the chart below, the percentage shown below each credit card issuer is the total of the fees: the amount charged by the issuer, plus the charge by Visa or MasterCard for a foreign purchase. For that 1 percent fee, Visa or MasterCard converts your foreign-currency purchase to U.S. dollars. All Visa or MasterCard cards carry that 1 percent charge.
The credit card issuer or bank often charges an additional fee, usually 2 percent, which adds up to a 3 percent total charge on foreign purchases. Bankrate contacted several credit card issuers and all refused to explain the reason for the charge.
The percentage posted under debit- and checking-card purchases is the charge assessed by both Visa or MasterCard and the credit card issuer or bank. A fee is also assessed by each card issuer and bank for ATM cash withdrawals. ATM charges vary for each card.
The table of major credit card companies and their currency-conversion-fee policies was correct as of December 2007. The data were originally collected by Bankrate researchers in October 2005.
Write to editors@bankrate.com if you are aware of an update not shown here.
Please note that the percentage shown includes the 1-percent charge Visa and MasterCard charge for foreign-currency conversion."