RE: Exchange Rates/Currency Conversion? Help!

j_love01 said:
I spoke with MBNA customer service last night and they told me there were no transaction fees for overseas transactions.
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They lie. I could show you my statement :evil:
They just started a month or two ago. I only noticed 3 weeks ago when checking my statements online.

I just looked at my statement again to double check. It's 1% of the transaction, which is fine except for things like my $1k hotel bill 8O
 
Morbyd said:
j_love01 said:
I spoke with MBNA customer service last night and they told me there were no transaction fees for overseas transactions.
Click to expand...
They lie. I could show you my statement :evil:
They just started a month or two ago. I only noticed 3 weeks ago when checking my statements online.

I just looked at my statement again to double check. It's 1% of the transaction, which is fine except for things like my $1k hotel bill 8O
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Right, the 1% is a standard charge when using ANY AMEX, Visa, or Mastercard, regardless of bank. That's the amount that the international banks or banking associations charge for making the actual conversion. Most banks (Bank of America, CITI, etc.) charge an additional 1-3% on top of that just for giggles. :? MBNA does not charge an additional 1-3% on top of the 1%. I did a lot of research last night and it seemed everyone said you will ALWAYS lose 1% due to the transaction, there's nothing you can do about it.

Capital One seems to offer no penalty for foreign transactions but I couldn't verify (Cust. Svc. was taking 4EVER).

So, if you only took a 1% hit then you are making out pretty good.
 
I'm telling you, they're lying to you unless they've suddenly changed the way they show charges, which I doubt.

That 1% MC/Visa fee (for exchange) is usually built in to the cost of the item you buy. In other words, if you bought a 10 widget item and the exchange rate was 2 dollars to the widget, the charge would show up on your bill as $20.20.

About a month ago, MBNA started adding an ADDITIONAL 1% "foreign transaction fee". It's not the Visa/MC fee.
 
Morbyd said:
I'm telling you, they're lying to you unless they've suddenly changed the way they show charges, which I doubt.

That 1% MC/Visa fee (for exchange) is usually built in to the cost of the item you buy. In other words, if you bought a 10 widget item and the exchange rate was 2 dollars to the widget, the charge would show up on your bill as $20.20.

About a month ago, MBNA started adding an ADDITIONAL 1% "foreign transaction fee". It's not the Visa/MC fee.
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That's definitely not cool! I'm calling them back tonight!! :evil: :evil:
 
You've actually got me riled up enough about it now that I think I'm going to call and complain! I did that once before when they jacked up my interest rate and I got them to lower it the following month...
 
Morbyd said:
You've actually got me riled up enough about it now that I think I'm going to call and complain! I did that once before when they jacked up my interest rate and I got them to lower it the following month...
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I would definitley call them. I can't find anything on their fee schedule indicating the currency exchange fee. Did they send you an updated fee schedule in the past few months? I found an article stating MBNA just started these fees in May or so. :? You should have received a notice...if not, call them up and complain.
 
Morbyd said:
You've actually got me riled up enough about it now that I think I'm going to call and complain! I did that once before when they jacked up my interest rate and I got them to lower it the following month...
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Did you call them Morbyd?

I called MBNA back and they "swear" there is no currency conversion/foreign transaction fee. They are sending me a fee schedule with my new card so hopefully I'll have it in writing.

I've been thinking, do you use cash or card when dining? Lets say I spend $1000 on food. Now I could make 4 withdrawals ($300 max/transaction) from the ATM costing me at least $5 per transaction (that's my banks fee), so $20. OR I could use the card and get charged the standard 1%MC/Visa, resulting in a cost of $10. If MBNA does charge the additional 1% then my fee cost would be $20...a wash. The card has the added bonus of not carrying cash.
 
I used the credit card for meals, CDs and store purchases.

I took out cash on the debit card for bars, clubs and all the random stuff you spend so much money on (beach umbrella rental, Bora Bora sangria, restaurant tips, etc.)
 
j_love01 said:
I would definitley call them. I can't find anything on their fee schedule indicating the currency exchange fee. Did they send you an updated fee schedule in the past few months? I found an article stating MBNA just started these fees in May or so. :? You should have received a notice...if not, call them up and complain.
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The article agrees with the timing of when I noticed the charges (in June for May). I haven't called yet. Maybe I will tonight...
 
Morbyd said:
I used the credit card for meals, CDs and store purchases.

I took out cash on the debit card for bars, clubs and all the random stuff you spend so much money on (beach umbrella rental, Bora Bora sangria, restaurant tips, etc.)
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Gotcha... ;)
 
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