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Currency conversion - extra 10 euro

  • 24-05-2008 2:14pm
    #1
    workaccount
    Closed Accounts Posts: 2,460 ✭✭✭


    Hi,
    I'm with Ulster bank and put a payment through to a UK company recently. I worked the conversion to be about 187 euro but I was charged 199 euro.

    I have been using the currency converter from the RBS site http://www.rbs.co.uk/personal/travel/g1/money/currency-converter.ashx
    as I was told by Ulster bank that this should be the same on my card as it's UB's parent company.

    I just rang Ulster bank and the person at the end of the line is now saying that this rbs converter is not necessarily what your card will be. Even if it wasn't how could it possibly be an extra 10 euros. Unless there exchange rate is absolutely rubbish. It's a mastercard card btw.

    I'm furious that I've been charged an extra 10 quid like this.

    The ulster bank rep. was not all that helpful really. I asked her could the company have charged more and she was saying that it looks like this amount of GBP has been charged. I think she was only looking at the transaction "description" which says this amount in GBP.

    I can't believe there is not anywhere on the UB site that you can go to see what the current rate is on your card anyway.

    How can I ever trust to use my card online again if I don't know how much I'm actually paying.


Comments

  • #2
    ruprect
    Closed Accounts Posts: 630 ✭✭✭ruprect


    I put £150 into your linked site, and got €180

    Now I put £150 in XE.com and get €188.468.

    So I would expect to pay around €195 after the poorer rate the bank will give and the cross border handling fee or percentage.

    Seems your currency site is just crap. I use XE and slap on 3-4%


  • #3
    workaccount
    Closed Accounts Posts: 2,460 ✭✭✭workaccount


    ruprect wrote: »
    I put £150 into your linked site, and got €180

    Now I put £150 in XE.com and get €188.468.

    So I would expect to pay around €195 after the poorer rate the bank will give and the cross border handling fee or percentage.

    Seems your currency site is just crap. I use XE and slap on 3-4%

    I knew of paypal's rubbish conversion rate...It's like a hidden charge but I thought the credit card rates would be competitive. I may just change card as I make alot of foreign currency purchases.


  • #4
    ruprect
    Closed Accounts Posts: 630 ✭✭✭ruprect


    Paypals rate is not too bad at all.

    Nobody gets the XE rate, try going to your bank and exchanging that amount and see what it would cost you.

    If you are going to change card how are you going to choose a better one? Maybe ask on bargain alerts, but I cannot see you getting a much better rate. The rate you were charged seems perfectly reasonable to me. Seems the site you checked on is the real problem, they are rounding numbers a lot, could rounded the wrong way, also could be using an old rate.


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