Credit Card Currency Conversion Fee

Catch_22

Ive just discoverd that both AIB and BOI are going to be adding a "Currency Conversion Fee" to all non Euro transactions. Anyone know anything much about this, and more to the point anyone know of any cards which wont be applying these fees ?

The AIB fees are going to be as below:

Currency Conversion Fees

VISA
FX Transactions - Visa Europe Region 1.75%
FX Transactions - Visa Rest of World 2.75%


Note: No currency conversion fees apply on Euro transactions.

AIB MasterCard
MasterCard AIB
FX Currency Transactions 0.16% 1.75%


Note: No currency conversion fees apply on Euro Transactions.

LFC Murphy

Any idea when this will come into effect, travelled up to newry last Monday and spent a wad using the CC

Catch_22

not sure but its not in effect yet, the banks have only just begun to start notifying customers of the impending change.

ircoha

Dont get hung up on the fees as they will either do u in the rate or the fee:mad:

I wrote some stuff here on this a few years ago
see
http://boards.ie/vbulletin/showthread.php?t=2054985155&highlight=exchange
http://boards.ie/vbulletin/showthread.php?t=2054977351&highlight=exchange
http://boards.ie/vbulletin/showthread.php?t=2054970680&highlight=exchange

Catch_22

yeh but its not nice them putting on new fees

jjbrien

i got a letter about this myself yesterday since i go to the us and uk quite alot they are going to get me big time i am p*:mad:sed off

Davy

Visa debit might be a way to avoid it

Cyrus

so if i buy stuff in dollars on a us website will i get hit?

Padraig Mor

Did they not always charge this?

Colonel Sanders

I thought most banks charged these fees.

I have a PTSB ice VISA I get charged 1.75% (I think!) on foreign currency transactions. However the rate usually seems to be near enough as makes no difference to the mid market rate quotes on www.xe.com + 1.75% which is quite often less than the price charges for foreign currency in branch.

BTW no affliation to PTSB but i get great exchange rates on foreign currency buying with my credit card.

ejmaztec

Padraig Mor wrote: »

Did they not always charge this?

I thought they did as well. My Visa has always been charged for US and UK conversion fees.

jor el

Ive just discoverd that both AIB and BOI are going to be adding a "Currency Conversion Fee" to all non Euro transactions. Anyone know anything much about this, and more to the point anyone know of any cards which wont be applying these fees ?

this is nothing new, they've all been doing this for years.

The financial Regulator released a survey in Oct 2005, titled Credit Card Cost Survey , which was located here, but doesn't seem to be on their website anymore. It detailed the costs involved for all Irish credit cards.

Here's a picture of the costs page from that document,

it shows that both AIB and BOI were charging 1.75% of the transaction on non-euro purchases.

lynchie

ejmaztec wrote: »

I thought they did as well. My Visa has always been charged for US and UK conversion fees.

Same here.. my BOI card has had those cross border fees for the last while. In fact the rate + 1.75% is actually better now than the old system that BOI applied fx rates at.

ejmaztec

I suppose that everyone knows about this Visa site, where you get the day's exchange rate and a box to enter the cross-border % rate. Here's the link anyway.

http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp

MOH

ejmaztec wrote: »

I suppose that everyone knows about this Visa site, where you get the day's exchange rate and a box to enter the cross-border % rate. Here's the link anyway.

http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp

No actually, that's very helpful.