o2 Money Card Exchange Rtae

Catherine12

Just bought on my O2 money card product from the US in dollars, and exchange rate was 0.973
Just wondering if anyone else has been ripped off. With this exchange rate it means I just paid an extra 20% just by using my O2 card - This feels like an Irish Times front page rip off story - surely they (O2) cant treat customers like this - disgusting. :mad:
Have statement which confirms this joke of an exchange rate - I'm not a fan of big companies stealing from me.

Chris_5339762

NEVER use the exchange rate offered by a company, always opt to pay in the currency of the country selling the item. I've just bought four books from Amazon and I made sure to buy it in sterling, as to use the currency converter Amazon provide would have cost €0.50 more.

Remember, you can type

£29.99 in €

into google and you'll get the direct exchange rate amount.

Catherine12

Good to know,
Thanks Chris.

ejmaztec

Catherine12 wrote: »

Just bought on my O2 money card product from the US in dollars, and exchange rate was 0.973
Just wondering if anyone else has been ripped off. With this exchange rate it means I just paid an extra 20% just by using my O2 card - This feels like an Irish Times front page rip off story - surely they (O2) cant treat customers like this - disgusting. :mad:
Have statement which confirms this joke of an exchange rate - I'm not a fan of big companies stealing from me.

I don't see how they managed to get an exchange rate like that, unless there was a glitch in the system.

http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp?src=ex_rez

If you check this Visa (which is what an O2 card is, I believe) exchange rate site, and include the 2.75% extra re non-EU currency fee, the worst exchange rate is .7689 (today's rate, which can't be that much different to yesterday's)

If I were you I'd query it with O2.

garhjw

Would it be O2 or visa that sets the fx rate?

sandin

I remember when looking at the O2 money card that they had huge charges for purchases in a non-euro currency along the lines of 20%. So possibly check their fees table to be sure.

Nody

sandin wrote: »

I remember when looking at the O2 money card that they had huge charges for purchases in a non-euro currency along the lines of 20%. So possibly check their fees table to be sure.

I think you got a zero to many there I'm afraid.

O2 wrote:

Non Euro transactions
The cost of every transaction in non-euro currencies is 2.75%.

The details are in the "What it cost" section. They also confirm that they are using the Visa exchange rate here. This would leave two possibilities:
1) System error in some form
2) The OP got read the exchange rates wrong or missed another fee (such as the 9.99 cost of getting the card with first top up or one of the monthly/yearly fees) in the mix.

donegal11

Chris_5339762 wrote: »

NEVER use the exchange rate offered by a company, always opt to pay in the currency of the country selling the item. I've just bought four books from Amazon and I made sure to buy it in sterling, as to use the currency converter Amazon provide would have cost €0.50 more.

Remember, you can type

£29.99 in €

into google and you'll get the direct exchange rate amount.

When you use a credit card you never get the direct exchange amount, they have both a spread and commission of 1.75% on top of the direct exchange. So i wouldn't go counting on the 50 cent saving.