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Amazon Currency Converter?

  • 08-09-2014 2:26pm
    #1
    J. Marston
    Registered Users, Registered Users 2 Posts: 23,270 ✭✭✭✭


    Should I have this on or off when buying on Amazon? I've read that it's a bit of a rip off.

    Thanks for any help.


Comments

  • #2
    Beano
    Closed Accounts Posts: 3,357 ✭✭✭Beano


    it depends on the rate offered by your own credit card but generally its better to pay in sterling and let your own credit card do the conversion.


  • #3
    Yggr of Asgard
    Registered Users, Registered Users 2 Posts: 5,259 ✭✭✭Yggr of Asgard


    If you order something for immediate shiping than the best is to compare the rate they offer and the rate of your credit card company.

    Visa: http://www.visaeurope.com/en/cardholders/exchange_rates.aspx
    Mastercard: https://www.mastercard.com/global/currencyconversion/index.html

    Don't forget to include the % your company is charging for non € transactions.

    The advantage of using currency converter to pay in € is that in case of a return you are guaranteed the same € amount back, while if paying in £ you get what only € back in line with the current exchange rate.

    Otherwise I have not seen an advantage of using it.


  • #4
    rubadub
    Registered Users, Registered Users 2 Posts: 32,386 ✭✭✭✭rubadub


    I have kept records several times and it was always best to pay in sterling, I have never heard anybody who was better off paying euro -good point about about the refund in euro though.
    rubadub wrote: »
    I ordered some items on amazon on 30 april. Came to

    -Order Total: GBP 93.48

    using their currency converter it was

    -Payment Total: EUR 112,43

    I checked on XE at the time and it was

    93.48 GBP=107.672 EUR

    Of course nobody gets this and it is usually 2-3% more than this using CC or paypal so I chose to pay in sterling via CC.

    My BOI mastercard statement was
    93.48GBP RATE 0.8549 €109.34

    So mastercard was only 1.5% more than XE
    Amazon was 4.4% more
    And I saved €3.09 by choosing to pay in sterling rather than use amazons converter.

    My statement shows the payment on 4 May, so I wonder if it is taken on that date and if the XE rate would have been the usual 2-3% I would expect.


  • #5
    Beano
    Closed Accounts Posts: 3,357 ✭✭✭Beano


    probably the easiest thing to do is to check the rate used by BOI rather than the rate on xe.com https://personalbanking.bankofireland.com/bank/international-payments/daily-foreign-exchange-rates/

    Divide the sterling amount by the value in the Bank Buy Note column.


  • #6
    Yggr of Asgard
    Registered Users, Registered Users 2 Posts: 5,259 ✭✭✭Yggr of Asgard


    Beano wrote: »
    probably the easiest thing to do is to check the rate used by BOI rather than the rate on xe.com https://personalbanking.bankofireland.com/bank/international-payments/daily-foreign-exchange-rates/

    Divide the sterling amount by the value in the Bank Buy Note column.

    Are you sure that BOI is using these conversion rates rather than the offical Visa/Mastercard conversion rates?


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  • #7
    Beano
    Closed Accounts Posts: 3,357 ✭✭✭Beano


    dublin-texas wrote: »
    Are you sure that BOI is using these conversion rates rather than the offical Visa/Mastercard conversion rates?

    not 100%, no. But they are a lot quoter to the real rate than the xe.com rate.


  • #8
    Yggr of Asgard
    Registered Users, Registered Users 2 Posts: 5,259 ✭✭✭Yggr of Asgard


    Beano wrote: »
    not 100%, no. But they are a lot quoter to the real rate than the xe.com rate.

    In my experience with PTSB, they always use the rate that the Visa calculator shows (plus their 1.75% fee). So I think it might be best to use that one because BOI should also use the Visa rate (but funny enough it's not named in their T&C).


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