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altyfc
Joined: 29 Dec 2004
Posts: 1232
Location: Aardvarkland
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 Posted: Thu Mar 29, 2007 9:52 am Post subject: Spending overseas |
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When using your credit card overseas, do you think about the exchange rate?
Some cards offer quite favourable exchanges whilst others do not... do you know what the differences are for the cards that you hold?
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iFinancialAdviser
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Joined: 28 Dec 2004
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| Posted: Thu Mar 29, 2007 10:18 am Post subject: |
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Well, it's best to use credit cards you are overseas for a short while. If you are overseas for a very long time and if your money is kept or made in your home country, then what you want to do is to use EFT and transfer your money in your home country to wherever you reside today.
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altyfc
Joined: 29 Dec 2004
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Location: Aardvarkland
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iFinancialAdviser
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| Posted: Thu Mar 29, 2007 11:19 am Post subject: |
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| altyfc wrote: |
| Yes, but there will be differences between credit cards... is that something you consider? Which of your cards is best to use? |
Well, if you're asking Master, Visa or Amex, then it's hard to answer because each credit (debit) card has its own rules and guidelines. Some just charge a base transaction fee + a transaction fee based on how much you spend. Others just charge a base transaction fee. In addition to that, all take different exchange rates. It's tricky to take all into consideration and find THE best credit card.
Knowing what I know now, here's what I would do. I take a certain amount of money in cash; I exchange this at a bank or at a currency exchange. I also use credit cards, but I don't worry about rates and fees so much; I just make sure that I have more than enough in my banks and also try to use credit cards so often.
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altyfc
Joined: 29 Dec 2004
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Location: Aardvarkland
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| Posted: Mon Apr 02, 2007 10:16 am Post subject: |
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As I understood it (and I may be wrong), the rate can vary according to the bank. ie. one Mastercard with one bank, might have different charges with one Mastercard through another bank.
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