Most expensive Amex to use overseas...??

[greenfrog86]

Hi all,

I know there are lots of posts about using cards overseas and the fees involved, however I read my T&C's the other day for my new Platinum card and nearly fell off my chair...

Just thought I would put the question out there - 'What is the most expensive card to use overseas in relation to forex fees...?'

I looked through my credit cards and found the following

ANZ FF Amex/Visa - 3% forex fee (1.5% ANZ & 1.5% Amex scheme fee)

Amex cards (ie issued by Amex directly) - 3%

Citibank Visa Platinum - 3.3%

Earth Platinum - Mastercard 3%

Earth Platinum - Amex 3.5%

Is it just me, or does anyone else think that a 3.5% forex fee is outrageous?

I'm no high-flyer by any means and only have a platinum card (with the min limit they allow on Plat) for the insurance and the points - however, just because I can 'afford' a Plat card I get the joy of paying more in forex fees too??

Does anyone know of any other cards that charge this much?

I'm pretty sure the extra Plat QFF points go nowhere near making up for the extra % in fees...

Does anyone else have experiences with forex fees or tips on avoiding them they would like to share?

Is it common outside of airports and key shopping destinations in Asia for merchants to offer the option of paying in the cardholder's home currency?

Would love to hear your thoughts...

 

[Mal]

Is it common outside of airports and key shopping destinations in Asia for merchants to offer the option of paying in the cardholder's home currency?

The fees are a total rort - I think they keep going up because people travel more / use internet shopping a lot more. The banks miss out on merchant fees within Australia, so probably want to get a bigger cut from overseas.

Regarding the conversion to "home currency", you will normally only see this on tourist orientated places such as hotels, cruise companies, duty free etc etc.

Note that the Amex merchant agreement doesn't allow "dynamic currency conversion", although Mastercard and Visa do.

 

[Jeffrey O'Neill]

I noticed most of the banks rasied their Forex fees over the last few months.

I'm wondering if the new bank code starting next year where charges have to reflect the cost of provision will mean the high forex fees can be challenged.

We can live in hope

 

[Diesellife]

Most of the big purchases (E.g hotel etc) in overseas, I use my NAB Amex.

NAB Plat AMEX charges 1.5% only (Charge based on the final AUD amount after conversion) - For both single / multicurrency. 1.5% for reward, still acceptable for my reward.

NAB Plat visa charges 2.3%-2.5%... Visa charges more than AMEX, isn't that interesting.

I never used my Amex direct plat in overseas, becuase it's way too expensive!

 

[wxxnxs]

Most of the big purchases (E.g hotel etc) in overseas, I use my NAB Amex.

NAB Plat AMEX charges 1.5% only (Charge based on the final AUD amount after conversion) - For both single / multicurrency. 1.5% for reward, still acceptable for my reward.

NAB Plat visa charges 2.3%-2.5%... Visa charges more than AMEX, isn't that interesting.

I never used my Amex direct plat in overseas, becuase it's way too expensive!

FYI-I dont't think NAB AMEX card only charge 1.5%, 1.5% is the scheme charge from AMEX side plus there is another 1.5% from NAB side, which means you will be charged total 3%, still more than visa or master. Correct me if I'm wrong.

Cheers

 

[Diesellife]

FYI-I dont't think NAB AMEX card only charge 1.5%, 1.5% is the scheme charge from AMEX side plus there is another 1.5% from NAB side, which means you will be charged total 3%, still more than visa or master. Correct me if I'm wrong.

Cheers

NAB no longer charge anything for themselves...they changed it when the Qantas card came out last year.

More info on: (Although ambigious as NAB no longer charge anything processing fees on their end)
NAB - Personal banking fees and charges

Real life example:
AUD $20, overseas merchant. Charged $0.3 AUD conversion.
HKD $400 (AUD 64.79 as at 08/07/09) Charged $0.97 AUD conversion.

So both cases, they charged 1.5% only... nothing on top of that