topic Re: No Foreign Transaction Fee Cards and Exchange Rates in Credit Cards

No Foreign Transaction Fee Cards and Exchange Rates

Anonymous — Thu, 08 Feb 2018 19:59:27 GMT

I see that Citi Costco visa now has no FTF. I have the Barclay Uber, Citi Costco, and C1 QS all with no FTF. Will exchange rates be the same across the board as they are all visa cards or does it depend on the bank? When I used my C1 QS (before I had the other cards) they always charged me at the current rate of exchange and not marked up higher. Does anyone know this for sure, I would like to know before using the cards abroad. Thank you!!

Re: No Foreign Transaction Fee Cards and Exchange Rates

Anonymous — Thu, 08 Feb 2018 20:20:44 GMT

wrote:
I see that Citi Costco visa now has no FTF. I have the Barclay Uber, Citi Costco, and C1 QS all with no FTF. Will exchange rates be the same across the board as they are all visa cards or does it depend on the bank? When I used my C1 QS (before I had the other cards) they always charged me at the current rate of exchange and not marked up higher. Does anyone know this for sure, I would like to know before using the cards abroad. Thank you!!

I used my AMEX Delta Gold and Barclays Uber aborad before and I was charged the current rate of exchange both the times. I'm not sure about Citi Costco though. Im my opinion, it depends on the bank, but I'm guessing most of them use current exchange rates.

Re: No Foreign Transaction Fee Cards and Exchange Rates

Anonymous — Thu, 08 Feb 2018 20:27:12 GMT

wrote:
wrote:
I see that Citi Costco visa now has no FTF. I have the Barclay Uber, Citi Costco, and C1 QS all with no FTF. Will exchange rates be the same across the board as they are all visa cards or does it depend on the bank? When I used my C1 QS (before I had the other cards) they always charged me at the current rate of exchange and not marked up higher. Does anyone know this for sure, I would like to know before using the cards abroad. Thank you!!
I used my AMEX Delta Gold and Barclays Uber aborad before and I was charged the current rate of exchange both the times. I'm not sure about Citi Costco though. Im my opinion, it depends on the bank, but I'm guessing most of them use current exchange rates.

Thanks I was reading other threads and there seemed to be conflicting info. I think popular opinion is that the issuer (visa, amex, mastercard) handles the exchange rate and not the bank. I just wanted to be sure though haha. By the way, seeing that you have the Uber card do you know if the 3% is for all Travel related purchases or are there restrictions?

Re: No Foreign Transaction Fee Cards and Exchange Rates

Shadowfactor — Thu, 08 Feb 2018 21:17:36 GMT

I travel to the caribbean alot for work.

Mainly Barbados which is supposed to have a fixed rate of 1US:1.98BBD

Ive used different cards for purchases, and even on the same day

Amex :exchange rate changes every day(even in Barbados with fixed rate) and is normally the worst.

Discover: is the best. They gave me 1US:2BBD in Barbados and are consistently the highest anywhere ive used them.

US Bank: Changes every day except in Barbados where I get the offical 1.98BBD to 1 US

BoA : Changes every day. Barbados is fixed 1.97BBD:1US. Lower then Offical rate

Capital One: Its been several months since I used a Cap 1 card since I closed mine. I want to say it was 1.98BBD:1US

I've used my US bank and BoA cards on the same day and gotten different rates. They are both Visa Signature.

Re: No Foreign Transaction Fee Cards and Exchange Rates

Anonymous — Thu, 08 Feb 2018 21:24:47 GMT

wrote:
I travel to the caribbean alot for work.
Mainly Barbados which is supposed to have a fixed rate of 1US:1.98BBD
Ive used different cards for purchases, and even on the same day

Amex :exchange rate changes every day(even in Barbados with fixed rate) and is normally the worst.
Discover: is the best. They gave me 1US:2BBD in Barbados and are consistently the highest anywhere ive used them.
US Bank: Changes every day except in Barbados where I get the offical 1.98BBD to 1 US
BoA : Changes every day. Barbados is fixed 1.97BBD:1US. Lower then Offical rate
Capital One: Its been several months since I used a Cap 1 card since I closed mine. I want to say it was 1.98BBD:1US

I've used my US bank and BoA cards on the same day and gotten different rates. They are both Visa Signature.

Wow haha I'm the same in respect to working a lot in the Caribbean but mainly in Trinidad & Tobago. I did visit Barbados for the first time last year around the hurrican season which was a bit crazy. So this makes me believe that it's dependent on both the issuer and bank. I will try to experiment next time I visit.

Re: No Foreign Transaction Fee Cards and Exchange Rates

Anonymous — Thu, 08 Feb 2018 21:30:07 GMT

wrote:
Thanks I was reading other threads and there seemed to be conflicting info. I think popular opinion is that the issuer (visa, amex, mastercard) handles the exchange rate and not the bank. I just wanted to be sure though haha. By the way, seeing that you have the Uber card do you know if the 3% is for all Travel related purchases or are there restrictions?

I've only used it for airfare and hotels so far and I got 3% back on both the categories (which is expected). This is what Barclays say about the 3% category.

You earn 3% back or 3 points for every $1.00 spent on net purchases on airfare, hotels, and travel agencies, as defined by merchant category codes, which includes home share exchanges like Airbnb. Net purchases are total purchases minus credits, returns, and adjustments.

So they clarify this includes Airbnb as well but not sure about car rentals though (assuming this is what you are interested in knowing going by your other thread).

Re: No Foreign Transaction Fee Cards and Exchange Rates

Anonymous — Thu, 08 Feb 2018 22:58:57 GMT

My understanding is that the network sets the rate (this is said in many articles on the web), and, if there is a FTF, the bank adds that on. Hence articles showing the MC is often better than Visa in some regions.

So why do people report different rates on different Visa cards on the same day? My guess is that it depends when the transaction conversion is done, on the posting date rather than purchase date.

Re: No Foreign Transaction Fee Cards and Exchange Rates

MrDisco99 — Thu, 08 Feb 2018 23:11:56 GMT

wrote:
wrote:
wrote:
I see that Citi Costco visa now has no FTF. I have the Barclay Uber, Citi Costco, and C1 QS all with no FTF. Will exchange rates be the same across the board as they are all visa cards or does it depend on the bank? When I used my C1 QS (before I had the other cards) they always charged me at the current rate of exchange and not marked up higher. Does anyone know this for sure, I would like to know before using the cards abroad. Thank you!!
I used my AMEX Delta Gold and Barclays Uber aborad before and I was charged the current rate of exchange both the times. I'm not sure about Citi Costco though. Im my opinion, it depends on the bank, but I'm guessing most of them use current exchange rates.
Thanks I was reading other threads and there seemed to be conflicting info. I think popular opinion is that the issuer (visa, amex, mastercard) handles the exchange rate and not the bank. I just wanted to be sure though haha. By the way, seeing that you have the Uber card do you know if the 3% is for all Travel related purchases or are there restrictions?

The Uber 3% category is not for travel. It is specifically for airfare and hotels. Other travel expenses like car rentals, train tickets, highway tolls, etc. are not included.

Re: No Foreign Transaction Fee Cards and Exchange Rates

Anonymous — Thu, 08 Feb 2018 23:13:44 GMT

wrote:
wrote:
wrote:
wrote:
I see that Citi Costco visa now has no FTF. I have the Barclay Uber, Citi Costco, and C1 QS all with no FTF. Will exchange rates be the same across the board as they are all visa cards or does it depend on the bank? When I used my C1 QS (before I had the other cards) they always charged me at the current rate of exchange and not marked up higher. Does anyone know this for sure, I would like to know before using the cards abroad. Thank you!!
I used my AMEX Delta Gold and Barclays Uber aborad before and I was charged the current rate of exchange both the times. I'm not sure about Citi Costco though. Im my opinion, it depends on the bank, but I'm guessing most of them use current exchange rates.
Thanks I was reading other threads and there seemed to be conflicting info. I think popular opinion is that the issuer (visa, amex, mastercard) handles the exchange rate and not the bank. I just wanted to be sure though haha. By the way, seeing that you have the Uber card do you know if the 3% is for all Travel related purchases or are there restrictions?
The Uber 3% category is not for travel. It is specifically for airfare and hotels. Other travel expenses like car rentals, train tickets, highway tolls, etc. are not included.

Thanks for specifying. Do you know if it would work on an orbitz.com purchase? Does that count as Travel Agency?

Re: No Foreign Transaction Fee Cards and Exchange Rates

Anonymous — Wed, 21 Feb 2018 07:57:23 GMT

From my experience, the exchange rate seems to be the same for Chase sapphire card, chase amazon, Barclay UBER, and Citi Costco. I used all of them abroad in Europe and the Middle East and noticed the same exchange rate. I also noticed Schwab debit card uses the same exchange rate. https://www.hotpersonalfinance.com/best-credit-cards-checking-account-international-travelers/

Re: No Foreign Transaction Fee Cards and Exchange Rates

marty56 — Wed, 21 Feb 2018 10:52:45 GMT

RBFCU Platinum card has no foreign fees. Forget Barclay as the are greedy with them.

Re: No Foreign Transaction Fee Cards and Exchange Rates

digitek — Wed, 21 Feb 2018 12:38:16 GMT

@Anonymouswrote:
My understanding is that the network sets the rate (this is said in many articles on the web), and, if there is a FTF, the bank adds that on. Hence articles showing the MC is often better than Visa in some regions.

So why do people report different rates on different Visa cards on the same day? My guess is that it depends when the transaction conversion is done, on the posting date rather than purchase date.

I'm pretty sure it is this.

You can read some articles on the Internet that dig into the exchange rates. MasterCard network seems to give the best rate, but not by much. Only really makes a difference on really large purchases.

First Tech CU is generally considered the best card for purchasing in other countries. True chip+pin, MasterCard Network, no FTF, a few different choices for actual card/rewards, decent sign up bonus. Have to remember that if the rewards are good they can make up for a small exchange rate discrepancy.

Re: No Foreign Transaction Fee Cards and Exchange Rates

Anonymous — Wed, 21 Feb 2018 20:10:53 GMT

I'd recommend Barclay UBER if you can get it. It is a true pin card that will not dissapoint you at the automated vending machines abroad. I tried it many times in Europe at the train stations when buying tickets from the self terminal machines and it worked great. Also, you always get the current exchange rate and it is the same exchange rate that Schwab bank debit card gives at the ATM.

So here is the recommened list of what cards you need to get if you travel abroad a lot:

1. For ATM cash withrawl, get Schwab debit card. You need to apply for a Schwab checking account to get this great debit card.

2. For credit cards transactions, get Barclay UBER visa if you can and Costco citi if you are a costco member.

Use Barclay card as your primary card for all your transactions abroad because of its true pin feature and use Costco citi to buy flight tickets, hotel, rental cars, etc because citi costco offers great travel/interruption canelation insurance. Keep in mind that Costco citi does not have a pin feature so it may not work at the automated self terminal machines abroad.

I highly recommend Barclay UBER and Shwab debit card because I used them many many times abroad in different coutries in different continents and never disappointed me. I always get the current exchange rate.

Re: No Foreign Transaction Fee Cards and Exchange Rates

Anonymous — Wed, 21 Feb 2018 20:57:07 GMT

@Anonymouswrote:
I'd recommend Barclay UBER if you can get it. It is a true pin card that will not dissapoint you at the automated vending machines abroad. I tried it many times in Europe at the train stations when buying tickets from the self terminal machines and it worked great. Also, you always get the current exchange rate and it is the same exchange rate that Schwab bank debit card gives at the ATM.

So here is the recommened list of what cards you need to get if you travel abroad a lot:
1. For ATM cash withrawl, get Schwab debit card. You need to apply for a Schwab checking account to get this great debit card.
2. For credit cards transactions, get Barclay UBER visa if you can and Costco citi if you are a costco member.

Use Barclay card as your primary card for all your transactions abroad because of its true pin feature and use Costco citi to buy flight tickets, hotel, rental cars, etc because citi costco offers great travel/interruption canelation insurance. Keep in mind that Costco citi does not have a pin feature so it may not work at the automated self terminal machines abroad.

I highly recommend Barclay UBER and Shwab debit card because I used them many many times abroad in different coutries in different continents and never disappointed me. I always get the current exchange rate.

Thanks for the tip about the Shwab debit card! I didn't know about this card and I will like to add it as a safety for when I travel. Do you use the Shwab debit card for your primary account or just when you travel? I don't like to have many accounts open but it seems like a no trainer for people who travel. Also when you do ATM withdrawal with the Shwab card, is it in US currency or Local currency? Is it better to do it in a specific currency as I know with credit cards it's better to do local currency. Thanks for your help! Kudos to you

Re: No Foreign Transaction Fee Cards and Exchange Rates

Anonymous — Wed, 21 Feb 2018 21:19:33 GMT

@Anonymouswrote:
@Anonymouswrote:
I'd recommend Barclay UBER if you can get it. It is a true pin card that will not dissapoint you at the automated vending machines abroad. I tried it many times in Europe at the train stations when buying tickets from the self terminal machines and it worked great. Also, you always get the current exchange rate and it is the same exchange rate that Schwab bank debit card gives at the ATM.

So here is the recommened list of what cards you need to get if you travel abroad a lot:
1. For ATM cash withrawl, get Schwab debit card. You need to apply for a Schwab checking account to get this great debit card.
2. For credit cards transactions, get Barclay UBER visa if you can and Costco citi if you are a costco member.

Use Barclay card as your primary card for all your transactions abroad because of its true pin feature and use Costco citi to buy flight tickets, hotel, rental cars, etc because citi costco offers great travel/interruption canelation insurance. Keep in mind that Costco citi does not have a pin feature so it may not work at the automated self terminal machines abroad.

I highly recommend Barclay UBER and Shwab debit card because I used them many many times abroad in different coutries in different continents and never disappointed me. I always get the current exchange rate.
Thanks for the tip about the Shwab debit card! I didn't know about this card and I will like to add it as a safety for when I travel. Do you use the Shwab debit card for your primary account or just when you travel? I don't like to have many accounts open but it seems like a no trainer for people who travel. Also when you do ATM withdrawal with the Shwab card, is it in US currency or Local currency? Is it better to do it in a specific currency as I know with credit cards it's better to do local currency. Thanks for your help! Kudos to you

Most ATMs are only going to have local currency (just like in the US you rarely get a choice). The article linked earlier, which also praised the Schwab and Uber (and to a lesser extent Costco) reiterates that if you do get a choice, always get local for best rate, same as avoiding DCC with a credit card.

The only warning about Schwab is that it is a hard pull (as well as Chexsystems)

Re: No Foreign Transaction Fee Cards and Exchange Rates

Anonymous — Thu, 22 Feb 2018 00:19:46 GMT

@Anonymouswrote:
@Anonymous
Thanks for the tip about the Shwab debit card! I didn't know about this card and I will like to add it as a safety for when I travel. Do you use the Shwab debit card for your primary account or just when you travel? I don't like to have many accounts open but it seems like a no trainer for people who travel. Also when you do ATM withdrawal with the Shwab card, is it in US currency or Local currency? Is it better to do it in a specific currency as I know with credit cards it's better to do local currency. Thanks for your help! Kudos to you

I will answer your questions based on my own experience.

When you use Schwab debit card to withraw cash abroad at any ATM, you must always choose the local currency of the foreign country you are visiting and most machines give you the local currency as a default option. Some ATM machines will charge you a fee but u don't have to worry about that fee because Schwab will reimburse all ATM fees at the end of the month. Scwhab will always give you the best current exchange rate. Schwab currently does not charge foreign transaction fees at all.

You can use schwab as your primary checking account if you are not happy with your current bank. The only thing that you may hate about schwab bank is that you won't find many local branches. I almost use schwab as a primary checking account because I travel abroad a lot and the bank meets all my needs with no fees at all.

Keep in mind that you have to notify the issuers of your credit card and debit card to let them know that you are traveling abroad. You call them or you can do it online 2-3 days before your travel date.

https://www.hotpersonalfinance.com/best-credit-cards-checking-account-international-travelers/