https://ficoforums.myfico.com/t5/Credit-Cards/No-Visa-and-Mastercard-do-not-charge-1-quot-currency-conversion/m-p/6702330#M1853835 <P>If you have been reading online about international transactions, you may have possibly read somewhere that Visa and Mastercard charge 1% "currency conversion fees" even on cards with no foreign transaction fee. This is false information. I play around with the Mastercard currency conversion tool a lot, and the exchange rates can be slightly above or even below the mid-market rate, but it is not usually a 1% difference. The Visa and Mastercard exchange rates change once every weekday, and the exchange rate used is the one at the time of point of sale. Once the transaction is approved at the point of sale, the exchange rate is "locked in" and "guaranteed" despite what DCC will tell you. You can open your card issuer's app, and it will tell you the resulting USD amount straight away. To get the current mid-market rate, type [ISO 4217 currency code of destination]=X into a stocks application. Then, for comparison, go to the Visa or Mastercard currency conversion tool and divide 1 by the number it gives you. This will allow you to see the actual difference. You can even enter the amount you were just charged into the tool, and the resulting USD amount will be exactly the same as the one listed in your card issuer's app.</P> Tue, 15 Aug 2023 07:58:34 GMT BijouMan 2023-08-15T07:58:34Z https://ficoforums.myfico.com/t5/Credit-Cards/No-Visa-and-Mastercard-do-not-charge-1-quot-currency-conversion/m-p/6702330#M1853835 <P>If you have been reading online about international transactions, you may have possibly read somewhere that Visa and Mastercard charge 1% "currency conversion fees" even on cards with no foreign transaction fee. This is false information. I play around with the Mastercard currency conversion tool a lot, and the exchange rates can be slightly above or even below the mid-market rate, but it is not usually a 1% difference. The Visa and Mastercard exchange rates change once every weekday, and the exchange rate used is the one at the time of point of sale. Once the transaction is approved at the point of sale, the exchange rate is "locked in" and "guaranteed" despite what DCC will tell you. You can open your card issuer's app, and it will tell you the resulting USD amount straight away. To get the current mid-market rate, type [ISO 4217 currency code of destination]=X into a stocks application. Then, for comparison, go to the Visa or Mastercard currency conversion tool and divide 1 by the number it gives you. This will allow you to see the actual difference. You can even enter the amount you were just charged into the tool, and the resulting USD amount will be exactly the same as the one listed in your card issuer's app.</P> Tue, 15 Aug 2023 07:58:34 GMT https://ficoforums.myfico.com/t5/Credit-Cards/No-Visa-and-Mastercard-do-not-charge-1-quot-currency-conversion/m-p/6702330#M1853835 BijouMan 2023-08-15T07:58:34Z