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Any insights on Barclay's no forex feature?

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Open123
Super Contributor

Any insights on Barclay's no forex feature?

I asked this question on another thread, but though I'd start a new one.  

 

I was reading my T&C, and it stipulates "0 foreign transaction fees in US dollars."  None of my other cards with no forex fees has this stipulation; they all read simply as "0 foreign transaction fees."

 

1.  Does this mean there's a forex fee if I request the charge in local currency?

2.  If I use USD, then am I subjected to the "dynamic currency conversion" fee, where the merchant charges 3%?

 

Anyone with direct experience with this?  

Message 1 of 18
17 REPLIES 17
DaveSignal
Valued Contributor

Re: Any insights on Barclay's no forex feature?

I don't have direct experience, as all the cards I use internationally are simply "No Foreign Transaction Fees"

 

I would contact Barclays, because it sounds like they might charge you if they have to convert the currency.  There are not too many places overseas that will offer to charge you in US dollars, so you may get charged for nearly everything.

 

Has the T&C also stipulated a currency conversion fee?

 

EDIT:  on second thought, it could be just that Barclays is using some sort of generic form for different cards and then just changes the numerical value.  So if a card was 3% ForEx fee in US dollars, they simply changed the 3% to a 0%.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Message 2 of 18
Open123
Super Contributor

Re: Any insights on Barclay's no forex feature?


@DaveSignal wrote:

Has the T&C also stipulated a currency conversion fee?


There's no mention of this, but my concern is what you've observed.  

 

One, merchants charge 3% for the conversion, which is why I always insist making the charge on local currency (except for Amex).  Two, even if they don't, Barclay has discretion to use the "dynamic currency conversion," which is nothing more than a euphemism for them to make the spread by giving me the least favorable rate.

 

Before using, I suppose one should verify with Barclay's.  However, I can't imagine any frontline CSR able to answer the question.

Message 3 of 18
jonald11
Valued Member

Re: Any insights on Barclay's no forex feature?

I just got off the phone with a CSR who was worthless. I asked specifically about the website, which says no charge for foreign transactions "in U.S. dollars." He just said the website must be wrong. Of course, the fine print on the card agreement, after I was approved, has same language.

 

If true, then Barclay's clearly is being deceptive with its no foreign transaction fees claim. Anyone who has used the card overseas, please weigh in.

 

Thanks

Message 4 of 18
DaveSignal
Valued Contributor

Re: Any insights on Barclay's no forex feature?

I think it is just that Barclays is using the same generic form to put information on all of their cards.

 

A card that has a ForEx fee might be "3% ForEx fee in US dollars"  meaning that they convert the amount to dollars first, then charge 3% of that amount.

And so then the came out with a card with no ForEx, but instead of updating their generic form, they just changed the 3% to a 0%, still meaning that they convert the amount to US dollars first, but then charge 0% of that amount.

 

I don't think you will get charged a fee with that card, but I guess the only way to find out for sure is to try it.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Message 5 of 18
enharu
Super Contributor

Re: Any insights on Barclay's no forex feature?

My interpretation is that they will charge a fee if the purchase is made in local currency. I will be leaving in 3 weeks, so if you don't have an answer by then, I will test it out and let you know.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 6 of 18
longtimelurker
Epic Contributor

Re: Any insights on Barclay's no forex feature?


@enharu wrote:
My interpretation is that they will charge a fee if the purchase is made in local currency. I will be leaving in 3 weeks, so if you don't have an answer by then, I will test it out and let you know.

That would be so very deceptive a use of no FTF, so my first thought is that Dave is right, it's a generic reuse of "X% of the US dollar equivalent".  But as this is the bank that manipulated LIBOR, who knows!

Message 7 of 18
enharu
Super Contributor

Re: Any insights on Barclay's no forex feature?

Several sites have listed this card has a no forex card. So maybe there's indeed no fees. I don't know for sure though. Tried calling CSR once and it was a complete waste of time.

And just a quick question (sorry to hijack the thread for a bit), if a purchase is made and I am charged forex fees, do they refund if it I return the item and receive a full refund for the purchase? Or I'm pretty much stuck with the 3% regardless?
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 8 of 18
lg8302ch
Senior Contributor

Re: Any insights on Barclay's no forex feature?

Does anybody know how much the exchange rate should have been for the tansaction below?  CHF / USD. It does not look to me that Barclays has charged a forex fee unless integrated in exchange rate?  But I would not know where to get the exchange rates to compare Smiley Tongue

 

06/11 06/12 Migros MM Kloten Kloten CHE
28.30 CHF@0.93030
$30.42

Message 9 of 18
enharu
Super Contributor

Re: Any insights on Barclay's no forex feature?

U could try checking xe.com and several sites. Need wallet also has a list of forex rates if I am not wrong. Banks usually use the worst rates possible though.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 10 of 18
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