All the time, I used my card overseas, never being charged home currency,
always that countries's currencies. When I get my bills at home, yes all the
transactions are into home currency. You will still be charged on the
conversion rate by the bank or cc company for goods charged that appear on
your bills. so...

I experience this problem...I tried to get cash from the ATM. Because of bad
phone line, no cash was dispensed but my accounts was credited. why? simple
explaination...when key in your request...the system confirmed approved for
payment..accounts was charged...but when the signal was transmitted back to
the ATM it got distorted. ATM could not recognised...no cash. It took me two
weeks to get a refund. And this is a GIRO (inter bank) transaction within
the country.
I bet it will take months if the same problem happened in certain foreign
countries.

If you want to cash out on an ATM in a foreign country, it is advisable to
use a ATM that is outside the bank. Not at shopping malls, maybe not even
the airport or those independent ATMs. If your card got stuck in the
machine, you may waste lots of time to trace the bank to get back the card.


"Alec" wrote in message
...

"Andy Pandy" wrote in
message ...
There is a new "facility" you may encounter when paying by credit card
in
a
foreign currency. The POS terminal identifies which country your credit
card is
from and conveniently converts the local currency into your home
currency.
Your
credit card is then billed in your home currency rather than the local
currency.

Might sound helpful, but the catch is that the exchange rate at which
the
conversion is done is almost certainly a lot worse than your bank would
use if
you got billed in the local currency. The retailer usually gets a cut of
the
exchange rate markup so it's in their interest to bill you in your home
currency.

They are supposed to ask you which currency you want to billed in, but
it
practice it doesn't always happen, and the default is to bill you in
your
home
currency. But you are perfectly entitled to insist you are billed in the
local
currency, after all the product or service will have been priced in the
local
currency. Don't let retailers rip you off in this way!

It's called 'Dynamic Currency Conversion' in the trade-speak. It's touted
among retailers and service providers (hotels, car rental firms etc) doing
a
lot of business with foreign visitors, and also on-line dealers. The card
processors entice them with 'customer satisfaction' and 'extra income
stream' (i.e. sharing exchange mark-up).
First developed by the Irish firm Forexco, it's now offered globally and
adopted by leading retailers like Harrods and international hotel groups.
I
now make the point of insisting before my card is swiped that I want to be
charged in the local currency. Visa/Plus and Mastercard/Cirrus regulations
stipulate that customer must be given a choice. If they still put through
the transaction in the card's billing currency, refuse to sign the slip
and
ask them to void it. If they still refuse, tell them you'll ask your card
issuer for a chargeback. Expect a dirty look or take your customs
elsewhere.

Alec