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#41
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Beware - credit card rip-off
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 |
#42
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Left overs
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#43
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Beware - credit card rip-off
No cost is not correct. ATMs, security and bank softwares, machines to do
transmission of data, lease lines, networks..... "Andy Pandy" wrote in message ... "Olivers" wrote in message ... Given the amounts involved in individual CC transactions, the exchange rates which I have seen for about eleventy dozen times better than the "cash" exchange rates provided by either the two banks I worked for and as good as many of the commercial transcation rates available to traders and large coorporations. CCs have litereally revolutionized foreign exchange, with debit/ATM cards following to change even further the "Bad Old Days". At least with cash there is the excuse that there are costs involved with storing, handling and transporting foreign currency. There's virtually no cost in doing an electronic conversion from one currency to another, yet these rip-off merchants want about 3% or more. -- Andy |
#44
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Beware - credit card rip-off
Thomas F. Unke wrote:
We'll never forget TCs. Just remember the good old times: A small bank in Indonesia's province, changing a TC took about an hour and half, enough time to get to know all the female workers there. After the change procedure, you went to the post office to get your letters from poste restante. Of course, there was no internet at that time. When all this was finished, you went for a lukewarm Bintang beer to see the sunset. Good old times - busy all day and not boring at all. Thanks for the post - I remember well spending all day in Indonesia (and elsewhere) on those very tasks. Fun in a certain way, but I'm not so sure I miss it. miguel -- Hit The Road! Photos and tales from around the world: http://travel.u.nu |
#45
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Left overs
Alan wrote:
"Frank F. Matthews" wrote: Finally there are charities that are grateful for coins. the local charities in Pottsville Beach wouldn't get any benefit from coins they can't exchange. At many (most?) international airports there are receptables (often pretty small and hard to spot) put up by worthy local charities, precisely for depositing miscellaneous coins, which they somehow manage to turn into money. miguel -- Hit The Road! Photos and tales from around the world: http://travel.u.nu |
#46
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Beware - credit card rip-off
On Fri, 23 Apr 2004 08:24:29 +0800, "Alan"
wrote: 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. Good advice. Just dropping in to show that there's two of us :-) Where's com.my? Malaysia? Cheers, Alan -- |
#48
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Left overs
Too late for you but three generic suggestions for reducing left over
currency. I was rather happy to find that some shops in airports can take their national currency and give you back change in another currency. I generally do not buy anything in airports, but last summer in Denmark we had some crowns left (one banknote), so I decided to buy some food. The cashier asked me whether I wanted change in crowns or euro, and I was obviously quite happy to take euro. -- ---------------------------------------------------------------------- is a newsreading account used by more persons to avoid unwanted spam. Any mail returning to this address will be rejected. Users can disclose their e-mail address in the article if they wish so. |
#49
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Left overs
Frank F. Matthews wrote:
Alan wrote: snip Our biggest currency cost came when we arrived home and tried to convert the left-over cash in US$, euros, czech crowns, Swiss francs, Pounds Sterling and Singapore dollars back into AU$. That's when they hit us with fees, and refused to touch the coins at all. Doesn't sound like a lot, until you realise that a single 2 pound coin is AU$5. So I have about $150 in "souvenir change". Too late for you but three generic suggestions for reducing left over currency. First, if you are on a tour or boat where tipping is expected give the tip in your left over currency. Since guides move thru similar areas they can usually manage easily. Second, if you are interested on airline stuff they will manage a purchase in multiple currencies quite easily. Third, get new money using the left over cash from the last place. Usually it's easier there and you would be paying some fee to get money from a home account. Finally there are charities that are grateful for coins. FFM Use it to pay your final hotel bill. Hold back enough to get to the airport (if not pre-paid), then hand over the rest to the hotel clerk, and say you want to use that to pay your bill and then your credit card for the remaining balance. They see this a lot. -- Evelyn C. Leeper http://www.geocities.com/evelynleeper Separate is not equal. The right time to do the right thing is always now. Those who say "wait" usually mean "never." --Bonnie Tinker and The Rev. Cecil Prescod |
#50
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Beware - credit card rip-off
Alan muttered....
Our biggest currency cost came when we arrived home and tried to convert the left-over cash in US$, euros, czech crowns, Swiss francs, Pounds Sterling and Singapore dollars back into AU$. That's when they hit us with fees, and refused to touch the coins at all. Doesn't sound like a lot, until you realise that a single 2 pound coin is AU$5. So I have about $150 in "souvenir change". Your tale reminded me of an annual event at our oldest daughter's elementary school's "May Fete" back in the mid70s. One of the booths, always manned by a couple of us who were frequent travelers and preferred it to "Pin the Tail on the Donkey" or the "Ducking Booth" was the "Foreign Money Store". Several weekes before the May Fete, the school would send homea note with each child soliciting contributions of foreign coins (or currency) brought home unused from trips (especially in UK coinage). Amazing amounts would be brought in by little nippers whose parents were travelers and supportive of an easy, painless fund-raiser. Come May Fete day, I'd take off at Noon and join a friend to separate and count the take. We'd chalk our version of acceptable conversion rates for each major country's cash for prospective buyers on a chalkboard beside the booth (and note possession of strange money to be bargained for). Then at the opening bell, we would be busy for an hour of two with folks planning foreign vacations or business travel. With the entire take going to the school, we could be generous, however there always arguments over what to do with old devalued coins and currency and the occasional contribution in Occupation Marks or Yen. Something interesting like a Maria Theresa thaler would always show up, and a couple of coin collectors would always show up to paw through the remains. Any unsaleable "leftovers" could be saved for future years, and the strange, unsaleable coins - often those big iron Chinese sort with the square holes - could go to classroom use. The booth always made "big" money for the school, when compared to more fun-oriented activities. Even today, such a scheme might work at a Charity Fair, although those Uropeens have certainly spoiled the broth, leaving all those assorted old coins and nowhere to spend'em. TMO |
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