Commission charge on Visa.

I noticed on my last visa statement that Visa are charging approx 2.5%
commission charges for transactions in France and Spain. This is fairly
recent as my August statement did not have it.
Does anyone know whether it only applies to Visa ?
I live in the UK.
Mot

The charges are nothing to do with Visa. It is up to your bank to decide
how much they want to charge you. FWIW I received a letter from HBOS a
few weeks ago telling me about their revised charging scheme for foreign
currency transactions, which now includes an explicit commission charge for
the first time.

You get a much fairer exchange rate from Cirrus cards anyhow so it is always
better to use them if you can.


In article ,
Mot wrote:
I noticed on my last visa statement that Visa are charging approx 2.5%
commission charges for transactions in France and Spain. This is fairly
recent as my August statement did not have it.
Does anyone know whether it only applies to Visa ?
I live in the UK.
Mot

Mot wrote:

I noticed on my last visa statement that Visa are charging approx 2.5%
commission charges for transactions in France and Spain. This is fairly
recent as my August statement did not have it.
Does anyone know whether it only applies to Visa ?
I live in the UK.
Mot

Sorry, did not read the fine print, Visa had previously included the 2.75%
commission within the exchange rate calc and have only recently made it
obvious by proclaiming the fact separately. I notice Mastercard also
applies a 2.75% commission charge.
Does anyone know of a credit card obtainable in the UK which dosen't have a
commission charge?
Mot

Philip George wrote:

The charges are nothing to do with Visa. It is up to your bank to decide
how much they want to charge you. FWIW I received a letter from HBOS a
few weeks ago telling me about their revised charging scheme for foreign
currency transactions, which now includes an explicit commission charge for
the first time.

You get a much fairer exchange rate from Cirrus cards anyhow so it is always
better to use them if you can.

I assume you mean using cirrus for cash from a machine, I was using Visa for
Hotel, fuel and restaurant bills, Visa have always charged commission for cash
but not (as far as I am aware) for paying bills.
Mot

"Mot" wrote in message
...
Mot wrote:

I noticed on my last visa statement that Visa are charging approx 2.5%
commission charges for transactions in France and Spain. This is fairly
recent as my August statement did not have it.
Does anyone know whether it only applies to Visa ?
I live in the UK.
Mot

Sorry, did not read the fine print, Visa had previously included the 2.75%
commission within the exchange rate calc and have only recently made it
obvious by proclaiming the fact separately. I notice Mastercard also
applies a 2.75% commission charge.
Does anyone know of a credit card obtainable in the UK which dosen't have
a
commission charge?

AFAIK Nationwide Visa (credit card) and their Flex (current account) card.
Neither charges 2.75% or so foreign currency fee) usually hidden in the
exchange rate used) and for the cash card, the usual handling fee of 1.5-2%.
You get pretty close to the interbank rate quoted on Ceefax page 241 and on
financial pages, less around 1% levied by Visa/Mastercard (the international
networks) for handling foreign transactions. I think Frizzell Bank also
issue commission-free cards, but you have to apply through affiliated trade
unions or special interest groups.

Alec

Philip George wrote:

The charges are nothing to do with Visa. It is up to your bank to decide
how much they want to charge you. FWIW I received a letter from HBOS a
few weeks ago telling me about their revised charging scheme for foreign
currency transactions, which now includes an explicit commission charge for
the first time.

You get a much fairer exchange rate from Cirrus cards anyhow so it is always
better to use them if you can.

Like Visa, that depends on your bank. Mine charges a commission fee for
foreign ATM transactions (i.e. on Cirrus) of about 3%- that's typical
for UK banks.

David

--
David Horne- www.davidhorne.co.uk
davidhorne (at) davidhorne (dot) co (dot) uk

"Mot" wrote in message
...
I noticed on my last visa statement that Visa are charging approx 2.5%
commission charges for transactions in France and Spain. This is fairly
recent as my August statement did not have it.
Does anyone know whether it only applies to Visa ?
I live in the UK.
Mot


My credit cards (US) have been charging for foreign currency transactions
for about a year. I think mine are 2%.

Mot wrote:
I assume you mean using cirrus for cash from a machine, I was using Visa
for Hotel, fuel and restaurant bills, Visa have always charged commission
for cash but not (as far as I am aware) for paying bills.

The amount of commission (over and above an inescapable 1%) is set by the
bank that issues your card. Contact them and demand to have the rate reduced
for your account, and if they won't so it, switch to a different issuer (and
tell them why you left).

miguel
--
Hit The Road! Photos and tales from around the world: http://travel.u.nu

"Philip George" wrote in message
...

The charges are nothing to do with Visa. It is up to your bank to decide
how much they want to charge you. FWIW I received a letter from HBOS a
few weeks ago telling me about their revised charging scheme for foreign
currency transactions, which now includes an explicit commission charge for
the first time.

You get a much fairer exchange rate from Cirrus cards anyhow so it is always
better to use them if you can.

No it isn't, like you said it's up to the bank.

My First Direct Cirrus card charges 2.75% for foreign purchases (exchange rate
markup).

My Nationwide VISA card charges nothing for foreign purchases, the rate is
always very close to the interbank rate.

--
Andy

On Mon, 20 Oct 2003 19:40:07 +0100, "Andy Pandy"
wrote:


"Philip George" wrote in message
...

The charges are nothing to do with Visa. It is up to your bank to decide
how much they want to charge you. FWIW I received a letter from HBOS a
few weeks ago telling me about their revised charging scheme for foreign
currency transactions, which now includes an explicit commission charge for
the first time.

You get a much fairer exchange rate from Cirrus cards anyhow so it is always
better to use them if you can.

No it isn't, like you said it's up to the bank.

My First Direct Cirrus card charges 2.75% for foreign purchases (exchange rate
markup).

That charge is largely imposed by the card issuing bank; the
Cirrus system charge is on the order of 1%.

My Nationwide VISA card charges nothing for foreign purchases, the rate is
always very close to the interbank rate.

Also roughly 1%, charged by the VISA system.

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