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Beware - credit card rip-off



 
 
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  #41  
Old April 22nd, 2004, 10:15 PM
Frank F. Matthews
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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".

Hope this helps.

Cheers, Alan


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

  #42  
Old April 22nd, 2004, 10:55 PM
Alan
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On Thu, 22 Apr 2004 21:15:43 GMT, "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".

Hope this helps.

Cheers, Alan


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


All good advice, if I'd known it then. Unfortunately, no tours and the
only boats were Adriatic ferries. I had intended using the UK cash for
various things at the airport; but in the chaos of trying to depart on
the day of last July's BA strike it just didn't happen. At least we got
away, albeit ten hours late. And the local charities in Pottsville Beach
wouldn't get any benefit from coins they can't exchange.

So, I'll just have to use it as an excuse to return someday :-)

Cheers, Alan
--
  #43  
Old April 22nd, 2004, 11:05 PM
tim
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Default Left overs


"Alan" wrote in message
...
On Thu, 22 Apr 2004 21:15:43 GMT, "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".

Hope this helps.

Cheers, Alan


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


All good advice, if I'd known it then. Unfortunately, no tours and the
only boats were Adriatic ferries. I had intended using the UK cash for
various things at the airport; but in the chaos of trying to depart on
the day of last July's BA strike it just didn't happen. At least we got
away, albeit ten hours late. And the local charities in Pottsville Beach
wouldn't get any benefit from coins they can't exchange.


Charities have ways of changing coins that you can't access easily.
They will be able to use them, I assure you.

My tip only works if you're driving, but if you are, make sure that
you have a near empty tank as you leave a county and find a
filling station and put just enough in to use up the rest of
your money, don't go over though as more than once I had
them refuse to split the purchase price.

tim


So, I'll just have to use it as an excuse to return someday :-)

Cheers, Alan
--



  #44  
Old April 23rd, 2004, 01:10 AM
Tom Hatfield
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Default Left overs

On Thu, 22 Apr 2004 21:15:43 GMT, "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".


Go into any airline office and offer to donate it to the "Change for
Good" campaign. I know that Qantas do it, I would supsect other
carriers would as well. They take the coins and give them to the
charity that can use them.

Makes you feel good, and helps out those who need it.

Tom
  #45  
Old April 23rd, 2004, 01:24 AM
Alan
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Default 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




  #47  
Old April 23rd, 2004, 01:38 AM
Alan
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Default 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





  #48  
Old April 23rd, 2004, 03:01 AM
Miguel Cruz
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Default 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
  #49  
Old April 23rd, 2004, 03:03 AM
Miguel Cruz
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Default 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
  #50  
Old April 23rd, 2004, 04:01 AM
Alan
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Default 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
--
 




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