exchange rate

alix · Member

exchange rate

Michele Erdvig · Host

Alix,

It is hard to tell. What kind of tickets? Same website? Is there some kind of "surcharge" involved for using a credit card? Same credit card used for both transactions?

Here is a currency converter: http://www.xe.com/ucc/

Go to my Money page for more.

Michele

alix · Member

One was tickets for Bunratty Castle (1.4) the other for the Irish Open (1.6). Same credit card for both transactions. I use the site you linked to do conversions and it gives 1.38. Guess I'll call my credit card co just so I'll know what to expect/

Michele Erdvig · Host

Alix,

The site gave me: 1.43987 which is more in the ballpark.

I wouldn't be surprised if the Irish Open added some sort of surcharge. Was it charged in euros or dollars?

Michele

alix · Member

1.38207 is the Canadian rate! 1.43 is the US rate. Bit of a difference eh? lol

The Irish Open web site I paid in Euro's and charged to my credit card.

Michele Erdvig · Host

Well, that makes a big difference! I would call your cc company and ask about the Irish Open transaction. Find out if it was Dynamic Currency Conversion.

Michele

tony2phones · Guru

ATM is the best way to go for most transactions but check how much your bank charges for this compared to purchases with your credit card. A consideration is that some cards give a level of insurance which might be handy when buying gifts to take back?

chaika · Veteran Member

I estimate how much cash I'll need and get the euros here. It's cheaper. The ATM I used in Dingle allowed max 300E per transaction, so I had to do two transactions, and there was a charge there and a charge by my own bank.

alix · Member

I've spoken to a variety of persons at my bank and credit card company and have received a variety of answers. So what I've been able to find out so far is this:

My bank charges $6 for each international transaction.

When making a credit card purchase, the amount is charged in Euros, converted to US dollars (even though I'm Cdn and using Cdn accounts), there is a 2.5% mark up at this point, (which is built into the conversion rate). It is then converted to Cdn dollars and that is the amount I see on my credit card statement.

And apparently this is the same process followed when getting cash from an ATM. (including the 2.5% markup)

I'm going to call again and see if I get the same information. No body seemed to sure how to answer my questions.

And I figured out why the difference in exchange rates I found previously. One was a purchase in Euros, the second was in pounds. Oops, watch that a little more carefully.

Michele Erdvig · Host

Alix,

That sounds right. So the difference was between pounds and euros. They both trade at different exchange rates.

Michele