This varies from card to card. You can call the number on the back of your card and they will tell you how your account conversion will be calculated.
Using a credit card usually gets you a better exchange rate then converting cash at the airport or at the hotel. You will also have the backing of the credit card company should a problem arise with your account.
This answer was first published on 03/10/16. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
moguljunkie, Member
@moguljunkie
I actually found the answer to my question:
The exchange rate is set daily except wekeends and hollidays by the credit card. Not by the issuer ,meaning not by the bank or company that issues the card, but by Visa or MasterCard or Amex itself. Additionally on a 2006 law suit it was stablished no one could mark the rare up. So whatever rate is set by let say Visa will be similar ( normally better) than what you get if you go exchange money or if you Google the current rate online in the open market if you were buying and selling currencies..
One last important point, the Visa rate ( or MasterCard or discover etc) only applies if you elect to pay in that country currency. In many tourist areas , the credit card machine knows your credit card is from USA, so it will ask if you want to pay in dollars or whatever that country uses , choose that country , other wise you don't get the VISA conversion rate , you get the merchant , and it's way worse .
So all Visa or MasterCard or discove or Amex, no matter the annual fee will have the same exchange rate when you buy something on a foreign country if you choose to pay in that country currency.
So get a credit card with no yearly fee and no foreign transaction fees and you are set to shop till you drop in any country.
This answer was first published on 05/17/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
People also ask
What are the best credit cards with no annual fee and no foreign transaction fee?
The best credit card with no annual fee and no foreign transaction fee is the Regions Prestige Visa® Signature Credit Card because it rewards you with 1 - 3 points per $1 spent on purchases. You can also earn 10,000 points after spending $500 or 20,000 points after spending $1,000 in the first 90 days....
What is the Visa credit card exchange rate?
The Visa credit card exchange rate is the percentage that Visa applies when converting U.S. dollars to a foreign currency. Visa sets different exchange rates for all foreign currencies, and they can change daily. Visa also has an online exchange rate calculator, so you can keep up to date with any rate changes.
The exchange rate is automatically applied to any foreign transaction using a Visa credit card. You will almost always receive a better exchange rate than you would if...
What is a credit card conversion fee?
A credit card conversion fee is an extra charge by your credit card network for converting a transaction made in a foreign currency into U.S. dollars. This fee makes up a portion of a credit card’s foreign transaction fee, which is usually 1%-3% of what you spend.
While most credit cards do charge a conversion fee as part of their foreign transaction fee, there are a lot of great options that don’t. If you’re planning to...
Thank you for submitting your comment! Please login or join Wallethub for your comment to post.
