9
Do you use or rely on dynamic currency conversion upon cash withdrawals abroad whilst traveling? (piefed.social)
submitted 6 months ago by to c/asklemmy@lemmy.ml
13 comments fedilink hide all child comments
you are viewing a single comment's thread
view the rest of the comments
[–] 6 points 6 months ago (3 children)

Banks will still fleece you on the exchange rate. Ideally you would have a multi currency card so you decide which exchange rate to use and have the cash in the account in the local money.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 3 child comments
    •
  • [–] 3 points 6 months ago* (2 children)

    It’s not hard to find a bank that only charges a 1% fee on the spot exchange rate. You shouldn’t be using a debit card (“cash in the account”) almost anywhere. Credit is so much better.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 2 child comments
    •
  • [–] 2 points 6 months ago (1 child)

    But the exchange rate is where they fleece you not the card usage fee.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 1 child comment
    •
  • [–] 2 points 6 months ago* (last edited 6 months ago)

    Maybe if you have a bad bank, I’ve checked mine and it’s competitive. April 17 I did a Bandcamp transaction in GBP, charged my Chase card and got <1% difference in USD compared to the mid-market exchange rate on that date. It’s $90.21 on my statement, $89.92 when I calculate it, so +0.3% off the mid-market rate.

    If you’re getting anything worse than this, you’ve got a shady bank, and there’s no lack of competition.

  • permalink
  • fedilink
  • source
  • parent