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» Cruise Talk   » Mid-Ships Lounge   » cruising and credit card currency conversion charges

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Author Topic: cruising and credit card currency conversion charges
Frosty 4
First Class Passenger
Member # 5826

posted 01-24-2015 04:15 PM      Profile for Frosty 4   Email Frosty 4   Send New Private Message      Edit/Delete Post  Reply With Quote 
If your using a US based credit card eg.VISA in the Carribean at various islands,they will charge you a 1% fee for purchases .Some cards 2-3%
I purchased a $$$ watch in St.Maarten and was charged $50.00. ( converted to Euros)Even on small purchases like T-shirts etc. or any thing you use your credit card for.The stores don't tell you this.
So use cash for the small stuff as it can add up.
Just a FYI.
Frosty 4

Posts: 2531 | From: Illinois | Registered: Jul 2005  |  IP: Logged
Globaliser
First Class Passenger
Member # 4153

posted 01-25-2015 05:42 AM      Profile for Globaliser     Send New Private Message      Edit/Delete Post  Reply With Quote 
Do you mean a charge levied by the shop in addition to the price of the item (eg item costs $50, shop adds $1 so you sign a slip for $51)?

Or do you mean a charge levied by your bank (eg item costs $50, you sign a slip for $50, your credit card bill shows $50 and a further $1 charge)?

If it's the latter, credit card issuers all over the world have pretty much always done this for foreign currency transactions. There's a limited number of card issuers that don't make an FX charge of this kind. In the UK, recent legislation has required card companies to split out this charge, so it's more visible now than it used to be - but it was always there (and the bill would always have said $51). One disadvantage of this new-fangled transparency is that I used to earn frequent flyer miles on the $51 total, but now only earn them on the $50 purchase price.

One of the further issues in places like the Caribbean is that many shops will display prices in USD, which you can pay if you use cash. But if you use a credit card, the transaction will go through in local currency, and it's then converted back into USD by your card issuer (assuming that's your home currency) - which is why you can end up with a different USD total plus an FX charge, even though in your own mind the transaction was always in USD.

There are still plenty of good reasons for using credit cards when overseas, but as you say this sort of thing is always worth thinking about.

[ 01-25-2015: Message edited by: Globaliser ]


Posts: 1869 | From: UK | Registered: Sep 2003  |  IP: Logged
Frosty 4
First Class Passenger
Member # 5826

posted 01-25-2015 10:08 AM      Profile for Frosty 4   Email Frosty 4   Send New Private Message      Edit/Delete Post  Reply With Quote 
I called my credit card co. I was curious as to what currency was converted too. They said Euros,As the purchase was on the (Dutch side ).
I bought a Bremont watch (English)so I thought it might be in Pounds.
As a watch collector I also bought another English watch recently- Christopher Ward made by the Swiss however.
It seems England is getting back to old traditions in watch making. Very nice.
Frosty 4

Posts: 2531 | From: Illinois | Registered: Jul 2005  |  IP: Logged

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