Use of credit card overseas

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  1. #1

    Use of credit card overseas

    Last time I used my credit card overseas, the exchange rate used by my bank was rather high. Do banks make a surcharge for use of the credit cards overseas? In this respect are any HK banks better than the others?


  2. #2

    Join Date
    Apr 2003
    Posts
    12,383

    There is a 3-5% spread that the banks take advantage of.

    Use http://www.oanda.com to estimate credit card rates.

    HK banks are usually more unregulated than banks in other countries. If its an issue .... get cash or travellers checks.


  3. #3

    Join Date
    Apr 2003
    Location
    Pokfulam
    Posts
    4

    Actually in many European countries travellers checks are traded at a lower rate than cash. I guess it's the cost of security!


  4. #4

    Join Date
    Jan 2003
    Location
    Back in Toronto now - after 10 1/2 years in HK
    Posts
    945

    Yes, but the exchange rate spread has gone higher in recent years. There was a time when credit card exchange rates were better than most, not any longer. ATM debit cards may end up the same way.