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Credit card currency conversion

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  • 26-03-2011 12:43am
    #1
    douglashyde
    Registered Users Posts: 694 ✭✭✭


    Need a little help on this,

    I currently have an AIB credit card and use it quite extensively to pay for large amounts of work to be done in the US.

    Say something costs $1000 in US dollars, am I then charged 710 euro (open market rate) or does AIB use their own currency conversion rate. I am unsure what rules apply when dealing with credit cards and currency.

    Thanks for the help


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    #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    AIB will use their own rate of the day whenever you use your card to pay in a foreign currency.


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    #3
    douglashyde
    Registered Users Posts: 694 ✭✭✭douglashyde


    Toots* wrote: »
    AIB will use their own rate of the day whenever you use your card to pay in a foreign currency.

    I have quite a lot of money in a american trading account. However with the weakness of the dollar to the euro at the moment, I have no real intention of moving it to my Irish account anytime soon.

    While I could leave it sitting in the american trading account as cash, I feel it might be more benifical to open one of these:

    http://www.offshore.barclays.com/international-banking/

    This would allow me to buy things in america without the conversion rate.

    Would you have any recommendations or opinions on this??


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    #4
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    douglashyde wrote: »
    Need a little help on this,

    I currently have an AIB credit card and use it quite extensively to pay for large amounts of work to be done in the US.

    Say something costs $1000 in US dollars, am I then charged 710 euro (open market rate) or does AIB use their own currency conversion rate. I am unsure what rules apply when dealing with credit cards and currency.

    Thanks for the help

    Interbank rate plus about 1.5%


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