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AIB credit card and exchange rates

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  • 27-10-2005 10:52am
    #1
    daveg
    Registered Users Posts: 4,683 ✭✭✭


    I've just booked a flight with Qantas. Total cost for flight was $276.65 NZ dollars. According to XE (http://www.xe.com/ucc/convert.cgi) this converts to €162. According to my AIB visa statement AIB have charged €166.

    This is not the first time I'm questioning AIB's exchange rates. I recently bought something (on my visa) in Sterling for approx €500. I had to return for a full refund and when I checked my statement AIB had only refunded €480. I rang up credit card services and they told me that this was just due to differences in exchange rates on different days but they did refund the €20 differences. This is fúcked up. Has anyone else noticed this?


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    #2
    daveg
    Registered Users Posts: 4,683 ✭✭✭daveg


    To add I just rang AIB credit card services. The girl told me *all* visa cards, regardless of bank use the Visa international exchange rate and that the exchange rate is not dictated by AIB. She said AIB could/would pay back any differences in exchange rates if the differences are huge (like the sterling purchase above).

    I was hoping to use my card when we go travelling this year but this is making me think twice.


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    #3
    whiskeyman
    Registered Users Posts: 12,564 ✭✭✭✭whiskeyman


    http://www.ifsra.ie/data/cr_pub_files/Factsheet%20-%20Foreign%20Currency.pdf
    Due to margin and "conversion charge". Seems around 2.5% for your transaction here.
    IFSRA wrote:
    Euro conversion charge (a percentage of your transaction value): this applies to all credit card transactions. You won’t see this charge listed on your
    credit card statement as it is built into the transaction. Check this charge with your credit card provider.


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    #4
    BrianD
    Closed Accounts Posts: 7,221 ✭✭✭BrianD


    The rate can change by the hour. A real pain is car hire where you pay a deposit (on your card) and then when you return the car they credit you. Often you will lose on the exchange rate. XE is not AIB so their rates will always be different.

    I strongly recommend if you are going to AUstralia for a year is to get a credit card over there. Usually if you go direct debit on your bank account and go for the minimum limit you should get one. This means you get rid of the exchange rate issues while out there.


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    #5
    0utshined
    Closed Accounts Posts: 1,746 ✭✭✭0utshined


    BrianD wrote:
    Often you will lose on the exchange rate.

    You shouldn't. If you call up the credit card people about it they can do a refund of the difference back onto your account, provided it's the same card being used and the same base amt. E.g €100 debited and €100 credited back.

    As the others have said the exchange rate used takes into account the charge for conversion.


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