How do i check out Mastercard exchange rate used when i shop online?
I shop through internet sometimes and i didn't know the exchange rate used when i shop...i asked my bank but they said that it wasn't the buy and sell rate, it's the mastercard (my credit card) rate, specific for shopping activities...
i checked out at mastercard web...but no information about exchange rate...
Can anyone help?...
Related Credit Card Sites
- Fixed Versus Floating Exchange Rate | Financial News
- National credit card rates for July 1, 2010 | SportsNews
- Finding The Best Credit Card Rate With Bad Credit | Money | Debts | Financial Freedom
If you enjoyed this post, make sure you subscribe to my RSS feed!
I just called GE money- they administer my mastercard, and they told me that the exchange rates used by mastercard are the ones at http://www.xe.com.
My mastercard doesn’t have any fees for foreign transactions, but commonly the fee is 2.5%. I guess you need to call your card issuer to check that.
On the conditions of use brochure for one card (westpac gift card mastercard) it explains: "The exchange rate used for the conversion is either a government mandated exchange rate or a wholesale exchange rate, selected by MasterCard for the applicable currency on the day the transaction is processed. That rate may differ from the rate applicable to the date the transaction occurred, or the date when the transaction is deducted from the card value".
To me this means that the xe.com rates are the same wholesale rates that mastercard uses, BUT you dont exactly know which day the transaction will be processed. Close enough for me
Today I’ll make a foreign currency purchase and check xe.com for the next couple of days. then I’ll know for sure.