Parity Purchasing - Exchange Rates

[MATT]

With dollar so good and people purchasing from OS, what sort of payment type are you using?

What actual rate are you getting?

i bought some stuff with PAyPal adn got 97.6 when it was 99.6 on the exchange .

MATT

[gstark]

Matt,

That's a great question.

So good, in fact, that I've taken the liberty to split it off into its own thread, so that people can post the purchase exchange rates that they've achieved and we perhaps can then use the thread as a bit of a guide as to whom is providing the best exchange rate deals on our Parity Purchasing Plunders.

I hope you don't mind ...

[digitor]

I use a Wizard Clear Advantage Mastercard to handle the exchange through PayPal, and get pretty well spot on the xe.com mid rate at the time of the transaction. Also, no fees for foreign currency transactions. Very useful when travelling too, as there's no ATM transaction fees, apart from any locally imposed ones (or interest if you load it up with cash first).

Check how much your credit card company or PayPal is stinging you by looking here: http://www.xe.com/ccc/ to check some past transactions.

Cheers

[MATT]

Matt,

That's a great question.

So good, in fact, that I've taken the liberty to split it off into its own thread, so that people can post the purchase exchange rates that they've achieved and we perhaps can then use the thread as a bit of a guide as to whom is providing the best exchange rate deals on our Parity Purchasing Plunders.

I hope you don't mind ...

Don't mind, was doing my head in when I couldnt find my post though..

MATT

[the foto fanatic]

Hmmm - looks like American Express isn't the best deal going around.

Last night my B&H purchase came through at a 94c net exchange rate when the A$ is on parity with the US$!!

Might try Visa next time.

[digitor]

Might try Visa next time.

Just as bad - crap exchange rate, PLUS a 2.5% foreign currency fee.

Cheers

[Reschsmooth]

Different institutions impose a variety of costs and fees on FX transactions. I had a client wanting to transfer AUD200k to USD. His first interaction with a bank would have resulted in:

1. An effective cost of AUD0.04 (yep - c4%);
2. A better outcome for transactions less than AUD10,000.

I managed to go to another major bank and arranged the conversion at an effective cost of about AUD0.005.

It pays to shop around for larger transactions.

[gstark]

was doing my head in when I couldnt find my post though..

Sorry 'bout that.

Hmmm - looks like American Express isn't the best deal going around.

And when was it?

Seriously, I'd be making a phone call to Amex about that. It's a blatant rip off, and they deserve to hear your ire.

And be given an opportunity to bring the rate to something approaching reasonable.

[Murray Foote]

I checked my Visa card through the Community CPS Credit Union. 3% exchange rate cost in one instance, 4% in another.

[the foto fanatic]

Rang Amex; spoke to someone in Godknowswhereistan.

She told me that there is a flat fate charge of 3%, then they apply their exchange rate.

Therefore on my recent transaction, when the official exchange rate was over 99c, their exchange rate was just over 97c

In other words, about a 5% charge overall.

Completely Underhanded Nasty Transaction Services

[digitor]

Completely Underhanded Nasty Transaction Services

Get a card which doesn't charge fees for these sorts of transactions - I did after getting pissed off with a newly imposed fee on my Visa. I complained, and got it reversed as a once-off "gesture of goodwill" and have never used it again for a foreign transaction, either for internet purchases or while travelling.

Cheers

[Reschsmooth]

Rang Amex; spoke to someone in Godknowswhereistan.

Is that near the US mid-west town of Dumbasf@$kistan?

[the foto fanatic]

Yes, an adjoining state Patrick.

However, I did think that you may also have picked up on the acronym that would be formed by my last sentence.

Obviously my jokes are weak, seeing they need explanation.

[surenj]

Get a card which doesn't charge fees for these sorts of transactions

Any examples of these?

[Reschsmooth]

However, I did think that you may also have picked up on the acronym that would be formed by my last sentence.

Obviously my jokes are weak, seeing they need explanation.

You are assuming a level of observation skills that are sorely lacking.

[digitor]

Any examples of these?

Seek and ye shall find.... (Hint: Read the whole thread)

Cheers

[Marvin]

That Wizard card looks good. I wish I had had one when I was overseas all of last year. Got hit with lots of crap exchange rates and fees. I might have to get me one.

[digitor]

There's thousands of positive posts on various travel forums about the card, which is how I found out about it after doing some googling on a newly imposed Visa charge a couple of years ago.

Cheers

[ATJ]

I thought I'd post an update to this thread with regards the "Wizard" card. That card no longer exists and it was replaced by the "28 Degrees" card from GE Money. I got myself one a month or so ago and used to the first time to purchase some more goods from Really Right Stuff. They shipped on Thursday and after checking my online statement I am quite pleased. I got an exchange rate of US$1.07219. It is a tad less than what the reported rate was (US$1.0740) but so much closer than I have ever got before. I will certainly be using that card again for overseas purchases.

[surenj]

Thankx Andrew. I have signed up for the 28 degrees today. I reckon I will use it on my paypal as well.

[digitor]

I got an exchange rate of US$1.07219. It is a tad less than what the reported rate was (US$1.0740)

Egads - ripped off!

I notice that the rate I get does vary slightly, as often above as below the rate quoted on xe.com. I guess it depends on exactly when the transaction goes through, and how fast and in which direction the rate is moving at the time.

Cheers

[MATT]

I got a 1.049 from PayPal, when buying some Filters from HVStar today. Not sure what the actual is but it still better than before..

MATT

[ATJ]

I got a 1.049 from PayPal, when buying some Filters from HVStar today. Not sure what the actual is but it still better than before..

I think the current rate is pretty close to 1.07 so it looks like they are skimming around 2%.

[ozimax]

I thought I'd post an update to this thread with regards the "Wizard" card. That card no longer exists and it was replaced by the "28 Degrees" card from GE Money. I got myself one a month or so ago and used to the first time to purchase some more goods from Really Right Stuff. They shipped on Thursday and after checking my online statement I am quite pleased. I got an exchange rate of US$1.07219. It is a tad less than what the reported rate was (US$1.0740) but so much closer than I have ever got before. I will certainly be using that card again for overseas purchases.

Ditto. I got one of these fellas last February before a trip to the USA. I only keep $2000 limit on it for car hire etc, so if someone hacks/steals/misuses it, at least I'm not up for a fortune.

No problems using the card in the USA, although I used my NAB Qantas platinum CC for lens purchases as it gives me an extra year's warranty on anything I purchase.

Ozi.

[Mr Darcy]

"28 Degrees" card from GE Money.

I used one of these while travelling. Worked well, but there was one ATM somewhere, Easter Island I think, that did not like it even though it was the approved flavour (Mastercard). I just pulled another one out of the pack. Second time lucky.
One issue I have with it is that it does not list the Foreign amount on the eStatement, so it is difficult to to a spot check on the conversion rate. I didn't keep all the restaurant bills etc.

I pushed money into it regularly via an automated BPay schedule so I could do "cash advances" without incurring instant interest accruing. I have just checked the balance. $1700 in credit. Note to self. Must find something to buy.

The worst rate I have ever seen was on the boat at the end of the trip.
They took USD cash, or credit card at .90 when the USD was at 1.05. Their excuse was that that was the exchange rate when they bought the goods. Then they applied the same rate to the money (USD) they paid out so we could tip the Russian crew. They got the money that morning from other Passengers who paid cash for their tab. I told them to charge the card in USD. They refused. Bloody ripoff merchants. A very bad taste was left at the end of an otherwise excellent trip. Note that this was Aurora, not the Russians.