caribbeansun Posted April 7, 2010 #26 Share Posted April 7, 2010 I'd suggest you do the following: a) Find out if they charge a foreign currency transaction fee - many here have posted that they don't but you should confirm. b) Take a look at the terms and conditions (likely somewhere on their website) regarding the fee they charge as a "commission" - usually this around 2.5%. I don't think you'll get around the commission but it's nice to know. c) Check the spread (in %) between the US$ and AUD$ on the site you were looking at. If c-(a+b)> 0 then you should charge to the CC in AUD. If c-(a+b)< 0 then have them do the charge in US$ CarribeanSun, Don't know what info. you need. I will be using a CapitalOne MC. From what I've read, I should ask to be charged in AUD rather than USD. I plan to join a local credit union or get a BoA atm card, or like the other poster suggested, open a Schwab acct. to use to get cash once I'm in Australia. Thanks for the explanation of the exchange rates. Is my understanding above correct? Thanks. Link to comment Share on other sites More sharing options...
Paulchili Posted April 7, 2010 #27 Share Posted April 7, 2010 If c-(a+b)> 0 then you should charge to the CC in AUD. If c-(a+b)< 0 then have them do the charge in US$ Very impressive! Now, if I could only follow that(lol). Are you a mathematician? Link to comment Share on other sites More sharing options...
caribbeansun Posted April 8, 2010 #28 Share Posted April 8, 2010 LOL - no I'm not, thought that approach would be easier to follow. In English without the math equation: If the fees related to the CC are more than the spread on the purchase then have them charge the CC in US$ If the spread on the purchase is more than the fees on the CC then have them charge the CC in AUD$ Hmmm...I guess that would have been easier to follow after all.:o Very impressive! Now, if I could only follow that(lol).Are you a mathematician? Link to comment Share on other sites More sharing options...
Aruba Posted April 8, 2010 #29 Share Posted April 8, 2010 I"m a math geek. Your formula was clearer to me than the English version. ;) Link to comment Share on other sites More sharing options...
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