Swiping Card Overseas

[Dolby]

Just wondering if I swipe for 100 Euro, the conversion isn't what I see on XE (15.62 now) ?
What sort of costs / conversions am I looking at ?

I'm staying a few days overseas and the company gave the Euros to swipe for my hotel (R16.00 exchange) - just wondering with the improved rate, so I score or lose because of the costs ?

 

[supersunbird]

Depend on the bank the card is with.

 

[PsYTraNc3]

Depend on the bank the card is with.

This.
Check with the bank you're with what their current rates are.

Also check if you need to keep a receipt and return the balance to the company if there is any.
I got hit with that quite hard after getting an allowance and then was only told about the need to return balance after I got back to the office.

 

[Stonemason]

Always draw cash and pay cash. Try not to use a card if you can. I once booked into a hotel in New York and when I swiped my card the exchange rate was R8 to the dollar. By the time they submitted the charge to my bank, the exchange rate was R12 to the dollar. A matter of 12 hours.

From then on, I made sure that I walked around with cash only and used the card for emergencies only.

 

[panayi]

This.
Check with the bank you're with what their current rates are.

Also check if you need to keep a receipt and return the balance to the company if there is any.
I got hit with that quite hard after getting an allowance and then was only told about the need to return balance after I got back to the office.

2 things to remember:
Credit card rates are not the same as the EFT rate (eg from XE) - normally about 3% difference
you need to check if you are using the rate to buy or sell the EURO's

Additionally, if they ask that you want to be billed in ZAR on your credit card , I have found that the rate is less favourable than just being charged in EURO on the card.