Warning of credit card currency rip-off abroad
CONSUMERS are being fleeced when they use their credit cards in places like the United States or Britain, the Financial Regulator warned yesterday.
Shops, hotels and restaurants in non-euro countries like Britain are offering Irish tourists the chance to pay in euro on their cards — but are charging a premium.
Now the Financial Regulator says customers could get a better deal by paying in the local currency instead even with the 1.75% transaction fee charged by credit card companies.
Financial Regulator spokesman Jill Forde said: “Often shops and hotels will have their own currency conversion rate, which can be less favourable than the ones charged by the credit card companies.
“Consumers should always check which currency they are paying in ... [and] must do a bit of quick arithmetic ... to see if it would be cheaper to pay in local currency. It generally is.”
Shops, hotels and restaurants in non-euro countries like Britain are offering Irish tourists the chance to pay in euro on their cards — but are charging a premium.
Now the Financial Regulator says customers could get a better deal by paying in the local currency instead even with the 1.75% transaction fee charged by credit card companies.
Financial Regulator spokesman Jill Forde said: “Often shops and hotels will have their own currency conversion rate, which can be less favourable than the ones charged by the credit card companies.
“Consumers should always check which currency they are paying in ... [and] must do a bit of quick arithmetic ... to see if it would be cheaper to pay in local currency. It generally is.”
Read more at: Warning of credit card currency rip-off abroad
posted by e-borneo.com @ 1:10 PM
0 Comments:
Post a Comment
<< Home