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Don't pay expensive foreign exchange conversion fees on your credit card!

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#1 Sarah from Birmingham

Sarah from Birmingham
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    Posted 21 January 2008 - 12:38 AM

    I was just about to put down a big deposit on my reception in the Bahamas. I checked with my credit card company and they charge 3% to convert from US to Bahamian dollars. This is a joke, because Bahamanian dollars are pegged to US currency. My mom told me that Capital One credit cards have no foreign exchange fee, so I applied for a new card that I will use to book and pay for all of my wedding expenses. This is going to save me over $1,000! I promise, I don't work for Capital One. I just thought it was a good idea on how to save money.

    #2 rodent


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      Posted 21 January 2008 - 12:52 AM

      I have heard that capital one is the best for paying things internationally. The only problem with capital one is they don't report your available credit, so it can hurt your credit score. Not a huge deal, just something to be aware of. As long as you don't have only capital one cards it shouldn't hurt.

      #3 Yari

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        Posted 21 January 2008 - 04:39 AM

        Wow, thanks for sharing. This is a great tip!

        #4 melglnh2o

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        • 1,016 posts

          Posted 21 January 2008 - 12:41 PM

          We were also charged a foreign exchange fee when we put down a large deposit for our wedding using American Express. But we contacted the resort and told them to rebill it in US dollars (instead of converting it). They did and we were reimbursed for the fee.

          #5 twinkletoes

          • Sr. Member
          • 2,302 posts

            Posted 21 January 2008 - 01:18 PM

            Great advice! Thanks for sharing b/c I'm sure if I would have saw an outrageous fee on my credit card bill I would have freaked out!!! Then I would have raised hell and I'm sure someone would have told me 'Sorry, there's nothing we can do about it!' Understanding what you're fussing about always helps, lol.
            2 Hearts, 1 Love 08.08.08Punta Cana, D.R.

            #6 mdw2dtw

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              Posted 22 January 2008 - 06:00 PM

              This is a great thread, I will have to remember this when booking. I am going to call my TA to verify the prices quoted for my guest are accurate. I would hate for them to think it's one price and then get another one on their statements when they get home. Thanks again.

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