Timeline for Why do financial institutions charge so much to convert currency?
Current License: CC BY-SA 3.0
7 events
| when toggle format | what | by | license | comment | |
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| Sep 21, 2017 at 22:09 | comment | added | reirab | @BenTaber Looking back at a recent AmEx statement, the exchange rates ranged from about 0.1% in my favor to about 0.5% in the bank's favor. Certainly not anything like what the OP is asking about. | |
| Sep 21, 2017 at 21:44 | comment | added | Ben Taber | @reirab there may not be an explicit foreign transaction fees on some credit cards, but the card issuer is still charging the consumer a hidden fee by using a less favorable rate than what the issuer is able to convert currencies at. | |
| Sep 19, 2017 at 10:58 | review | Suggested edits | |||
| Sep 19, 2017 at 12:15 | |||||
| Sep 19, 2017 at 10:57 | comment | added | user62886 | While I agree about financial institutions, the blanket statement about "all institutions, financial or otherwise" isn't true. | |
| Sep 18, 2017 at 19:40 | comment | added | reirab | I'd argue that, at least in the case of the market of frequent travelers, the market doesn't bear it, though your answer is otherwise right. Most U.S. travel-oriented cards (and even some that aren't travel oriented, such as Discover and Capital One) don't have foreign transaction fees these days. | |
| Sep 18, 2017 at 13:30 | review | First posts | |||
| Sep 18, 2017 at 13:54 | |||||
| Sep 18, 2017 at 13:27 | history | answered | dotancohen | CC BY-SA 3.0 |