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Credit Cards Amex FX rate - interbank?

Discussion in 'questions. answers. conversations.' started by MyNameIsLee, Jun 17, 2018.

  1. MyNameIsLee

    MyNameIsLee Reader

    I'm out of the US at least 330 days per year. What winds up mattering most to me in a card is the FX conversion cost to EUR, GBP, etc.

    I'm curious if the Amex Platinum charge converts at the interbank rate, or one they set? I know Visa/MC cards generally convert a bit higher... which means, even with zero foreign transaction fee, I'm being hit slightly every time I convert.

    Is this the same with Amex? I think I read a blurb once that said it's basically at the Interbank rate, but wondered if someone has any actual experience to qualify that statement?

    Thanks!
     
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  2. Gia

    Gia Active Member

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    My experience exchanging Dollars and Euros is as follows:
    MC has the most favorable rate, with Amex and Visa usually a slight bit lower (usually in the .1% area). Lucky posted this a while ago
    https://onemileatatime.boardingarea.com/2016/05/16/mastercard-international-exchange-rate/

    In spite the marginally better rates from MC, I don’t hesitate to use Amex or Visa cards if warranted for the points and miles I get for category spend on my trips, which is highly more significant than the difference in exchange rate.
     
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  3. David W

    David W Well-Known Member

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    I agree with Gia. Given that the rates fluctuate daily, I don't think there's any bank that will give you the exact market rate.

    Personally, the difference is negligible.
     
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