Credit Card Conversions
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Elder User
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From: Broken Arrow, OK.
Credit Card Conversions
I have a question for everyone. Today I had a customer that came into my store and purchased some clothing and paid with a credit card. Upon talking to them they were from Canada. Later I got to wondering if a person buys something in another country on their card does it automatically convert the exchange rate? Just curious if anyone knows. 
Posting Guru
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From: Maine
Yep. I'm pretty sure the exchange rate the credit cards use is about as good as it gets, too. My father buys CDs from Amazon.UK fairly often, and has been extremely happy with the way that Visa handles it.
Fleet Owner
Joined: Aug 2001
Posts: 29,941
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From: Drummonds, TN USA
The only time conversion is a factor is if someones EX uses them - in which case they are usually maxxed out and converted to useless bits of plastine...
(not to mention a large amount of endebtedness)
"Oh look! A reminder from Harrah's. Funny - I don't remember ever going there..."
Last edited by Greywolf; Mar 2, 2006 at 08:06 PM.
Fleet Owner
Joined: Aug 2001
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From: Drummonds, TN USA
Be glad she never had a government job (not that she could have kept it).
The treasury would have been ruined altogether...
Although...
I wonder if she had anything to do with the national debt? Good point to consider - what do I really know about her anyway...
(He says, frustratedly)
It SOUNDS like her.
NOTE: I voted, she didn't. Failed to even register as I recall. She complained about the Bush Cheney sign in the yard - I told her to shut her face. You don't vote - you don't have any right to criticise...
I wonder if Euros are going up, as compared to the dollar?
The treasury would have been ruined altogether...
Although...
I wonder if she had anything to do with the national debt? Good point to consider - what do I really know about her anyway...
(He says, frustratedly)
It SOUNDS like her.
NOTE: I voted, she didn't. Failed to even register as I recall. She complained about the Bush Cheney sign in the yard - I told her to shut her face. You don't vote - you don't have any right to criticise...
I wonder if Euros are going up, as compared to the dollar?
Last edited by Greywolf; Mar 2, 2006 at 08:20 PM.
Fleet Owner
Joined: Aug 2001
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From: Drummonds, TN USA
Come to think of it - that brings a point. Is "CASH" as it is used or expressed in Credit card terms placed against the international exchanges?
Can credit companies instantly switch the bulk of their currency to the currency of those nations whose monetary instruments are currently on the rise, and so realise capital gains?
To what extent is credit as such a real commodity that can be traded against international banks so as to realise a profit through trading in various nations moneys?
Or is it solely a trade that exists only in agreements which have no real profitability other than interest payments. IE: A loaned moneys arrangement.
Can credit companies instantly switch the bulk of their currency to the currency of those nations whose monetary instruments are currently on the rise, and so realise capital gains?
To what extent is credit as such a real commodity that can be traded against international banks so as to realise a profit through trading in various nations moneys?
Or is it solely a trade that exists only in agreements which have no real profitability other than interest payments. IE: A loaned moneys arrangement.
Last edited by Greywolf; Mar 2, 2006 at 08:33 PM.
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From: Ontario, canada
Originally Posted by john112deere
Yep. I'm pretty sure the exchange rate the credit cards use is about as good as it gets, too. My father buys CDs from Amazon.UK fairly often, and has been extremely happy with the way that Visa handles it.
Now they charge a few points more than converting cash. Just another profit centre for them
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New User
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Yes they do . The conversion is based upon the exchange rate at the time the transaction is submitted to the CC company
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Elder User
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From: Broken Arrow, OK.
I was hoping that a couple of the Canadian group would jump in here! Thanks to all that have answered my question, I have worked in retail for 15 years (I know, I know) but this is the first time that I have encountered the credit card/different country exchange rate transaction. Mostly it's just tavelers checks.
Post Fiend
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lived overseas for 3 years, always used a CC, they do the exchange rate automatically on the current exchange rate. but they charge a small fee also for it, i don't know if all of them do but mine does at least. and its a real small fee!
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