Most Credit card issuers charge a fee between 1%-2.5% on overseas transactions (Foreign currency conversion charges)These charges are put as fine print.These can lead to significant charges if you incur foreign costs/charges on your credit or debit cards.
There are two types of charges-one is converting from the foreign currency to USD and then back to local currency and then levying a charge of between 1%-2.5%.
Example:One spends 100AUD on a Singapore issued card,the issuer will convert to USD and then to SGD and then add the 2.5% (in case of AMEX).
While some banks profess to charge a lower rate while doing online transactions if you are still in the home country,the reality is otherwise.
Paypal in fact charges about 2.7%,however if you use USD as the base rate your charges in case of Paypal might be lower.
The reality is that -the financial institutions are out to have their pound of flesh anyway they can!By incurring overseas transactions card users are playing into the hands of these institutions.
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