Peso or Dollar?

[Gator]

36 minutes ago, JJReyes said:

Assuming your credit card is under the Mastercard or Visa bank program, this should not happen.  Complain, or as suggested, get another card.

It’s not up to Visa or MC, it depends on the terms from the issuing bank. Most USA banks do charge international transaction fees, however there are several that do not.  A Google search can help find those that do not and you (not you personally JJ) can apply for one of them. Complaining to the bank that issued your Visa or MC probably won’t help. If it's the very first time, and you’re a customer with a good payment history, they might waive the extra fee once, but only once. 

Same with using a USA issued debit card at an ATM here. The majority will have crappy exchange rates and extra fees in addition to the terminal fee charged by the owner of the respective ATM. Very few USA banks waive the fees and reimburse the terminal fee (Schwab is one that does). 

And personally, I would never use a credit card in an ATM machine as it’s treated as a cash advance with higher interest rates and, depending on the issuing bank, often higher fees as well.  

[intrepid]

48 minutes ago, Gator said:

t’s not up to Visa or MC, it depends on the terms from the issuing bank. Most USA banks do charge international transaction fees, however there are several that do not.

This is correct.  I have found most if not all free visa & MC charge the foreign transaction fee.  The Capital One Card I use has an annual fee of $100. which I have no issue with.  Many benefits not limited to the no FTF.  You need to do a search for the cards with no FTF and determine which is best for you.

[Gator]

15 minutes ago, intrepid said:

You need to do a search for the cards with no FTF and determine which is best for you.

Quite true. Need to also keep in mind that banks often offer multiple types of cards with various benefits or perks. Not all of them come with no foreign transaction fees. Need to do your due diligence and read the fine print. 

[OnMyWay]

51 minutes ago, intrepid said:

This is correct.  I have found most if not all free visa & MC charge the foreign transaction fee.  The Capital One Card I use has an annual fee of $100. which I have no issue with.  Many benefits not limited to the no FTF.  You need to do a search for the cards with no FTF and determine which is best for you.

Why such a high annual fee?  Large % Cashback?  I only pay $20 annually for my CapitalOne travel rewards card.

[intrepid]

3 minutes ago, OnMyWay said:

Why such a high annual fee?  Large % Cashback?  I only pay $20 annually for my CapitalOne travel rewards card.

Yes. Large cash back.  We use the card for almost every purchase. 

[JJReyes]

1 hour ago, Gator said:

And personally, I would never use a credit card in an ATM machine as it’s treated as a cash advance with higher interest rates and, depending on the issuing bank, often higher fees as well.  

I have a debit card for emergency cash withdrawals from an ATM machine.  One time, I accidentally used a credit card and found out the hard way about the difference.

You might be right that our bank maybe be extending us additional privileges based on historical relationship.  Likewise, our credit score is consistently above 800 since we have zero debt.  The funny thing is a perfect score of 850 is not possible because the rating agencies want to see some debt like a mortgage to determine if we regularly pay the monthly amount due.  Our Mastercard, Visa and American Express are considered convenience cards rather than credit cards because monthly payments are automatically deducted from our bank account. 

 

 

[OnMyWay]

1 hour ago, intrepid said:

Yes. Large cash back.  We use the card for almost every purchase. 

Many cash back cards are a lot better than the travel rewards card I have, and I want to get a cash back card, but I'm not sure how I would work the logistics of actually getting a new plan and card.  My address with Cap One is my Travelling Mailbox in Florida, so they will send the new card there.  My current card expires in July this year, so I should figure something out.

If I have Travelling Mailbox forward it, I think that the DHL fee will be ~$100.  That would be for either card, renewing the old one or getting a new plan/card.

I don't think Cap One will mail either one to the Philippines.  Any ideas.

[longway]

In the U.S. I use a "cash back" credit card almost all the time but when traveling internationally I only use a credit card at well known multinational hotels, restaurants, and shopping stores. I don't want the exposure to fraud that using the card indiscriminately can bring. I realize if it happens I can get a replacement card, etc, and I've done that drill twice in my life (once in the U.S. and Once in Eastern Europe) but I don't need that hassle when cash is happily accepted.

[craftbeerlover]

On 1/21/2024 at 3:34 PM, JJReyes said:

When paying in the Philippines with a credit card issued by a US based bank, I am often asked, "Peso or Dollar?"  If my answer is "Dollar," the exchange rate is really lousy, approximately 5% to 6% in favor of the bank processing the credit card charge.  Therefore, for me, the automatic answer is, "Peso."  I save the receipt until the charge appears in my online statement to verify the exchange rate is very close to the daily quotation.  No reason why they do this except the bank has found another way to fleece unsuspecting visitors.

as others have already stated, its always "Peso".   BDO etc. just found another way to squeeze more money out of people

[craftbeerlover]

7 hours ago, longway said:

In the U.S. I use a "cash back" credit card almost all the time but when traveling internationally I only use a credit card at well known multinational hotels, restaurants, and shopping stores. I don't want the exposure to fraud that using the card indiscriminately can bring. I realize if it happens I can get a replacement card, etc, and I've done that drill twice in my life (once in the U.S. and Once in Eastern Europe) but I don't need that hassle when cash is happily accepted.

Wow, I have been using my credit cards everywhere and anywhere for the last bazzilion years, and never had an issue.   Huge advantages using credit cards to include rewards/points.   Both my credit cards have excellent security, I have never been worried at all.