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Not that I'm a big fan of banks, but ... Posted by Bill Homer [Email] (#3427) [Profile/Gallery] (more from Bill Homer) on Thu, 6 Aug 2009 08:53:56 In Reply to: Re: You pay for the convenience, yaofeng, Wed, 5 Aug 2009 08:55:03 Members do not see ads below this line. - Help Keep This Site Online - Signup |
A few issues here:
1. Merchants do not pay a minimum of 2.9%; on "verified" transactions (address, zipcode, and card security code), my small business can pay as little as 1.4% and we might do better with a different processor (at least that's what all the competitors are telling me while trying to pitch their services).
2. Part of the 3% bank charge goes to cover bank's fraud losses, which are naturally higher for overseas transactions. Fraudulent transactions are so prevalent from some countries (Italy, Russia) that banks will automatically flag ANY transaction as fraudulent unless you notify them in advance.
3. Are you sure that Capital One is providing a competive rate for the currency conversion and not making up the 3% transaction fee in a less beneficial conversion rate?
In the good old days, I used to travel with a book of Traveler's Checks; I believe that the combination of fees to convert these to local cash was much worse than 3%.
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