Question
I was traveling to Canada last month, and used both my MBNA MasterCard and VISA. After looking at the statements, I noticed that for the charges made on the same date (and posted on the same date), different foreign exchange rates were used! The rate used by VISA was 1.38, and the one used by MasterCard was 1.36 (1.5 % difference). The bank itself (MBNA) claims that they do not add anything to whatever rate VISA and MasterCard use, and according to their contract with both MasterCard and VISA, that rate should be the wholesale rate + 1 % posted on the day prior to conversion (which shows as 1.38 on the date in question).
I just called MBNA and requested an inquiry into this discrepancy. The CSR was very polite and helpful, but couldn't explain it, and promised to follow up with MasterCard and VISA, and report back to me in a couple weeks. I will keep you posted.
Answer
If you want a resolution, talk to a Supervisor my friend.
Dealing with an ignorant Customer Service Rep won't help.
I'm sure you're in the right, but it won't get you anywhere to discuss such issues with the lower tier.
Sad to see that they're padding the rate to 1.38! :=0
Answer
Originally posted by Wolverine:
If you want a resolution, talk to a Supervisor my friend.
The resolution I have in mind has nothing to do with the adjustment of my bill. It looks like MasterCard (not the bank) is padding their foreign exchange rates, but I want to have the bank's official response in writing before I start digging further.
Answer
Originally posted by Wolverine:
Sad to see that they're padding the rate to 1.38!
Actually, it's the other way around - 1.38 CAD per 1 $US is a better rate than 1.36... http://www.flyertalk.com/forum/smile.gif
Answer
I have an MBNA Visa
FOREIGN CURRENCY 43.90 CANADIAN DOLLAR $31.72
Posted: 08/08/2003 Trans: 08/06/2003
so what that 1.397 after the 1% visa charges. The dollar has been getting stronger so maybe it was just an error in the posting date.
Here is a great link to CC conversions:
http://www.xe.net/ccc/
Answer
Originally posted by lonetraveler:
The dollar has been getting stronger so maybe it was just an error in the posting date.
The exchange rate fluctuates constantly, that's why it's important to compare apples to apples, i.e., same bank VISA and MC charges on the same day, that are also posted on the same day.
Also, the rest of my charges on that trip show consistently better exchange rate by VISA compared to MC.
Answer
OK so what's the best MBNA Visa (or MasterCard) out there (with NO ANUAL FEE)