Question
I will be going to the Atlantis resort in the Bahamas next week for 4 days. I usually prefer my SW Amex for all transactions including foreign because the exchange rate offered to the credit card issuers often makes up most of the 2% fee. Since the Bahamas currency is kept equivalent with the US Dollar, will I not receive a more beneficial exchange rate with my Amex or other Visa/MCs. Will Amex bill $1.02USD for every $1Bahamain charged?
I have and MBNA and Capital One visa/mastercards, which I understand lowers the surcharge to the base 1% but these are non-reward cards received for BT offers.
It is a company event so the room charges and about half of the meals and excursions will be taken care of separately. However, I'll be paying for the other half of the meals and other expenses so there will be some amount of significant charges.
So do I
1. Bring US Cash to cover expenses? Less convienence and safety but avoids fees.
2. Look into using a foreign ATM, what will the fees associated with this be?
3. Try to have my MBNA card or Capital One converted to a rewards card to earn rewards hopefully equal to the 1% charge.
4. Or continue to use my preferred Amex if I'll receive a more favorable exchange rate through the credit issuer.
Answer
Atlantis will charge your card in US dollars.
QL