Register Help Remember Me? It is free, and it takes less than 1 minute to register. Subscribe to our daily newsletter. It is free, and it comes with many benefits. Results 1 to 15 of How are Credit Card payments in Foreign Currency calculated? If I make a credit card payment online, say for arguments sake I am paying for accomodation overseas, how is the amount that I am being charged calculated?
Is it calculated in real-time based on the current exchange rate? Also, how much will my bank be slapping onto this amount as their commission, if any at all? I am asking because sometimes purchasing something big accomodation, airline tickets are very sensitive to exchange rates if the site is charging in foreign currency.
Is it worth my while to monitor exchange rates daily and then jump to make a payment when it's looking good? Apologies if this is the wrong place to post - I couldn't find anywhere else more appropriate than "Other Internet Related Discussions".
Originally Posted by ToxicWazte. Originally Posted by PeterCH. The CC exchange rate is not much different from the mid-market exchange rates, as at www.
It's always wise to wait for a favourable exchange rate when buying big items if possible. PayPal can bill you in SA Rands too, that way you'll know exactly how many Rands you will be spending at time of payment. Here are the results: I made a purchase for THB 15, This is because if you chose to pay in foreign currency your South African bank will do the exchange for you at a better rate than the foreign bank will because rand is fairly a small currency overseas.
I am currently based in Italy for longer period two years. I haven't got a Bank account here yet and would like to buy two laptops online using my credit card that is linked to my existing SA account.
Will there be a problem in paying such 'large sums' in foreign currency. Originally Posted by ObeyTheDiode. There's 2 prices when it comes to currency which they don't tell you: Normally what happens with credit card payments in a foreign currency is that the amount will be taken off of your available balance and not settled immediately as with paying for accommodation.
This means you're credit card has an outstanding authorization amount and this varies as the exchange rate varies until the party collecting the funds settles the amount and it goes off of your credit card. If they settle fairly quickly PayPal takes up to a week to settle, sometimes more you'll pay whatever the exchange rate is sitting at at that moment. What FNB could be doing is to add an extra R to the amount to keep a buffer in case the exchange rate goes up or down.
I do not know how FNB works, but I do know most banks will probably do the same. This is to keep your credit card from being used to the max and the exchange rate changes and can't be settled because you have insufficient funds. However, by doing that, if you do max out your credit card and the exchange rate did change dramatically and the buffer they put on didn't work, your credit card would go beyond it's limit when it settles and incurs a lot more fee's. Originally Posted by AcidRaZor.
You're able to buy anything on your credit card from South Africa from anywhere in the world without SARB peering over your shoulder. You're able to buy anything on your credit card from South Africa from anywhere in the world without SARB peering over your shoulder, however, if you didn't notify your bank that you're out of the country and might use your credit card they usually ask you which country you're going to and how long you plan on staying they might decline your credit card immediately because it could be an offending fraudster who has stolen your card.
They're usually very strict with these kinds of things. But it's not SARB looking over your shoulder and how much money you can or can't spend on your SA based credit card, it's purely for security purposes. Something I wondered about is what about tax? Originally Posted by jacqvt. Thanks for the helpful replies.
I did not know I should notify the bank beforehand I actually have a cheque card and not a credit card if that makes a difference. User reviews Motoring and Transportation: Bookmarks Bookmarks Twitter Facebook.More...