Refusing dynamic currency conversion
Jan 23rd, 2006, 01:32 PM
#42
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Robespierre, my question was not about the dynamic currency conversion or whether the merchants who try to force it are perpetrating fraud.
I was asking whether your "Don't pay cash" was a blanket statement. That is all. I'm sorry if I wasn't clear enough.
I was asking whether your "Don't pay cash" was a blanket statement. That is all. I'm sorry if I wasn't clear enough.
Jan 23rd, 2006, 01:41 PM
#45
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My attitude is this...when I'm on holiday I use my credit cards for everything everywhere they are taken for any amount no matter how small or large...as noted when a merchant takes credit cards the commission is reflected in the price structure so in effect whether I use acredit card or not I am paying for it.....
In the US, there are two mportant protections for us in the agreements merchants sign with mc/visa. The first is the merchants may not establish a minimum for use of a credit card. The second is a merchant may not surcharge for use of a credit card.
Unfortunately these rules do not exist in other countries such as the UK and sometimes I run into problems when merchants insist on £5 minimums for use of a card. I find that to be reprehensible myself.
In the US, there are two mportant protections for us in the agreements merchants sign with mc/visa. The first is the merchants may not establish a minimum for use of a credit card. The second is a merchant may not surcharge for use of a credit card.
Unfortunately these rules do not exist in other countries such as the UK and sometimes I run into problems when merchants insist on £5 minimums for use of a card. I find that to be reprehensible myself.
Jan 23rd, 2006, 04:16 PM
#46
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Robespierre.. I just called my bank and there is no doubt.. If they run your debit or credit card for anything, the bank automatically releases that amount to the company you are buying from. If for some reason (20 seconds later) you are not happy with the purchase and they credit back to the account, it can take 5 to 7 business days for that ENTIRE amount to credit back to the account...
but I agree with you, it needs to stop.
but I agree with you, it needs to stop.
Jan 23rd, 2006, 04:29 PM
#47
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You bank is in error. Transfer of funds does not take place until "settlement time" (typically just after midnight local time).
Nothing happens at "authorization time" except that your available balance is reduced - and it's restored in 48 hours if the transaction doesn't settle in the interim.
Nothing happens at "authorization time" except that your available balance is reduced - and it's restored in 48 hours if the transaction doesn't settle in the interim.
Jan 23rd, 2006, 05:05 PM
#48
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Hmmm..
ok. good luck with that.
you still might want to call your bank and ask.
myself, I'd rather have my money available to spend instead of tied up (even for a day) waiting to be credited back to the account.
I have 2 banks (typical bank and a credit union) and they said the same thing. if you charge something to a credit card and you are not happy and want it credited back to the account, my bank said 5 to 7 BUSINESS days (excluding weekends and holidays) my credit union said 3 to 5 days. 10 day vacation with my money tied up for 3 to 7 of those? I dont think so. i'll eat the charges.
Happy Travels
ok. good luck with that.
you still might want to call your bank and ask.
myself, I'd rather have my money available to spend instead of tied up (even for a day) waiting to be credited back to the account.
I have 2 banks (typical bank and a credit union) and they said the same thing. if you charge something to a credit card and you are not happy and want it credited back to the account, my bank said 5 to 7 BUSINESS days (excluding weekends and holidays) my credit union said 3 to 5 days. 10 day vacation with my money tied up for 3 to 7 of those? I dont think so. i'll eat the charges.
Happy Travels
Jan 23rd, 2006, 05:15 PM
#49
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This characterizes one of the key differences between using a debit card or a credit card.
Some people use an expression like "I use my debit card as a credit card" namely they make purchases using a debit card. Well as soon as the purchase gets authorized, the amount is debited from the available funds. Yes it could cause a check outstanding to bounce if the amount of the check is greater than the available balance.
Now with a credit card, it is indeed conceivable that the authorization will decrease available credit to the point that future authorizations will not be allowed but most people have plenty to spare in their credit lines and that rarely is a problem.
Personally, I don't understand using a debit card for purchases. The money is immediately subtracted from your account and you lose a lot of the leverage in case of a dispute you have with a credit card where you get a float anyway.
JMHO
Some people use an expression like "I use my debit card as a credit card" namely they make purchases using a debit card. Well as soon as the purchase gets authorized, the amount is debited from the available funds. Yes it could cause a check outstanding to bounce if the amount of the check is greater than the available balance.
Now with a credit card, it is indeed conceivable that the authorization will decrease available credit to the point that future authorizations will not be allowed but most people have plenty to spare in their credit lines and that rarely is a problem.
Personally, I don't understand using a debit card for purchases. The money is immediately subtracted from your account and you lose a lot of the leverage in case of a dispute you have with a credit card where you get a float anyway.
JMHO
Jan 23rd, 2006, 06:58 PM
#50
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BTW, during checkout I was asked if I wanted the charge in US$ or <b>EURO$</b>? 
I told the young lady.... <b>EURO$</b> and within seconds I was signing a charge for <b>EURO$</b>!
This reminds me of another regular around here that had problems when other posters had questions about Eastern Europe and "oh my god" they were asking about Czech Rep or Poland??? That's NOT Eastern Europe, he would argue over and over again......
We all know that geographically it's not, but we are on a travel board... talking in general terms.....
Poland = Eastern Europe
Euro$ or Euro
Who cares?
I believe most if not all get the meaning? Correct me if I'm wrong.
I told the young lady.... <b>EURO$</b> and within seconds I was signing a charge for <b>EURO$</b>!
This reminds me of another regular around here that had problems when other posters had questions about Eastern Europe and "oh my god" they were asking about Czech Rep or Poland??? That's NOT Eastern Europe, he would argue over and over again......
We all know that geographically it's not, but we are on a travel board... talking in general terms.....
Poland = Eastern Europe
Euro$ or Euro
Who cares?
I believe most if not all get the meaning? Correct me if I'm wrong.
Jan 23rd, 2006, 07:00 PM
#51
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"..as soon as the purchase gets authorized, the amount is debited from the available funds. Yes it could cause a check outstanding to bounce if the amount of the check is greater than the available balance..."
not if one keeps track...
not if one keeps track...
Jan 23rd, 2006, 08:49 PM
#52
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So AA, and I'm not trying to be mean or nasty or anything like that, the clerk said euro$? Maybe she was saying this because others had said it? Or because her English wasn't all that good?
But in all seriousness, and again not trying to be argumentative with you or put you down or anything like that, I have heard Americans much too often refer to the currency as eurodollars...I just really don't understand where they get that from...perhaps the idiot currency "experts" they deal with in banks.
As I said I have met Americans making their first trip to Europe being told things like.
1. You don't need local currencies in Europe (or anyplace else in the world for that matter)...everybody will take US dollars and as a matter of fact they are all too happy to have them.
2. They use euro in England.
3. And of course the eurodollar bit I suppose.
But please accept my apology if you think I was being nasty or putting you down.
I was just trying to help people be "politically correct."
Regards
But in all seriousness, and again not trying to be argumentative with you or put you down or anything like that, I have heard Americans much too often refer to the currency as eurodollars...I just really don't understand where they get that from...perhaps the idiot currency "experts" they deal with in banks.
As I said I have met Americans making their first trip to Europe being told things like.
1. You don't need local currencies in Europe (or anyplace else in the world for that matter)...everybody will take US dollars and as a matter of fact they are all too happy to have them.
2. They use euro in England.
3. And of course the eurodollar bit I suppose.
But please accept my apology if you think I was being nasty or putting you down.
I was just trying to help people be "politically correct."
Regards
Jan 23rd, 2006, 09:06 PM
#53
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<you lose a lot of the leverage in case of a dispute you have with a credit card>
Debit cards that carry the Visa brand (and I suspect other credit card brands) carry very similar buyer protections to traditional credit cards.
Just an FYI.
Debit cards that carry the Visa brand (and I suspect other credit card brands) carry very similar buyer protections to traditional credit cards.
Just an FYI.
Jan 24th, 2006, 01:02 AM
#54
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<b>xyz123</b>,
perhaps I was little harsh in my reply as well, and for that I apologize.
I'm sitting in my hotel room in Boston right now, watching BBC News. Guess what?
The BBC financial reporter CLEARLY said Euro<b>S</b>. Not saying that it makes it correct, but the timing of the report makes it very funny, (in my favor of course ).
perhaps I was little harsh in my reply as well, and for that I apologize.
I'm sitting in my hotel room in Boston right now, watching BBC News. Guess what?
The BBC financial reporter CLEARLY said Euro<b>S</b>. Not saying that it makes it correct, but the timing of the report makes it very funny, (in my favor of course
).
Jan 24th, 2006, 01:27 AM
#55
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xyz, while eurodollar isn't the correct term for this thread, it is a legitimate term and that is perhaps why some Americans use it:
Go to:
http://www.investorwords.com/1764/Eurodollar.html
and
http://www.investopedia.com/terms/e/eurodollar.asp
Go to:
http://www.investorwords.com/1764/Eurodollar.html
and
http://www.investopedia.com/terms/e/eurodollar.asp
Jan 24th, 2006, 01:30 AM
#56
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Actually, I've read the report referred to earlier about the plural of euro..
Essentially what it says is that while the proper plural of euro is euro, they will have no objection if English speaking countries using the euro (there is only 1 right now namely Ireland) add the "s"...me I always wish to be correct so I tend to say euro like in 50 euro...it will be interesting to see how the BBC handles this when the UK is finally forced to bite the bullet and adopt the euro!
Regards,
Essentially what it says is that while the proper plural of euro is euro, they will have no objection if English speaking countries using the euro (there is only 1 right now namely Ireland) add the "s"...me I always wish to be correct so I tend to say euro like in 50 euro...it will be interesting to see how the BBC handles this when the UK is finally forced to bite the bullet and adopt the euro!
Regards,
Jan 24th, 2006, 01:34 AM
#57
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I think I alluded that to my original response which set off all the alarm bells...eurodollars is a term used in international commerce to the best of my knowledge but is completely different from the currency called the euro.
I still believe the biggest part of the problem, if indeed it is a problem, is the stupidity of the people in local branches of American banks who handle currency for travellers. In America, unlike Europe, currency transactions are not an everyday occurance at banks. And they give out so much mis-information as I noted so it is hardly the fault of the first time visitor to make these errors. They just can't comprehend that different countries use completely different currencies.
I still believe the biggest part of the problem, if indeed it is a problem, is the stupidity of the people in local branches of American banks who handle currency for travellers. In America, unlike Europe, currency transactions are not an everyday occurance at banks. And they give out so much mis-information as I noted so it is hardly the fault of the first time visitor to make these errors. They just can't comprehend that different countries use completely different currencies.
Jan 24th, 2006, 01:43 AM
#58
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I still think you're over-reacting just a tad....everyone seems very tense recently on this board, have all the Christmas bills suddenly come in?
In small American towns, where bank staff have VERY little to do with foreign currency (they don't get bombarded with offers to jet off to cheap beach or mountain holidays in foreign countries), the reference to eurodollar is usually either a slip of the tongue or lack of training. I think it's harsh to rant about "stupidity."
In small American towns, where bank staff have VERY little to do with foreign currency (they don't get bombarded with offers to jet off to cheap beach or mountain holidays in foreign countries), the reference to eurodollar is usually either a slip of the tongue or lack of training. I think it's harsh to rant about "stupidity."
Jan 24th, 2006, 02:56 AM
#59
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She was clearly talking about the tourists spending Euro<b>S</b>, not about international monetary, banking exchanges.
Now it's about time you let go of this issue. I tried to be apologetic about my original reply, but you keep on pushing it....
What is your problem? I practically live in Europe about 3 months out of a year and I have heard MANY locals say EURO<b>S</b>.
Just let it go.....
Now it's about time you let go of this issue. I tried to be apologetic about my original reply, but you keep on pushing it....
What is your problem? I practically live in Europe about 3 months out of a year and I have heard MANY locals say EURO<b>S</b>.
Just let it go.....
