I used my credit card for a purchase in Europe, and the exchange rate applied by my bank seems much worse than the current market rate. I feel like I was overcharged.

{"value":"The purchase was made on October 26, 2023, around 3:30 PM Central European Time (CET). I'm in the US, so that would have been around 9:30 AM Eastern Time."}

{"value":"The purchase was made in Euros (€), and my credit card statement is in US Dollars ($)."}

{"value":"The purchase was for €55.75 in Euros. My credit card statement shows a charge of $65.20 in US Dollars. When I convert €55.75 using the market rate I found for that day, it comes out to around $61.50, so there's a difference of about $3.70."}

{"value":"Yes, I have. I checked Google's historical exchange rate for the date I made the purchase, and it was significantly better than what my bank charged. I also looked at XE.com, and the rates were very similar to Google's. That's what made me suspicious."}

{"value":"I'm not entirely sure. I'd have to dig out my credit card agreement, which is probably buried somewhere. I remember seeing something about foreign transaction fees, but I don't recall any specific details about how they calculate the exchange rate or if there's a markup. I'll have to look for it."}

What was the exact date and time of your purchase in Europe?

{"value":"The purchase was made on October 26, 2023, around 3:30 PM Central European Time (CET). I'm in the US, so that would have been around 9:30 AM Eastern Time."}

What was the currency of the purchase and the currency your credit card statement is in?

{"value":"The purchase was made in Euros (€), and my credit card statement is in US Dollars ($)."}

Can you provide the exact amount of the purchase in the local currency and the amount charged to your credit card in your home currency?

{"value":"The purchase was for €55.75 in Euros. My credit card statement shows a charge of $65.20 in US Dollars. When I convert €55.75 using the market rate I found for that day, it comes out to around $61.50, so there's a difference of about $3.70."}

Have you checked the exchange rate provided by a reliable source (e.g., Google, XE.com) for the date of your purchase?

{"value":"Yes, I have. I checked Google's historical exchange rate for the date I made the purchase, and it was significantly better than what my bank charged. I also looked at XE.com, and the rates were very similar to Google's. That's what made me suspicious."}

Does your credit card agreement mention any specific foreign transaction fees or exchange rate markups?

{"value":"I'm not entirely sure. I'd have to dig out my credit card agreement, which is probably buried somewhere. I remember seeing something about foreign transaction fees, but I don't recall any specific details about how they calculate the exchange rate or if there's a markup. I'll have to look for it."}

Currency Exchange Rate Discrepancy | Советник | RU

💡

Contact Bank for Explanation

100%Official

Call your credit card issuer and ask them to explain the specific exchange rate used for your transaction and any associated fees.

🤖 AI Analysis

"The user is questioning the exchange rate applied by their bank and has already identified a discrepancy. Contacting the bank directly is the most direct way to get an explanation for the specific rate used and any associated fees, which is the core of the user's problem."

💡

Review Credit Card Agreement

95%Official

Check your credit card's terms and conditions for details on foreign transaction fees and how exchange rates are determined.

🤖 AI Analysis

"The user is unsure about the details in their credit card agreement regarding foreign transaction fees and exchange rate markups. Reviewing this document is crucial for understanding the bank's policies and how they are supposed to calculate the exchange rate, which directly addresses the user's suspicion."

💡

Inquire About Fees

90%Official

Ask your bank to clarify if a foreign transaction fee was applied and what its percentage was.

🤖 AI Analysis

"The user suspects an unfavorable exchange rate. Inquiring about foreign transaction fees and their percentage is a logical next step, as these fees can contribute to the overall cost and might be part of the reason for the higher charge. This is closely related to understanding the bank's pricing."

💡

Examine Statement Line Items

85%Official

Carefully review your credit card statement for any line items explicitly labeled as 'foreign transaction fee' or similar.

🤖 AI Analysis

"The user has already identified a discrepancy. Examining the statement for explicit foreign transaction fees is a good way to confirm if such a fee was applied and to what extent, which can help in understanding the total cost of the transaction."

💡

Use Historical Rate Data

80%Official

Utilize financial websites that provide historical exchange rate data to find the rate on the exact processing date.

🤖 AI Analysis

"The user has already used historical rate data from Google and XE.com to identify the discrepancy. This solution reinforces the user's own investigation and is a valid method for verifying exchange rates, though they have already performed this step."

💡

Verify Transaction Date

75%Official

Confirm the exact date your bank processed the transaction, not just the date of the purchase, and compare it to the market rate for that specific date.

🤖 AI Analysis

"The user has provided the purchase date and time. Verifying the exact processing date with the bank and comparing it to the market rate for that specific date is important, as the processing date can sometimes differ from the purchase date and affect the exchange rate applied."

💡

Check Receipt for Currency

60%Official

Look at your purchase receipt to see which currency you were charged in. If it was your home currency, DCC may have occurred.

🤖 AI Analysis

"The user has already confirmed the purchase was in Euros and the statement is in USD. While checking the receipt for the charged currency is a good general practice for identifying Dynamic Currency Conversion (DCC), the user's current problem is specifically about the exchange rate applied by their bank, not necessarily about being charged in their home currency at the point of sale."

💡

Always Choose Local Currency

20%Official

In the future, always opt to be charged in the local currency of the country you are in to allow your bank to handle the conversion.

🤖 AI Analysis

"This solution offers advice for future transactions. The user's current problem is about a past transaction and understanding why the exchange rate was unfavorable. While good advice for the future, it does not directly help resolve the current issue."

Currency Exchange Rate Discrepancy

AI Analysis Summary

Описание проблемы

Вопросы

What was the exact date and time of your purchase in Europe? (ID: 1163)

What was the currency of the purchase and the currency your credit card statement is in? (ID: 1164)

Can you provide the exact amount of the purchase in the local currency and the amount charged to your credit card in your home currency? (ID: 1165)

Have you checked the exchange rate provided by a reliable source (e.g., Google, XE.com) for the date of your purchase? (ID: 1166)

Does your credit card agreement mention any specific foreign transaction fees or exchange rate markups? (ID: 1167)

Выявленные причины

Bank's Exchange Rate Markup

Timing Difference in Exchange Rates

Foreign Transaction Fees

Dynamic Currency Conversion (DCC)

Рекомендуемые решения:

Contact Bank for Explanation

Review Credit Card Agreement

Inquire About Fees

Examine Statement Line Items

Use Historical Rate Data

Verify Transaction Date

Check Receipt for Currency

Always Choose Local Currency

Авторитетные ресурсы

Update currency exchange rates - Business Central | Microsoft Learn

What does the Maximum penny difference parameter do? - Microsoft ...

Treasury Reporting Rates of Exchange

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