1)Use paypal (xoom,etc) rather than your credit card if you can. Why? SECURITY! As much as possible you don't want to expose your credit card number!
2)Make sure the online shop is legitimate. HOW? Search and ask friends if they already bought from that shop. (Buy from reputable stores such as Bestbuy.com, lego.com, lacoste.com.)(Ebay, amazon is ok BUT be sure the seller won't scam you)(TIP:Amazon even sale their own stuff so you can be really sure that you will receive it)
3)If ever you decide to use credit card of the website doesn't accept paypal then no choice you have to use credit card BUT!!!! Be sure its a respectable and 100% real company (eg lacoste.com, and lego.com) do not buy in random online shopping sites made in some nigeria country(im not joking) other people experience this
3.1)Be sure that if ever you use your credit card internationally... your credit card does not charge you a percentage of the total ammount. And check also what's therate they use.... "You may end up having a high exchange rate!!!"
Today I have one question...
How do i check out Mastercard exchange rate used when i shop online?
When I search using my trusty mr google: Boom! There's the answer!
Here's the link
http://answers.yahoo.com/question/index?qid=20070812210440AAB7GSE
Just in case the link will be deleted I will copy here some part of that page.
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Resolved Question
Show me another »How do i check out Mastercard exchange rate used when i shop online?
I shop through internet sometimes and i didn't know the exchange rate used when i shop...i asked my bank but they said that it wasn't the buy and sell rate, it's the mastercard (my credit card) rate, specific for shopping activities...
i checked out at mastercard web...but no information about exchange rate...
Can anyone help?...
i checked out at mastercard web...but no information about exchange rate...
Can anyone help?...
Best Answer - Chosen by Asker
I just called GE money- they administer my mastercard, and they told me that the exchange rates used by mastercard are the ones at www.xe.com.
My mastercard doesn't have any fees for foreign transactions, but commonly the fee is 2.5%. I guess you need to call your card issuer to check that.
On the conditions of use brochure for one card (westpac gift card mastercard) it explains: "The exchange rate used for the conversion is either a government mandated exchange rate or a wholesale exchange rate, selected by MasterCard for the applicable currency on the day the transaction is processed. That rate may differ from the rate applicable to the date the transaction occurred, or the date when the transaction is deducted from the card value".
To me this means that the xe.com rates are the same wholesale rates that mastercard uses, BUT you dont exactly know which day the transaction will be processed. Close enough for me :)
Today I'll make a foreign currency purchase and check xe.com for the next couple of days. then I'll know for sure.
My mastercard doesn't have any fees for foreign transactions, but commonly the fee is 2.5%. I guess you need to call your card issuer to check that.
On the conditions of use brochure for one card (westpac gift card mastercard) it explains: "The exchange rate used for the conversion is either a government mandated exchange rate or a wholesale exchange rate, selected by MasterCard for the applicable currency on the day the transaction is processed. That rate may differ from the rate applicable to the date the transaction occurred, or the date when the transaction is deducted from the card value".
To me this means that the xe.com rates are the same wholesale rates that mastercard uses, BUT you dont exactly know which day the transaction will be processed. Close enough for me :)
Today I'll make a foreign currency purchase and check xe.com for the next couple of days. then I'll know for sure.
Source(s):
1. phonecall to my card issuer
2. http://www.westpac.com.au/manage/pdf.nsf/6CF336FE60407145CA25721A0011DD5B/$File/GiftCardConditionsofUse.pdf?OpenElement
3.
http://choice.com.au/viewArticle.aspx?id=105657&catId=100210&tid=100008&p=1&title=Buying+guide%3a+Travel+money
2. http://www.westpac.com.au/manage/pdf.nsf/6CF336FE60407145CA25721A0011DD5B/$File/GiftCardConditionsofUse.pdf?OpenElement
3.
http://choice.com.au/viewArticle.aspx?id=105657&catId=100210&tid=100008&p=1&title=Buying+guide%3a+Travel+money
- Asker's Rating:
- Asker's Comment:
- i knew xe.com but i didn't know mastercard use this as reference...
i don't about my bank issuer...but i think, i can use this one as reference as well...my bank's x-rate is too high compared to other banks...
THANKS!"
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