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NerdWallet Foreign Transaction Fee Survey, Euros

April 17, 2010
Credit Card Basics, Credit Cards
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Update: Survey is over and the results are in! Check them out here

I’d like to thank the participants in last week’s Hong Kong Dollar Foreign Transaction Fee survey. The results are still rolling in, but so far the conclusion is that for fixed currencies, the foreign transaction fee operates as expected. With 2 notable exceptions, the 0% foreign transaction fee issuers had the lowest fees, and the 3% foreign transaction fee issuers had the highest fees.

We’re following up this weekend with an experiment using a currency that fluctuates in value against the US dollar, the Euro. Since the foreign exchange markets are closed on weekends, it’s critical that the 2 Euro donations are made before 7pm on Sunday. You will be compensated in a similar manner as the first survey. However, the results should be drastically different this time, hopefully exposing which banks have the shadiest exchange practices. You see, there is little regulation against the issuer delaying the charge a few days until the point at which the exchange rate is least favorable for the consumer. Hopefully, this study will expose the guilty parties.d

Remember to donate in Euros, and not the PayPal default option of donating in dollars using PayPal’s currency conversion service.