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Topic Overcharged on Exchange Rates
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By rusty
On 05/16/00
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I recently made a substantial purchase in Germany and used my AMEX to pay for 1/2 and my Visa for the other 1/2. When I received my statements, Visa charged me the correct DM/$ exchange rate in effect the date of the purchase. AMEX, however, used a rate about 5% below the official rate that day. I complained to AMEX twice, but they blew me off with form letters each time. Does anyone know which US agency, if any, regulates the exchange rates credit card companies are allowed to use and how I would contact them about my problem?
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By -
On 05/22/00
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Rusty, my suggestion would be to call up Visa and ask them who to turn to. As a competitor, I am sure that they would be happy to advise you. Also, the Better Business Bureau should know to whom to send you. Let us know what you find out. Thanks, Miranda.
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By duncan
On 05/04/02
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the credit card company has the right to charge a fee to exchange money. its usually 2-3% but can be higher. check to see what the fee is before you buy
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your questions are answered by the gromco team and card users like you
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