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Joined: Jun 2007
Posts: 160
JRinSC Offline OP
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I switched to a BOA Visa Travel Rewards card. Recently I paid a deposit of $100.00 USD on a golf cart rental. On my statement it showed a charge of $200.00 Belize dollars -- BUT the charge to my account was $100.88. mad I have spent several hours in person and on the phone with BOA and Visa and no one can or will tell me what this fee is. I've also paid for condo rent and they charged me 19.53 and 5.33 extra on those two charges-- so it can add up.

Has anyone else run into this and, if so, please let me know what you found out?

Thanks



Joined: May 2000
Posts: 7,050
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The true exchange rate is not $2:00 BZ to $1:00 USD. It is around $1.98175 Bz or so.

Joined: May 2000
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And there will be foreign exchange fees added on by the banks also.

Joined: Jun 2008
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R
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R
What Amanda states has been my experience also for the last few years.


Jim
Formerly from somewhere on a beach in Belize
Joined: Jun 2007
Posts: 160
JRinSC Offline OP
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Well, Amanda, you are right! Thanks!

I always thought the rate was pegged at 2:1 by law since 1978 but it turns out there is a floating conversion just as you say above. I'll be dipped in butter and call me a biscuit!! I got the card for no foreign transaction fees and I guess this is different...

Just got off the phone with BOA and turns out there is a website called: www.onanda.com. If you go there you can find the effective rate posted in the WSJ for any day in the past and what you pay to buy or sell a specific amount. Went to that day and put in the 200.00 charge and it came to .97.1440 USD but you pay 100.914 to buy the dollars in the exchange. Live and learn.




Joined: Oct 2001
Posts: 6,267
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JR - It's not a floating conversion rate, it is a bank or currency booth buying and selling money and charging you a fee for doing so. They have to pay the tellers and keep the lights on and they charge you for doing the work of the exchange of currency.

You may also find private exchangers who pay a penny or two more than the 2 to 1.


Joined: Jun 2007
Posts: 160
JRinSC Offline OP
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Dianne thanks... I learn something every day. I am going to buy whatever I want and not bother worrying about it.

My bigger fear now it that it might be a rainy Christmas... rats. Hope not. cry

Merry Christmas heart to all from sunny South Carolina! cool




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