Guides
Longer explanations of the mechanics behind the products.
Last updated
Reading an exchange quote
Compare any quote against the mid-market rate for the pair at that moment, which is freely published. The difference between the two is what you are paying, whether or not it is labelled a fee.
A provider quoting 'no fees' with a rate two percent off mid-market has charged you two percent. A provider quoting 0.04% on top of mid-market has charged you 0.04%. The second looks worse in an advertisement and costs fifty times less.
Why a transaction shows twice
Card payments have two stages: an authorisation that reserves the amount, and a settlement that moves it, usually days later. The amount can change between them — a hotel authorises an estimate and settles the final bill.
A pending line that disappears and reappears is normally these two stages, not a duplicate charge. A real duplicate has two settlements, not one authorisation and one settlement.
Choosing between local and home currency abroad
A terminal abroad may offer to charge you in your home currency. Decline it. That is dynamic currency conversion, and the rate is set by the terminal's provider — typically three to six percent worse than your own card's rate.
Always choose the local currency and let your card convert.
Spotting a fee schedule that hides things
Four questions expose most of them: what is the rate at the weekend; what happens above the free allowance; what does an ATM withdrawal abroad cost including the operator's own charge; and how much notice is required before any of it changes.