I got the Chase Marriott Visa so that I would have a card with no foreign transaction fees. Recently, I booked a stay at the Courtyard in Port of Spain Trinidad for next February and due to it being Carnival season I have to pay upfront. Initially my card was not charged because I had to wait for them to send me an authorization form that I emailed back.
My stay total came to $2859.23 on my online reservation so I authorized them to charge my card for that amount. However when I looked at my bank account online I was charged $2900.25. I wrote that Marriott back to get clarification and they charged my card in TTD using an exchange rate of 6.47. It looks like my bank however only used a rate of 6.38ish so I end up being charged almost $50 USD extra. When I did a search on XE.com it says at least for today the rate should be 6.38 and google put it at 6.41. http://usd.fxexchangerate.com/ttd-exchange-rates-history.html has the rate at 6.43 at the highest so I have no clue where the hotel is getting their exchange rate from but I do not think it is fair that I am being charged more than what I was quoted when I booked the room.
Hi cbossard, welcome to the board. I haven't seen your name on here before so I am assuming you are new to the site. Regarding foreign exchange rates, I will tell you what I know and I am sure there are others who can enlighten you further and with more knowledge. When making a transaction on your card (any card for that matter I believe), the person making the transaction should ask you if you want to pay in US dollars or local currency. I always tell them US dollars if there is no fee to do so. It is converted at that time so the exchange rate will always be the same as it was when you bought whatever you bought. I hope that makes sense. You can request this if you are not asked. I would assume that it would apply here as well, even though you had to wait for your card to be charged. Anybody else out there that knows more than I? Well, I know everybody out there knows more than I, but anyone else care to help out here?
Thank you for the welcome and your thoughts on the matter madmax. This may have been naive but since I put only USD numbers on the form, only ever spoke in USD to the representative emailing me from the hotel, and was quoted USD online when I made the reservation I assumed I would be charged in USD instead of TTD. Now I'm wondering if there is anything that I can do to fix that especially since their rate seems a bit off compared to anywhere else that I have looked for an exchange rate (of course the difference is just made worse by the amount being charged).
Not naive at all, just uninformed at the time. The more I travel and the more I get on the MI site, the more I learn of such things myself. Please stay tuned in as you will find alot of helpful tidbits if you can get past all the reviews...sorry I had to throw that in-they are very useful if you want to know about a hotel)
I'm not sure if there is anything to be done about this particular transaction, but I would keep in mind about asking to make the transaction in US dollars if they say there is no fee to do so. Most places have been stopped by the credit card companies in charging these fees I've been told. Maybe there is something on the Chase website that speaks of this. If I find any more information I will be sure to send it your way. Happy trails for future travels