Capital One / currency conversion fees
Capital One claims to not apply any fees to currency conversion when using their credit card for international charges. My experience with Capital One has been that they do not convert the currency using the daily bank rates and that Capital One uses conversions that are at higher rates than the daily bank rate and that is how they can claim they do not charge a currency conversion fee. I have taken international travel in 2008 to a number of countries and used the Capital One credit card only to find out that after I receive my Capital One statement, the currency conversion is significantly higher than that used by several other banks. When trying to resolve my issue/concern with Capital One, they first claimed they used the daily exchange rates from Wall Street Journal. When I have provided the daily currency conversion exchange rates provided by the Wall Street Journal, they then claim to use another source. When requesting their source, they claim their conversion rate is determined from multiple sources and refuse to provide their "multiple sources." I believe I have lost hundreds of dollars from Capital One as a result of my international charges that actually reflect currency conversion rates that are much higher than the rate provided at other banks. If you plan to use a credit card for international charges, I recommend that you contact Capital One to determine how they determine their source(s) for currency conversion and make sure they document the conversion for you, so that when you receive your credit card statement, it will reflect a verifiable conversion rate. Unfortunately, I suspect Capital One will not be willing to provide you the information to your satisfaction. Good luck.
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