Head of Membership, James Armitage, explains why the Grouptrader Card is the perfect travel companion for those foreign exchange rates
So you're going abroad; be it on that holiday you've saved hard for, or on a crucial business trip. You've prepared well – you booked your flight, double-checked the flight times, found out your passport was in date, then double checked where you put your passport, and you're all packed.
You’ve even spoken to your bank to make sure you get a good exchange rate or have gone into the market place for a pre-paid travel card.
And now you know that when you pay on your card, your exchange rate will be a good one, right? Maybe not.
Beware when paying for items abroad that you don’t select pay in sterling.
The reason for this is that these transactions, known as Dynamic Currency Conversion (DCC) transactions, make the exchange rate you have with your card provider effectively null and void. Instead of your card provider exchanging at your agreed rate, probably 2.99-6%, the transaction is superseded and charged at practically whatever the vender wants.
This can lead to you paying very costly fees and exchange rates – remember, do not opt to pay in sterling!
So the next time you have eaten out whilst abroad and the very helpful waiter has already changed the transaction to £ sterling so you can understand, politely decline and pay in the local currency and save yourself a packet.
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