Credit Card Forex Rate Question

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  • BenutzernameMoneyland User Questions
  • Status Member
  • Registriert seit1/27/17
  • Beiträge2142

Do you have any information regarding the forex (foreign exchange) margin taken on the spot while on POS or ATM out of Switzerland in a currency other than CHF?

This seems to be very very high!?!

Thanks for your attention. 

Very kind regards. 

 
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  • BenutzernameMoneyguru von moneyland.ch
  • OrtSchweiz
  • Status Expert
  • Registriert seit8/4/15
  • Beiträge4017

Dear Sir,

Each credit card issuer (for example Swisscard, Cembra Money Bank, Cornèrcard, Viseca, UBS etc.) defines a forex exchange rate. Rates may vary from day to day (or even more often).

moneyland.ch asks the credit card issuers regularly about their forex exchange rates (for the EURCHF rates only) and integrates these rates into the credit card comparison tool. The same rates apply to business credit cards.

Yes, exchange rate spreads (for EURCHF) can be high. Depending on the issuer and the day, spreads can vary from 1% up to 2.5% (or higher). (Similar spreads can apply with your Swiss debit cards.)

The exchange rates for POS and ATM are the same. But be aware that the fees differ: You should never withdraw money at ATMs with your credit card because of the high fees. Use your debit card (V Pay or Maestro) instead. Example for cash withdrawal fees with a Swiss credit card: 4% of the amount with a minimum of CHF 10 (plus exchange rate spreads).

At the POS, the following general rule applies: You should use your credit card for minor and debit card for major purchases.

You can learn more about the credit card foreign transaction fee calculation here.

More information:
Credit card tips while travelling