Can some one please confirm this for me.
It appears that Westpac through their Altitude Plantinum card charge a whopping 3.5% conversion fee for any foreign currency transactions made using the Amex card. See below
Foreign Currency Transaction Fee
The following foreign transaction fees may be payable:
1. Westpac charges a fee of 2% of the Australian dollar value of any purchases or cash advances/withdrawals when the applicable credit card scheme converts the transaction from a foreign currency into Australian dollars. This fee is incorporated into the Australian currency equivalent of the transaction shown on your statement.
2. The applicable credit card scheme may also charge Westpac fees for processing foreign transactions. We pass these fees on to you. The fees vary depending on the applicable credit card scheme:
- Visa International Service Assessment fee – 1.0%1
- American Express foreign exchange conversion fee – 1.0% for Altitude & Altitude Gold and 1.5% for all other credit cards (including Altitude Platinum).
- MasterCard Issuer Cross-Border Assessment3 of 0.8% plus MasterCard Currency Conversion Assessment4 of 0.2
They state above that the scheme will charge in addition to Westpacs charge of 2% and additional 1.5% which may be passed on to the card holder.
Is this correct? What is your experience with Westpac ie do they indeed pass on the additional 1.5%?
At 2% there is a slight loss to the card holder when the rewards program is factored in, with the extra 1.5% the loss is staggering...