- Jan 29, 2005
Is Diners dodgy? Of course not.You are smart; but I am smart too!
A friend of mine who I coach on this, she just left South Korea, and she said that it was accepted everywhere; but I am now checking against XE credit card calculator, and the skimming is really bad.
16/9 KRW 35000 = AUD 44.53
XE suggest 2% more than Visa MC Discover
19/9 KRW 10000 = AUD 12.65
XE suggest 3.1% more than Visa MC Discover
I was looking forward to using this card at the end of this month, in Singapore Beijing and North Korea. Maybe I should stick with West of Australia bank?
OK, just managed to hack into her West of Australia Bank, haha
18/09 KRW 349500 AUD 436.63
XE suggest 1.3% stolen
24/9 KRW 21500 AUD 26.53
XE suggest 0.34% stolen
These margins are much closer than what we consider normal.
Is the Diners dodgy?
Fluctuations in currency that work against you are not "stolen" funds nor are they "skimming". Yes there is a spread however this is the case with all cards.
The exchange rates for BWA will be different to Diners and most likely (and this is only a guess) Diners swapped through USD on the way from KRW to AUD. Don't forget that the card scheme sets the FX rate - not the Bank.
Also keep in mind that KRW is NOT a major trading currency. AUD and USD are. This will affect the rate that you get given how the card scheme manages their FX desk.
In the grand scheme of all the foreign transactions (and the total amount of foreign spend) the amount we are talking about here is minimal.