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Old 07-02-2014, 06:52   #1
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Exchange Rates & Credit Cards

I read on another thread that the AUS dollar has dropped 20% to the US dollar. I never have thought about it a lot, but exchange rates have to play a pretty big part of cruising from place to place on a fixed budget. Anyone have a good easy to use method to hedge against this for a cruiser?

Everytime I travel to another country I end up wasting money on exchange fees on my credit card. I did some research for exchange fee free credit cards, but they all seem to have a yearly fee so now need to compare to 2 (my feeling is that long term with a lot of travel that a $50/yr card fee is less than the reoccurring exchange fees). But anyone know of a good credit card with no annual fees, no exchange fees, and which doesn't make up for it by giving you a crappy exchange rate?
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Old 07-02-2014, 06:55   #2
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Re: Exchange Rates & Credit Cards

USAA if you can get it.

If not, start an account with Bank of America and deal with cash. They have relationships with other banks in many parts of the world to use their ATMs and waive any charges and unfair exchange rates.
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Old 07-02-2014, 07:14   #3
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Re: Exchange Rates & Credit Cards

Most travel sites show Capital One as the best card for exchange rates and fees. You can google search it as its much more common a worry for frequent world travelers than sailors. A little fyi, if possible pay in the current countries currency instead of taking the option of US dollars. It's cheaper.
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Old 07-02-2014, 07:19   #4
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Re: Exchange Rates & Credit Cards

Are you talking about the conversion fee most cards charge? Usually around 2%? If so, I researched the same question a few months ago. As a Canadian I face similar issues. If found a very few options (there were more in the US). I found three options, one being the Amazon VISA card. It is a no-fee card, including zero foreign currency conversion fee.
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Old 07-02-2014, 07:46   #5
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Re: Exchange Rates & Credit Cards

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. I found three options, one being the Amazon VISA card. It is a no-fee card, including zero foreign currency conversion fee.
Well there sounds like there is an answer. What were the other 2 options?
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Old 07-02-2014, 07:51   #6
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Re: Exchange Rates & Credit Cards

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Well there sounds like there is an answer. What were the other 2 options?
Canadian credit card search
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Old 07-02-2014, 07:52   #7
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Re: Exchange Rates & Credit Cards

There are several of the large players that offer annual fee but no foreign exchange fee cards. However, if you are in the US I would try a credit union. Mine offers a no annual fee, no foreign exchange fees card that is great. And their service is outstanding. You won't find them through advertising, have to dig around a little (or even a lot), but I find the credit union in general extremely helpful when I'm traveling.
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Old 07-02-2014, 09:00   #8
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Re: Exchange Rates & Credit Cards

Bank of American and Capital One seem to have the best cards for traveling (no annual fee, no foreign exchange fee, rewards). For various reasons I hate both these companies, but money talks and I probably will sheeple (word of the week) my way to change.

Now on the first part of question of currency exchange rates?
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Old 07-02-2014, 09:06   #9
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Re: Exchange Rates & Credit Cards

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Originally Posted by sailorboy1 View Post
Bank of American and Capital One seem to have the best cards for traveling (no annual fee, no foreign exchange fee, rewards). For various reasons I hate both these companies, but money talks and I probably will sheeple (word of the week) my way to change.

Now on the first part of question of currency exchange rates?
'

I put up with Bank of America while I'm in the US, but their overseas fees are among the worst I've seen. Check out a Schwab or Fidelity brokerage account.

There was a class action lawsuit about 10 years or so back about the hidden fees. I filled out some forms for the money I spent with my Visa out of the US, but have not seen a dime of the settlement--it went to buy more suits for the lawyers.
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Old 07-02-2014, 11:49   #10
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Re: Exchange Rates & Credit Cards

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'

Check out a Schwab or Fidelity brokerage account.
Fidelity charges currency exchange fees but Schwab bank does not on their ATM cards. Not sure of the credit cards but I'll bet it is the same.
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Old 07-02-2014, 11:58   #11
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Re: Exchange Rates & Credit Cards

I use a Bank of America card--no annual fee, no currency exchange fees, and the same exchange rates that you get in banks. It's the "Travel Rewards Signature Visa" card and gives 1.5 points for each dollar spent. I also have a Capital One card with the same features for backup.
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Old 07-02-2014, 13:39   #12
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Re: Exchange Rates & Credit Cards

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Originally Posted by sailorboy1 View Post
I read on another thread that the AUS dollar has dropped 20% to the US dollar.
I'm not seeing that. Maybe 3%

XE.com - USD/AUD Chart
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Old 07-02-2014, 14:21   #13
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Re: Exchange Rates & Credit Cards

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I'm not seeing that. Maybe 3%

XE.com - USD/AUD Chart
Hey I didn't look it up to fact check as I thought it had to be true if it was posted on the internet, now I don't know what to believe
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Old 07-02-2014, 14:44   #14
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Re: Exchange Rates & Credit Cards

It's still a good topic but I was ready to order some Arco winches had it been 20%...
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Old 07-02-2014, 15:00   #15
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Re: Exchange Rates & Credit Cards

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Hey I didn't look it up to fact check as I thought it had to be true if it was posted on the internet, now I don't know what to believe
It's true enough - it's gone from over 1.05 to as low as .87 over the last 9 months or so.

XE.com - AUD/USD Chart
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