Visa is planning the biggest changes to merchant fees in a decade

Re:Visa is planning the biggest changes to merchant fees in ... by lotsofpulp on Saturday February 08, 2020 @08:27AM (#22275594)

Schwab's currency exchange fee (via withdrawal at non-US ATMs in local currency) has basically been the spot rate in my experience, for a decade or more that I've been using it. And there's no other fees so it's basically free forex (for small amounts I presume, they're not going to let you do that for $1M I bet).

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Re:Visa is planning the biggest changes to merchant fees in ... by User23 on Saturday February 08, 2020 @12:22PM (#22276936)

Given that the daily forex volume is around $5 trillion[1], I wouldn't be surprised if they'll give you $1 million at the same rate as $1000.

[1] https://www.quora.com/How-much-volume-is-traded-per-day-in-t...

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Re:Visa is planning the biggest changes to merchant fees in ... by nemothekid on Saturday February 08, 2020 @11:04AM (#22276395)

Same - I’ve found Schwabs rates to be better than virtually any other option

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Re:Visa is planning the biggest changes to merchant fees in ... by gnicholas on Saturday February 08, 2020 @12:47PM (#22277140)

How do you find out what exchange rate they use and how it compares to the spot rate? I have cynically assumed that they make money on this (despite claiming “no foreign transaction fee!”) but never knew how to check one company versus another.

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Re:Visa is planning the biggest changes to merchant fees in ... by lotsofpulp on Saturday February 08, 2020 @02:21PM (#22277755)

I google “USD to GBP” or whichever currency right after I get the money. My BoA/Chase credit cards also give me basically spot rate conversions. Although this article explains why it might not make sense to use that number:

https://www.thinmargin.com/blogs/why-comparing-against-excha...

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