People often talk about the benefits of a credit card without a currency surcharge – but what does a currency surcharge really mean and how much of a difference can it make to the wallet?
What does currency surcharge mean?
If you shop with your bank card abroad, many credit companies add a fee to all your purchases to exchange between the different currencies. The fee is 1–3% and is called a currency surcharge or currency exchange fee. If you travel often, you can therefore save a lot of money by using a credit card without a currency surcharge.
They invest heavily in having more secure payment solutions and making it more difficult for fraudsters. Below, we have collected 5 points that are good to follow when shopping second-hand.
A basic rule that is good to always have with you is not to pay in advance. Especially if you notice that the seller is trying to rush the payment. In the worst case, you have paid for an item that never shows up.
Preferably meet the person
It is best to meet outdoors to hand over the product and then complete the payment. Most fraudsters target products that are to be sent because then they don’t have to meet the person they are deceiving.
Use secure payment services
If it is not possible to meet and make the payment on site, you should use a secure payment service so that the payment takes place via an intermediary. Protection for both buyers and sellers is often included. If the seller sends you a link to a payment service, it is important that you check that it is not fake.
Ask for receipts
Ask for the original receipt and write a purchase contract that states the name, date and information about the product for which you are doing the deal.
Report rogue people
On buying and selling sites there is a tab where you get in touch with those responsible. They can help block users who cheat and engage in shady business.
Currency surcharge is thus a fee paid to the credit company for every purchase you make in a currency.
If the currency surcharge is 3% and during a holiday you shop with your card, you will thus pay currency exchange surcharge. The larger sums you shop for, the greater the cost in fees.
A credit card without currency fees does not have to mean fewer benefits or bonus systems. Our credit card, for example, has supplementary travel insurance and cancellation protection, a credit limit of up to 56 days of interest-free credit and 0% currency surcharge. But the card also has a low annual fee and offers both insurance for various event bookings and online purchases. Credit card is therefore suitable both for use as a travel card or as your regular card in everyday life.