Author Topic: Amazon Currency converter  (Read 426 times)

Amazon Currency converter
« on: December 22, 2020, 07:32:53 pm »
I very recently bought some things (presents for english family) on amazon uk with my french (euro) Mastercard. On cashout the option arose to pay in sterling with the Amazon Currency Converter. I did out of sheer convenience but it did occur to me that a rate of 1.13€ plus a commission of 2€ wasn't a particularly good deal when the real rate was about 1.10€.
I haven't explored whether it would be possible to pay in euros and let Mastercard do the conversion, nor what their rate would be.

Does anyone have any hard knowledge or practical experience of this situation? How do the sums work out? Is Amazon really cashing in on the convenience factor?

Re: Amazon Currency converter
« Reply #1 on: December 22, 2020, 07:34:56 pm »
Almost certainly they are cashing in. I've had this the other way round with some French supermarkets offering to do the exchange. You are almost always going to be better off with the Mastercard exchange rate.
"No matter how slow you go, you're still lapping everybody on the couch."

fuaran

  • rothair gasta
Re: Amazon Currency converter
« Reply #2 on: December 22, 2020, 07:50:44 pm »
Depends on whether your credit card has any extra fees for foreign currency transactions. Some have no fees, some are up to 3%. Or some charge a fixed fee, up to £1 or so.

You can look up the current exchange rates for Mastercard or Visa. eg https://www.mastercard.co.uk/en-gb/personal/get-support/convert-currency.html
Though that tells you today's rate, could be a day or two before the transaction is processed. So if the rate gets worse, might end up paying more.

Re: Amazon Currency converter
« Reply #3 on: December 23, 2020, 02:31:10 am »
When paying euros in France over the years, I found the mastercard rate to be fair. Things could have changed what with the B word.
Sic transit and all that..

Re: Amazon Currency converter
« Reply #4 on: December 23, 2020, 06:20:21 am »
In the UK there are relatively few cards that process foreign currency without handling fee: you want the French equivalent of one of those. - zero annual fee and no foreign currency charge are the key items.