Does anyone else seem to get hit by a 'transaction fee' when buying in a different currency overseas? For a 348.50 GBP/AU $530 transaction, I was hit with a $16.09 transaction fee on the credit card........The amount seems proportional to the purchase - the bigger the purchase the bigger the fee. Does this happen to anyone else?
"An international transaction fee applies to all purchases, cash advances or permitted transactions that are converted by MasterCard®, American Express® or Visa from foreign currencies to the Australian dollar equivalent, or where a transaction is made in Australian dollars but the party accepting the card is overseas.
The fee for transactions converted by MasterCard or Visa is 2.95% of the value of the transaction and the fee for transactions converted by American Express is 3.45% of the value of the transaction."
Talk about a den of fucking thieves.