Currency Conversion thru ship or credit card company??

[palm aire]

We are going on a Mediterranean cruise in a few weeks. We are going to be using our credit card to pay for everything. What do you recommend we do to convert the currency to US money when we get the final bill? Which is cheaper for us, the ship or the credit card company for doing the conversion from euro to us??

[skisteamboat]

I always use credit cards when I can and ATM's for small amounts of local currency which for a Med cruise would be mostly Euros.

 

I also recommend joining a credit union if you are eligible. Most do not charge for foreign currency withdrawals from European ATM's. My has no fees for any withdrawal from my account at ATM anywhere and are figured at the Bulk exchange rate.

 

Cheers

[robtulipe]

We are going on a Mediterranean cruise in a few weeks. We are going to be using our credit card to pay for everything. What do you recommend we do to convert the currency to US money when we get the final bill? Which is cheaper for us, the ship or the credit card company for doing the conversion from euro to us??

On RC the ship's seapass account will be in $US not Euros.

For us foreigner (non American) it is better to let the credit card company do the conversion.

[palm aire]

It says on the SETSAIL pass that RCCL charges 3% to convert to US money so our charges are not actually US until they do the conversion for 3%. They base it on a wholesale exchange rate collected from Bloomberg then charge the customer 3%. I wonder if it is better for RCCL to do it or let our credit card company do it?

[robtulipe]

It says on the SETSAIL pass that RCCL charges 3% to convert to US money so our charges are not actually US until they do the conversion for 3%. They base it on a wholesale exchange rate collected from Bloomberg then charge the customer 3%. I wonder if it is better for RCCL to do it or let our credit card company do it?

All purchases onboard are in $US and your bill will be in $US. If you have a US based credit card it will simply be billed to your credit card in $US so no conversion takes place. If you have a non US based credit card (mine is Canadian) then that is when this comes into play. This will even happen if you have a Canadian or other non-US based credit card that bills in US dollar. It's not the currency of the card but where it is issued that determines this.

I have the option of letting RC convert my onboard charges to $CAD at rates collected from Bloomberg plus a 3 percent international currency conversion fee or leaving it in $US and letting my credit card do the conversion to $CAD. Since my credit card company charges only a 1.8% conversion charge above the actual interbank exchange rate, I always let them do the conversion thus I save around 1.2% so for me option B would be selected.

This has been discussed many times on this board with the concensus being that RC charges way too much for this sevice. It is a big money maker for them with non-US resident cruisers as they get the 3% conversion fee. The credit card company gets no conversion fee since your card is billed in the actual currency of the country where the card is issued.

I have a SetSail pass for our next month's Legend cruise and below is what it shows.

 

Currency Conversion Authorization (Please check one of the following options.)

 

A. I choose to pay my onboard charges in the currency of my card. I choose to use Royal Caribbean International's currency conversion program. (See terms below.) This currency conversion transaction is based on wholesale exchange rates collected from Bloomberg plus a 3 percent international currency conversion fee. My choice to have charges billed in the currency of my card is final.I accept that the exchange rate used will be the rate in effect at the time the amounts are charged to my card without further consultation.

 

B. I choose to have my credit card issuer convert my onboard charges to the currency of my card in lieu of participating in the Royal Caribbean International currency conversion program.(See terms below.) If I opt for my charges to be converted by my credit card issuer, or if my card is not billed in one of the billing currencies listed, my charges will be processed in the onboard currency (USD) and the issuer of my card may charge a service fee for currency conversion.

[nosmothj]

On RC the ship's seapass account will be in $US not Euros.

For us foreigner (non American) it is better to let the credit card company do the conversion.

 

Sorry but all Canadain Banks and most USA Banks charge an addtional fee to convert money. In Canada that is an addtional 2.5%. With the exchange at the current level that is more than addtional 200%!!!!

 

Take cash and pay the fee once!

[robtulipe]

Sorry but all Canadain Banks and most USA Banks charge an addtional fee to convert money. In Canada that is an addtional 2.5%. With the exchange at the current level that is more than addtional 200%!!!!

 

Take cash and pay the fee once!

I don't know where you get your US cash but my credit union charges around 1.5 to 2% conversion fee and my VISA charges 1.8% so there is much much of a difference. You are charged the conversion fee once only with either.

I don't understand the about your 200% statemnet???

[whogo]

All purchases onboard are in $US and your bill will be in $US. If you have a US based credit card it will simply be billed to your credit card in $US so no conversion takes place. If you have a non US based credit card (mine is Canadian) then that is when this comes into play. This will even happen if you have a Canadian or other non-US based credit card that bills in US dollar. It's not the currency of the card but where it is issued that determines this.

I have the option of letting RC convert my onboard charges to $CAD at rates collected from Bloomberg plus a 3 percent international currency conversion fee or leaving it in $US and letting my credit card do the conversion to $CAD. Since my credit card company charges only a 1.8% conversion charge above the actual interbank exchange rate, I always let them do the conversion thus I save around 1.2% so for me option B would be selected.

This has been discussed many times on this board with the concensus being that RC charges way too much for this sevice. It is a big money maker for them with non-US resident cruisers as they get the 3% conversion fee. The credit card company gets no conversion fee since your card is billed in the actual currency of the country where the card is issued.

I have a SetSail pass for our next month's Legend cruise and below is what it shows.

 

Currency Conversion Authorization (Please check one of the following options.)

 

A. I choose to pay my onboard charges in the currency of my card. I choose to use Royal Caribbean International's currency conversion program. (See terms below.) This currency conversion transaction is based on wholesale exchange rates collected from Bloomberg plus a 3 percent international currency conversion fee. My choice to have charges billed in the currency of my card is final.I accept that the exchange rate used will be the rate in effect at the time the amounts are charged to my card without further consultation.

 

B. I choose to have my credit card issuer convert my onboard charges to the currency of my card in lieu of participating in the Royal Caribbean International currency conversion program.(See terms below.) If I opt for my charges to be converted by my credit card issuer, or if my card is not billed in one of the billing currencies listed, my charges will be processed in the onboard currency (USD) and the issuer of my card may charge a service fee for currency conversion.

Perfect description, robtulipe. Do not let RCI convert the currency unless your foreign credit card charges more than 3%.

[lovemylab]

I try to pay my onboard account in cash/travellers cheques before the cruise ends. If there is a balance oweing, I prefer to have my credit card company do the conversion. I get a more favorable exchange rate and the conversion fee is less :)

[robtulipe]

I try to pay my onboard account in cash/travellers cheques before the cruise ends. If there is a balance oweing, I prefer to have my credit card company do the conversion. I get a more favorable exchange rate and the conversion fee is less :)

On our recent Radiance cruise, this is what I did to pay off my seapass account. I didn't even give them my credit card # and told them I would use the cash payment option when cheaking in upon embarkation as I have had RC convert my account to $CAD even though I had selected option B, not to convert and to bill my CC in $US. You are allowed up to $500 in charges before you must make a cash payment onto your account. This was not a problem with us as we did not do any of the ship's shore excursions and our purchases onboard got no way need this amount. You can still use your CC at the end of the cruise to settle your account in $US but must go to the purser's desk to do so just like you would do for a cash payment.

[clivep]

In the Uk the standard charge for conversion in 2.75% but some people don't realise this as it is hidden in the exchange rate. I have a Nationwide account and the conversion charge for their credit and debit cards is 0%! I definitely will not choose to let RCI do the conversion.

[jd10367]

In doing research for our just-finished cruise, I discovered that no matter how you slice it someone's going to skim off your cash. If you let the credit card companies do it, they charge 3%. If you use ATMs, you pay a fee from your bank plus a fee from the European ATM's bank (which probably will add up to the same 3%). If you convert dollars to Euros at your local bank, OR at an exchange place in Europe (or in the airports, or in your European hotel, or on the ship), then they will tell you up front that they're going to buy low and sell high. (For example, last week everyone was "buying" a dollar for around $1.33 and "selling" the Euro for around $1.47, I think... so I'll assume that the actual dollar-to-Euro value was right in between.)

 

I ended up taking $450 Euro with me, which I got at my stateside bank, and probably cost me about $630-660 US. I ended up not using a charge card for anything nor using an ATM, managing to stretch the Euro for shore purchases (admittedly few), food on shore, and the two nights hotel ($180 Euro total). We only had three drinks all told on ship, so our Sea Pass bill was around $330 US. And, yes, if you have a US credit card, RCCL bills and uses dollars so you get no fees. (This is also a good time to mention the old trick about getting money at the cashier's cage and charging it to your Sea Pass account, instead of using an ATM. Of course, this works a lot better when you're spending dollars on land, since if you have to convert the dollars to Euros you're still going to get skimmed off the top.)

[gnparend]

I have two CC to choose from when I travel. One will make the conversion usually equal to the current rate. The other will do the same but has a 2% fee for doing the conversion. Don't think I can mention the CC names ob here so check with your CC company to be sure there is no additional charge.

 

That being said I find it's a lot easier and cheaper to us the CC then try to deal with converting or converting my cash and then converting back. Only carry enough local cash to pay tips.

[whogo]

I have two CC to choose from when I travel. One will make the conversion usually equal to the current rate. The other will do the same but has a 2% fee for doing the conversion. Don't think I can mention the CC names ob here so check with your CC company to be sure there is no additional charge.

 

That being said I find it's a lot easier and cheaper to us the CC then try to deal with converting or converting my cash and then converting back. Only carry enough local cash to pay tips.

Sure, you can mention the credit card name. Capital One is the big one that has no currency conversion markup. I don't think it is any use to our overseas friends, though.

[nosmothj]

I don't know where you get your US cash but my credit union charges around 1.5 to 2% conversion fee and my VISA charges 1.8% so there is much much of a difference. You are charged the conversion fee once only with either.

I don't understand the about your 200% statemnet???

 

If you read your credit card statement on the back. It clearly states that the Credit Card company charges and ADDTIONAL 2.5% to exchange foreign currancy. If the charge you 1.0% exchange then an addtional 2.5% currancy exhcange charge. That is over 1o0% additional, soory I said 200%.

 

If you had seen the News the 3rd week of September the matter wasbrought up in parilament and the Minster Of Finanmce in a press release talked about the addtional chagres all Banks, Credit Unions charge, Second I work for a Canadian Bank and deal with this issue on a regular bases with clients.