www.CostaRicaTicas.com :: View topic - Citi Card- Transaction Charge

The hotels, rental car companies and restaurants (in CR) convert colones to dollars, and my expenses always show up (on my monthly statement) in dollars, with no extra fees. I always make sure they do the conversion to dollars before I sign the credit card invoice. Before they run the card, I make it very clear that I want them to make the conversion, prior to running the card. I've not had a problem yet.

Would appreciate more information on how you accomplish that. The only credit card processing service in Costa Rica is Credomatic. I have been told, by many very knowledgeable individuals, that all credit card transactions must be in colones or they will not be processed. The cc voucher wil be in colones and your bank statement will reflect the conversion to dollars.

This was for my hotel at Sport Mens Lodge San Jose

COSTA RICAN COLON 995,802.52 x 0.002056130 (EXCHG RATE)+ 61.42 (EXCHG RATE ADJ)

TOTAL CHARGE $2,102.92.

Author:	Scottp1063 [ Wed Oct 26, 2005 12:04 pm ]
Post subject:	Citi Card- Transaction Charge
I recently paid my hotel bill with my Citi card. It is from AA and I wanted to add additional miles. I received my bill and they inlcuded a transation fee and interest on the conversion of colons. Needless to say I am not going to use that card when I travel outside the USA. I have never had such a charge using any other cards. Anyone have a good card that they use. I am thinking about getting a Capital One Visa.

Author:	Mucho Gusto [ Wed Oct 26, 2005 12:25 pm ]
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Scott, I don't understand why they charged you those fees. I've made 11 trips to CR over the past 16 months, and I use my AA Citibank card on every trip. I pay for the flights, hotels, rental cars, dinners, etc. using my AA credit card exclusively. I have never been charged extra fees on the card. The hotels, rental car companies and restaurants (in CR) convert colones to dollars, and my expenses always show up (on my monthly statement) in dollars, with no extra fees. I always make sure they do the conversion to dollars before I sign the credit card invoice. Before they run the card, I make it very clear that I want them to make the conversion, prior to running the card. I've not had a problem yet. I'm a little unclear on how your hotel transaction was processed. Did you sign the credit card slip, authorizing the hotel to charge colones to your card? If that's the case, then it sounds like CitiBank is charging you extra because THEY (CitiBank) had to do the conversion. I know it's bullsh*t, but they're just trying to make a buck. But you bring up a valid point here. Has anyone else had a similar situation in CR? I'd be curious to hear other peoples' experiences on this subject. Take Care, Mikey B.

Author:	Jsmythe23 [ Wed Oct 26, 2005 12:35 pm ]
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Yes, I use the AA mastercard as well and am also charged a fee for that.

Author:	Jimmydr [ Wed Oct 26, 2005 12:38 pm ]
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The charge was always there. Now they break it down. I called three of my card companies and they all said the samething.

Author:	Irish Drifter [ Wed Oct 26, 2005 12:56 pm ]
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Mikey-B wrote: Quote: The hotels, rental car companies and restaurants (in CR) convert colones to dollars, and my expenses always show up (on my monthly statement) in dollars, with no extra fees. I always make sure they do the conversion to dollars before I sign the credit card invoice. Before they run the card, I make it very clear that I want them to make the conversion, prior to running the card. I've not had a problem yet. Would appreciate more information on how you accomplish that. The only credit card processing service in Costa Rica is Credomatic. I have been told, by many very knowledgeable individuals, that all credit card transactions must be in colones or they will not be processed. The cc voucher wil be in colones and your bank statement will reflect the conversion to dollars. You seem to have found away around that that would certainly benefit all members as more and more US banks (Credit Card Issuers) are charging a foreign transaction fee. Perhaps Blue Coyote, True Sportsman or Neuman, guys who have businesses here that accept credit cards, might enlighten us on this issue. JimmyDR, think your banks are being a bit disingenuous with you. The right to charge the fee may always have been in your agreement (which most do not read) but them actually charging it is a new phenom and a very lucrative one for them.

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Author:	Dekalb45 [ Wed Oct 26, 2005 12:59 pm ]
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Scott: Just got back from a trip to SouthEast Asia and found the same foreign trasnaction fees on my MBNA VISA. After a little reseach I found out that most, but not all, charge cards now have this fee. It varies from one to three percent. In addition VISA and MC also charge a 1% currency conversion fee. Jimmydr is right. Now by law they have to break it out. Apparently, not all cards charge the fee and some will even waive the 1% currency conversiion fee. I have been told that the Capital One No Hassle VISA has none of these fees. I am checking it out now. If so, I will be using this exclusively on my travels or my NETBank Debit VISA. I will be in CR in mid November, so I will test out my new card if received by then.

Author:	Dave [ Wed Oct 26, 2005 1:27 pm ]
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I don't really know how to evaluate what was on my Visa United Plus Mileage account. Prolijo, would request your assistance if you know. This was for my hotel at Sport Mens Lodge San Jose COSTA RICAN COLON 995,802.52 x 0.002056130 (EXCHG RATE)+ 61.42 (EXCHG RATE ADJ) TOTAL CHARGE $2,102.92. The only conclusion that I could come to is that I got the rate of 474.74 to the dollar after the "Exchange Rate Adjustment." If I multiple the above out and then divide the dollar amount of 2,047.6 into the total colones owed above, I get an exchange rate of 486.37 which was about the bank rate at the time. So, I guess the adjustment is the fee that the bank gets for the transaction?? Have a Great Day, Dave

Author:	Mucho Gusto [ Wed Oct 26, 2005 3:14 pm ]
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Ding Dong wrote: Would appreciate more information on how you accomplish that. The only credit card processing service in Costa Rica is Credomatic. I have been told, by many very knowledgeable individuals, that all credit card transactions must be in colones or they will not be processed. The cc voucher wil be in colones and your bank statement will reflect the conversion to dollars. Ding Dong, My answer to your question, is that I have no answer. I have no idea why I have not been charged. After I read the last couple posts, it got me thinking, so I went and pulled my last 2 month's credit card statements. All of the expenses (from my August trip) were on these statements. I had charges (in dollars) from the following entities: - American Airlines - Two Round-Trip tickets (Mia - SJO) - 1st night charge from the Hotel Del Rey - 2nd and 3rd nights at the Flamingo Beach Resort Hotel - 4th night at the Hotel Del Rey - Dinner Friday night at restaurant in Flamingo - Charge for items purchased (for my condo) at the "Do-It Center" in Liberia - Dinner Saturday night at restaurant in Brasilito - Two round trip tickets on Sansa Airlines (from SJO to Liberia) - Economy Auto Rental (Liberia Airport) I had a total of 9 charges from my trip. Except for American Airlines, the other 8 charges were all made in CR. Since I have everything filed in my office, I pulled all the "original" receipts (that I personally signed). Every charge on my credit card matched the original receipt. There were no finance charges, extra fees or conversion charges, whatsoever. Then, after doing this, I went back a little further, and I checked all credit charges from my CR trip in June. Similar charges, and similar results. No fees or extra charges. As I said before, I do not know why I haven't been getting charged extra fees, but I'm not about to call my credit card company and inquire as to why. I've been a cardholder since 1992, and it's a platinum card, but I don't think that should make a difference. Unless something changes, I'll continue to use the card. Like they say..."if it ain't broke, don't fix it". Or if you're a NASCAR fan....."if it ain't broke, don't break it" !!!! Mikey B.

Author:	Gamlingman [ Wed Oct 26, 2005 4:21 pm ]
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Let me chime in here since I work in the Credit Card merchant services industry. These fees have always been there but usually they are simply built into the exchange rate that is used when converting from Colones To Dollars or any international rate. A recent change in visa / mc International as it pertains to any reward type credit card such as any card that has miles to any particular airline now has a rewards surcharge built in. This went into effect September 1st 2005. What happens now is the Particular credit cad issuing bank in this case Citi card splits the rate increase between the processing bank in this case credomatic (International and the consumer itself.. This only HAPPENS ON INTERNATIONAL transactions and it is reflected in normally the reduced colone to dollar exchange. It is up to each particular (ISSUING card bank) citi card whether they want to break down the exchange charges to explain how they come to the overall actual percentage breakdown on the exchange. On a domestic fron the end user (CONSUMER) does not see the surchange as the merchant now pays a higher rate to clear the credit card whether it be swiped or keyed. I know this is a bit deep but bottom line is you will now see a reduced exchange rate when using Reward cards based on the issuing bank itself Some issuing banks will eat the percentage and you will continue to see the solid exchange rate. NOTE BUSINESS REWARD CARDS since they are already being cleared at the highest percentage rate available whether domestic, international, keyed or swiped will not see ANY DIFFERENCE in their exchange rate and there will never be a breakdown of fees. Sorry to run off on a tangent but Those are the facts... & they thought I was sleeping in class dreaming of ticas last month.

Author:	Pidd [ Wed Oct 26, 2005 9:12 pm ]
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When I received notice from CC company of transaction fee, checked with all my providers. Captiol One says they currently did not charge trans fee... will check it out next trip PIDD

Author:	Orange [ Wed Oct 26, 2005 9:27 pm ]
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Dave wrote: This was for my hotel at Sport Mens Lodge San Jose COSTA RICAN COLON 995,802.52 x 0.002056130 (EXCHG RATE)+ 61.42 (EXCHG RATE ADJ) TOTAL CHARGE $2,102.92. Dave, Sportsmens charges your credit card in colones. They did the same thing to me when I was checking out on Monday. They quote the rooms in USD, but have to charge your card in colones. Here's your bill: your nominal ex rate= 0.002056130 (1 / 0.002056130= gives you 486col/$) You are correct. And the $61.42 sounds like the transaction and/or conversion fees. My credit card (MBNA mc) charges a "foreign transaction fee" every time I charge anything on the web from a foreign based company and if I travel overseas. With the fee, your real exchange rate seems to be 473col/$. (995,802.52 / 2,102.92) -Orange

Author:	Fred C Dobbs [ Thu Oct 27, 2005 4:08 am ]
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I got a capitalone card years ago just becuase of this. I only use it in foreign countries. To the best of my knowledge they still do not charge any extra fees.

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