Currency conversion fees are once again gaining exposure and notoriety in the media:
Travelers face extra fees just about everywhere they turn, at the airport, at the hotel, and when they charge expenses abroad.
Corporate trekkers are particularly irked by the foreign currency conversion fees that many credit card companies and banks tack on for purchases abroad, generally adding another 3% to the final cost.
Also noted is the 2006 class action suit on these fees:
Merrill Davidoff, an attorney with Berger & Montague represented consumers suing who sued several large banks, including Citibank, Bank of America, and Providian, for colluding to set the exchange fees and failing to disclose them properly.
In 2006, the banks settled for $336 million, but the payouts to roughly 30 million people who are eligible for a refund are on hold pending appeals, Davidoff says.
Noted in this article are the exceptions to the fees, notably CapitalOne and selected offerings from American Express, Chase Card Services, Simmons First (debit), and TD Bank (debit).
Click here to read more: http://travel.usatoday.com/news/story/2011/03/Travelers-fume-over-credit-card-currency-conversion-fees/45149186/1
