Understanding forex charges – MoneySavingExpert.com Forums

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Hello all,

I have a Mastercard credit card (issued by an overseas bank) marketed as having 0% transaction fees on foreign purchases.

However, using Mastercard’s online tool, I am getting charged a 1% bank fee on each transaction.

I have tried to chase this up with my bank, but I haven’t really got a satisfactory response.

Their latest response was they have “no control over the charges levied by network” and confirmed that the card has a “0% foreign currency transaction margin“.

I’m trying to figure out if I’m being given the run around by my bank, or if I’m misunderstanding how these things work.

What is meant by foreign currency transaction margin?

Is it feasible there is a middle-man between Mastercard and my bank, and they are the ones taking the 1%?

Many thanks in advance for any help!

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