Macquarie Transaction Overseas Purchase Conversion

OfficerBarbrady on 09/03/2023 - 19:24

I made a purchase 2 days ago for some flights costing $817.20 USD using my Macquarie Transaction account.

Using today's rate on Google $817.20USD converts to $1236 AUD

The AUD to USD rate hasn't changed much over the past two days if anything slightly improved.

Macquarie conversion $817.20 USD was $1217.10 AUD.

Basically I'm wondering is this $19 dollar difference about right or is there a better card out there? It's roughly about 1.5% fee where as a credit card would be 3% but I earn points. Would love to hear some comparisons of other cards.

Financial

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Comments

  • freefall101 on 09/03/2023 - 19:39
    +14

    Aren't you $19 better off than today's rate?

    • foxmulder on 09/03/2023 - 23:17

      He should be about the same as the spot rate or worse not better.

  • c64 on 09/03/2023 - 20:52
    +1

    macquarie just use mastercard's rates

    817.20/1217.10 = 0.6714

    https://www.xe.com/currencyconverter/convert/?Amount=1&From=… says the aud has dropped in strength at ~0.661

    you got the normal rate at the time. you should be able to look up mastercard's conversion rates online for any date

    • OfficerBarbrady on 09/03/2023 - 21:02

      Ah cool looks about right cheers for that. Not such an amazing rate but it'll do. Thanks.

  • Master Bates on 09/03/2023 - 21:41
    +2

    Google is showing you the spot rate, you’re unlikely to get that from anyone because they want to make money for providing the exchange.

    A spot rate in foreign exchange is the current exchange rate between two currencies. It is the price to be paid today for immediate settlement in an exchange of two currencies.

  • lastkey on 09/03/2023 - 22:40
    +1

    All of the banks which doesn’t have international transactions fee, use Mastercard or Visa exchange rate depending on your card scheme. Here is the link for actual Mastercard exchange rate site. It has historical data so you can select date to see what was rate on that specific date. If you’re going to make a purchase in any currency other than AUD then you can use below links to calculate what will be charged to your account.

    https://www.mastercard.us/en-us/personal/get-support/convert…

    Here is for Visa
    https://www.visa.com.au/support/consumer/travel-support/exch…

    • mikeadwell on 12/03/2023 - 16:07

      Except Revolut which is the best of them all.

      • lastkey on 13/03/2023 - 10:55

        How?

  • HamBoi69 on 10/03/2023 - 07:00
    +1

    As others have mentioned, Macquarie uses the Mastercard Wholesale rate. Its generally a better rate which is why whenever I look to purchase things overseas or take a holiday over the many seas, I take my Macquarie card!

  • Edeena on 10/03/2023 - 13:24

    What do you mean about the fee? With credit card you will get the same or worse rate and still have the pay the 3% international transaction fee (unless your credit card is fee free for that)? You will never get the spot rate no matter which card.

    • foxmulder on 10/03/2023 - 17:13

      28 Degrees and Ubank card (the old one - I haven't tried their new one yet - but I'm sure the same) - will use the spot rate. Use the card directly, not using PayPal for example. I thought PayPal is the same thing - but I haven't used PayPal in a while, just in case they change something again.

      Foreign website sometimes offer to display prices in AUD - stick to foreign one instead - USD for example. If you choose AUD - there will be charges on top of spot rate.

      • mikeadwell on 12/03/2023 - 16:09

        Have you compared uBank with Revolut which is the best rate in the country?… Would be good to know.

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