Which option is best for currency conversion?

[Fat Bottom Gurl]

:confused:I have searched the forums but have not found an answer. On my boarding pass is the following - and I'd like to know which one is the best option:

 

Important Currency Conversion Details – Your shipboard folio for onboard purchases is charged in US dollars. When your non-US dollar credit card is processed, the charges are converted by your credit card-issuing bank into your card's currency. This procedure is standard but practices vary regarding the selection of conversion rates and a fee may be charged by your card-issuing bank. XXXX Cruise Lines, Ltd. offers a conversion service through our conversion agent, Global Card Services, Inc. (“GCS”) using wholesale exchange rates collected from Bloomberg plus a 3 percent international currency conversion fee. The wholesale conversion rate will be a rate selected by GCS from the range of rates published by Bloomberg and may or may not reflect the actual rates made available to GCS by their bank for the applicable processing. Exchange rates change throughout the day and the rate used to convert your transaction may not be the rate published on Bloomberg at the time we submit your transaction to GCS. The cost may be more or less than the exchange rates and conversion fees charged by your credit card-issuing bank. You should check with your credit card-issuing bank to compare currency exchange rates and currency conversion fees. If you choose to use our currency conversion service, you will be able to see on your folio at the end of your cruise what your total charges are in your home currency. If you use a MasterCard or Visa Card which is billed in the following currencies: ARS, AUD, BRL, CAD, CHF, CLP, CNY, DKK, EUR, GBP, HKD, INR, JPY, KRW, MXP, NOK, NZD, PHP, RUB, SEK, TRY, TWD you may choose to sign up for this service.

 

Yes, I choose to take advantage of this service. By checking this box, I authorize XXXX Cruise Lines, Ltd. to have GCS convert my folio using the rate selected by GCS as described above plus a 3 percent international currency conversion fee. I accept that the exchange rate used will not be determined until disembarkation and without additional consultation with me. I understand that my decision is final.

OR

No, I choose not to take advantage of this service. By checking this box, I understand that my credit card-issuing bank will convert my USD folio and charge my card using their exchange rate plus their applicable fees, and that XXXX has no control over these rates and fees. I understand that my decision is final.

[negc]

Where do you reside? I believe that in most instances, you will probably receive the optimal conversion rate by allowing the bank which issued your card to do the conversion. Allowing RCI or any cruiseline to convert your bill into your local currency usually results in a less than satisfactory exchange rate. Check with the bank that issued your card and ask them about their currency conversion policy. It is usually the official exchange rate that was in effect on the date of your transaction.

[wolfie11]

If you are from the US, this is irrelevant. If you are not, I would just use my own credit card's exchange rate as they are usually very reasonable. If you are leaving from Vancouver, you may want to exchange some money prior to departure from your home for incidentals in Canada, although your hotel will probably give you a fairly good exchange rate as well. I have also used my credit card in ATM's when I only needed a hundred dollars or so.

[Glaciers]

Agree with negc and wolfie. We cruised Australia last year and applied for a Capital One CC just to use on the trip and used that as our form of payment. It was charged in AU dollars, Capital One did the conversion and there were no extra fees like there would have been with our Alaska Airlines Visa.

[Fat Bottom Gurl]

Thanks for the replies. I am not a US resident - that is why I am asking about conversion rates charges.

 

I just wondered if anyone had ever used option number one and whether that option was better than the bank.