Paying by Credit Card in North Cyprus

Traveller0392


Joined: 21/03/2008
Posts: 186

Message Posted:
19/09/2008 15:53

This is a note to all of you intending to pay for anything whilst here on holiday or buying goods online etc....



I notice people recommend to pay by credit card and see that this is good in that you are covered by the company for goods in the event of fault or cancellations....



If you do pay by card... the money is calculated in Turkish Lira at the rate that day... eg if you are paying say 1200 pounds for your white goods etc... then the shop will take from your card .. approx... 2796 Lira at the rate of 2.33.



When you get home ... the bill on your statement will be calculated at a lower rate and converted back to Pounds... so it may be calculated at 2.15 lira to the Pound... Today's rate.. which would be 1300 pounds.



That's a whopping charge by the crredit card company of 100 quid. Ouch!



This is Today's money saving Tip!

orangekazzie



Joined: 31/07/2007
Posts: 1091

Message Posted:
19/09/2008 15:55

I think Nationwide do their calculations on the rate of the day of purchase. We have always found their rate to be very good. They don't charge an admin fee for using the card abroad either.

Karen

McSteviet



Joined: 11/05/2007
Posts: 1089

Message Posted:
19/09/2008 16:22

If you pay for the goods in Sterling, then there is no exchange rate involved.



Only the CC fee.



MC

Traveller0392


Joined: 21/03/2008
Posts: 186

Message Posted:
19/09/2008 16:45

If the Goods are priced in 'STERLING' ... the Credit card machine will take your money at the rate of the Sterling to Lira..... in other words.... it will charge you in Lira.....



Does that make sense.. or am I going too fast?



If you bought something like a car at 10,000 quid and you paid by card... Wow... you would be upset....

colly


Joined: 31/07/2008
Posts: 297

Message Posted:
19/09/2008 16:46

I find that it tends to be the retailer that thwe ouch is coming from. If he gives you a conversion rate of 2.33 when it is actually 2.20 then you are paying about 6% over the odds. I am wth the co op and find that their rates are normally slightly better than I can get. This could vary with other banks though.

Watch the conversion rate from the retailer!

Col

Traveller0392


Joined: 21/03/2008
Posts: 186

Message Posted:
19/09/2008 16:49

Interesting?!



So ... what rate are the retailers here charging... and what rates are the banks in the UK charging.... I think you will find it a big differnce....



Check and then let's see.

Perry


Joined: 27/01/2007
Posts: 413

Message Posted:
19/09/2008 17:52

Everybody comments on this board to change your money in Cyprus, as you get a better rate - which I believe is true.



BUT - it can get you with the credit card issue. You are quite right - when you pay by card they convert to YTL to put through the machine. They will use the local rate say 2.33. Your card company or bank is then converting back at the lower UK rate of 2.15, and you are picking up the difference.



I have been caught out on big ticket items such as furniture and car hire. You are therefore better off to either get your quote in YTL, so you can work out your true GBP cost, or pay GBP cash if that is what the quote is in. For car hire, I always now take the cash with me.

Traveller0392


Joined: 21/03/2008
Posts: 186

Message Posted:
20/09/2008 12:17

Well done Tony....



I would like to hear from anyone else's opinions on this... the same goes for spending across the border in Euro disney land... that's the Greek side... not only are the credit card companies charging the retailers but they are kicking the buyers too.... day light robbery ... or just good business... you decide....



Cash is King...... !

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
20/09/2008 13:37

where ever you are in the world, cash has always been king.