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How are exchange rates/currency conversion fees determined for international travel?

April 26, 2017conversion currency exchange fees International rates Travel

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How are exchange rates/currency conversion fees determined for international travel?

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Currency exchanges are generally made using a government-mandated rate in effect the day the transaction is posted or wholesale market rate in effect the day before the transaction is processed. The Bank of Montreal daily provides American Express with an international money exchange blended rate which is then used by American Express to update exchange rates. The exchange rate is increased by 1% and that fee is included in the currency conversion.