# Credit card usage in Grand Cayman



## LisaH (Jun 6, 2010)

According to this article posted here: 

_American Express also adds roughly 2.7 percent to foreign currency charges *but not to foreign charges denominated in dollars*_.

We are going to Cayman next Sun.  I wonder if credit card transactions there could be denominated in US dollars? What's your experience?


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## Poobah (Jun 7, 2010)

*Currency Charges*

Lisa,

That was my experience with AMEX in Grand Cayman. However, my FlexPerks Visa Card charged a conversion fee even though the charges were in dollars.

Cheers,

Paul


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## Former Cruiser (Jun 7, 2010)

Capital One does not charge a fee for foreign purchased.  We did a Mediterranean cruise and used it everywhere. 

I didn't take time to read the article, so pretend I didn't write this if it doesn't apply.


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## LisaH (Jun 7, 2010)

Thanks Paul!
Yeah I just applied for the Capital One Venture card yesterday but I don't think it will arrive before my departure...


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## caribbeansun (Jun 7, 2010)

By dollars I assume to mean US dollars (many countries use dollars BTW) - Transactions in Cayman are denominated in Caymanian dollars however they are also typically converted to US dollars prior to processing on a credit card.

I am Canadian and the conversion from US dollars to Canadian dollars was done without a transaction fee but was subject to a conversion fee.

Transaction fees are different than conversion fees - you need to understand both and how and when they apply in your particular situation.

Certain US credit card companies do impose foreign currency *transaction **fees* (NOT a conversion fee) regardless of what currency the actual transaction is posted in *including US$* if that transaction is processed using a non-US resident bank.  

What you are referring to below is NOT a transaction fee, it's a conversion fee - they add 2.7% to the spread on the currency rates.

The real question you should be asking Amex is do they impose a transaction fee.

Hope that helps in some way.



LisaH said:


> According to this article posted here:
> 
> _American Express also adds roughly 2.7 percent to foreign currency charges *but not to foreign charges denominated in dollars*_.
> 
> We are going to Cayman next Sun.  I wonder if credit card transactions there could be denominated in US dollars? What's your experience?


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