Problem With Checking The Value Of Currency

SammiSammi Member Posts: 5
Hello

I used to check the dollar/conversion rates on the Mastercard website :
http://www.mastercard.com/global/currencyconversion/index.html

A couple of months ago they removed my country (Pakistan) from their conversion list. So If I choose the base currency as USD, it no longer shows me the value in PKR.

After this has happened, I am unable to calculate accurately the value I need to withdraw from the ATM and am in constant fear of a denied transaction whenever I shop.

Moreover some ATM's in the country actually keep your card if your transaction is denied and you have to contact bank personal so they can return your card.

While withdrawing a big amount (like the one I usually withdraw twice every month), I have no idea what I should value the USD at because when Mastercard had Pakistan in the list, they used to give me a lower rate than that in the market. After that the USD's value has risen more than 12% and I have no idea what value I should be punching in the ATM to not get my transaction denied. Because of this reason I have to enter a grossly undervalued transaction and lose out on more money with multiple withdrawls etc.

Just an example:
I have 200$ in my Payoneer, I assume that Mastercard will pay me 85PKR per 1USD (market rate is 90). Now if I have undervalued my assumption, I could have withdrawn about 1,000PKR more which could have paid for a cell phone!
If I have overvalued it then I lose my 1$ and my card might be kept by the machine.

I really don't understand Mastercard. They are advertising like crazy in the country, Most big banks are using them as the primary provider and the business is booming and they pull off a stint like this for no apparent reason.

Please tell me an alternative from where I can check the value of my currency according to Mastercard since their rates are very different from the current market rate. It would really save me a lot of trouble.

Comments

  • SammiSammi Member Posts: 5
    Or can someone confirm my calculation?

    I had a balance of 105.20$

    Withdrew 9000PKR

    Now left with 0.02$

    So what was the rate? My calculation is ( 87.6509544 )but it might be wrong.
  • NissimNissim Head of Community Administrator Posts: 3,749 ✭✭✭✭✭✭✭
    edited January 2012
    Sammi,

    As you mentioned, MasterCard unfortunately does not list estimation rates for your area. However, MasterCard's conversion rates are among the best available and are often based on official market rates. Additionally, as rates are constantly changing throughout the day, even the estimation rates will not give you an exact value.

    I would suggest to go by the official market rates, and simply leave a little bit of room for error/changes in the rates.

    Also, make sure you consider all fees/applicable charges when making your calculations. Remember that MasterCard may impose a conversion fee of up to 3% when making a purchase in non-USD (as with all credit/debit cards). To avoid any ATM fees, simply use the card to make purchases rather than withdrawing cash.

    Hope that helps.
  • zubair89zubair89 Member Posts: 1
    Hello!
    My card has not been approved yet. I don't know where are the error and what I need to do. Can you help me? I had appliy for the card in 1st January 2012. but I haven't got any approval mail. My reference number in the system is 1323152...
    Please Help me Administrators Group
  • DavidDavid Member Posts: 3,289 ✭✭✭
    zubair89 wrote:

    Hello!
    My card has not been approved yet. I don't know where are the error and what I need to do. Can you help me? I had appliy for the card in 1st January 2012. but I haven't got any approval mail. My reference number in the system is 1323152...
    Please Help me Administrators Group


    Hey Zubair,

    I have passed on your request to a manager and you should be hearing from them shortly.

    Please let me know if you have any further questions.

    Sign up for Payoneer and the US Payment Service

  • bellclara1985bellclara1985 Member Posts: 1
    edited August 2012
    If you are looking for exchange your money then I know a very good site.
    check out that here - Currency Exchange Services
    LydianFX is one of the best website deals in currency exchange services. They are expert in wholesale currency exchange services. Their services are quite reasonable.
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