Avoiding high costs of credit cards on oversea transactions.

Avoiding high costs of credit cards on oversea transactions

by tonytran2015 (Melbourne, Australia).

Click here for a full, up to date ORIGINAL ARTICLE and to help fighting the stealing of readers’ traffic.

(Blog No.33).

#credit card, #ripped off, #oversea, #purchase, #transaction


Have you ever felt ripped off when using your credit cards for oversea transactions?

You will get surprised when using your credit cards on oversea transactions. For each transaction, card issuers may charge you any or all of the following fees:

1. Fee for using the card outside the issuing country.

2. A separate fee for using a foreign card in the country of transaction.

3. A higher than cash price due to purchase with a credit card (about 3% to cover costs to seller).

4. A sizable profit margin on the foreign exchange rate (5% in Australia at this time of writing). I am not aware of any legal regulations to protect card users on this fat margin.

5. The card issuer has the right to view the fluctuating exchange rate for up to one year after your transaction and pick the most unfavorable time for your exchange rate and then make the bill for the transaction on that unfavorable date (as long as it is after your actual transaction and before the printing of the bill). So the bill will be dated on that unfavorable date but won’t be sent to you for a few months! The delay is due to their picking for your most unfavorable exchange rate.

You may have felt that they gave you some extra breathing space! They would say that you had been given the benefit of not having to pay for a few months.

6. Then they send the bill to you and you are given the benefit of upto 28 days interest free period to pay your total account.

If all the fees and costs from 1 to 5 outweights the benefit received in 6 (usually they do by a sizable amount) then you should better carry local currency (of visited country) to pay for your oversea transactions on the spot.

If you buy oversea goods on the internet, you should use Paypal which instantanously offers you the FINAL cost in your local currency BEFORE you make the final decision to go through with that transaction.

This is a small trick that can take care of YOUR COSTS in using your credit cards.


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Demonetizing in India robs the poors.

Demonetizing in India robs the poors

by tonytran2015 (Melbourne, Australia).

Click here for a full, up to date ORIGINAL ARTICLE and to help fighting the stealing of readers’ traffic.

(Blog No.32).

#black economy, #corruption, #demonetization, #India,
As a money sovereign, the Indian government issues its own fiat money (which has values only by. acceptance by the issuing goverment to pay its tax, fines and to buy government supplied properties and service).

Now the same government declares that the money in high denomination (80% of issued money) will expire at the end of the year 2016.

1. The justification of avoiding counterfeit is not acceptable as counterfeits can be detected with more care by money users. Old money notes should be orderly and gradually removed from circulation with no sudden date of demonetization.

What may happen to someone who is oversea and cannot come back in time to exchange his notes for new one?

2. Saying that high valued cash money are mostly illegal money is unacceptable.

Is the government prepared to receive all its taxes, fines and fees in small valued notes?

Poor people have no way to store their saving except using cash. Does the government expect them to store the saving in bulky, worn out low valued notes?
Rich people don’t need to keep high valued notes: They can buy gold, land, houses, business, oversea investments. The value of a business, its good will, is enormous and no one can assign any precise legal value to a business! Rich people will take advantage of this.

3. Fighting corruption should be principally executed by rendering government processes transparent. Corrupt officials are too clever to be caught with the simple trick of demonetization.

So all this business of demonetizarion seems like a way to make a cashless India. On the way, the government robs people of their savings but retain their debts to the powerful.

The lessons for the future:

1. The poor Indians have to convert their saving into goods (such as gold, food) and hoard the goods.

2. Alternatively, they may need to take the I Owe You notes from their local reputable businessmen. The local businessmen may also form a trust that owns the hoarded goods on behalf of the poor.

This may lead the people back to the finance systems of the previous few centuries.

3. The government has done it once, they will do it again. Indian people should only swap their goods into Indian money prior to time to pay taxes!


[1]. India’s cash crisis explained, BBC,


Added after 2018 May 05:

[2]. http://www.thedailybell.com/news-analysis/top-10-goals-in-the-communist-manifesto-accomplished-in-america/

[3]. https://www.bloomberg.com/view/articles/2018-09-02/indian-demonetization-failed-even-to-create-a-savings-culture?srnd=premium

[4]. https://counterinformation.wordpress.com/2018/11/08/a-well-kept-open-secret-washington-is-behind-indias-brutal-demonetization-project-2/

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