In the UK most credit card issuers convert foreign transactions to
Sterling at the going exchange rate.  They then add a surcharge,
commonly 2.75%.  The banks' exchange rate usually seems slightly
better than what you would get for changing money over the counter;
the overall result, after the surcharge, is slightly worse.

Beware of getting a refund on your credit card when overseas.  The
bank charges you on both the original transaction and the refund. :(

How do you think the banks make huge profits even after writing off
all that dodgy lending?!  End of rant.

Jeffrey Borinsky