Exchange rates for card transactions

How is exchange rate determined when I make purchases or take out cash on my card in a non-euro currency?

Convert currency into euros with a currency calculator

You can easily convert the amounts spent and taken out from an ATM on an OP card into euros with a currency calculator. 

The calculator gives you an estimated exchange rate. The used rate will always be shown in your card transactions, meaning the debits from your account, or on your credit card bill.

What’s the best way to pay when travelling?

A card is a more comfortable and safer option abroad than cash. OP’s Visa cards and Mastercards work reliably everywhere.

Choose a local currency when paying

When paying with a card outside the euro area, you can often choose between the local currency or the euro. When you choose to pay in the local currency, the exchange rate used is always Visa or Mastercard’s wholesale exchange rate plus OP’s currency conversion fee, and the merchant does not charge a separate fee for the currency exchange. If you choose euro as the currency, the merchant may charge a significantly higher fee for the currency exchange.

In Sweden, for example, it pays to choose the Swedish Krona (SEK) instead of a euro payment offered by the merchant. 

Get cash cheaper by taking out money from an ATM in the destination country

You can take out money from an ATM abroad with any OP card. If euros are not used in your destination country, the cheapest way of getting cash is taking out money from an ATM in the country visited. It also pays to make any withdrawal from an ATM in the destination country’s currency. In such a case, you’ll be using OP’s currency exchange service.

The exchange rate of an ATM withdrawal is often lower than the rate used by foreign exchange outlets. 

How much does it cost to use the card abroad?

When using the card in a country that has a non-euro currency, the amounts spent on purchases or taken out from an ATM are converted into euros by using the so-called wholesale exchange rate. OP’s currency conversion fee, which accounts for 1.95% of the amount of purchase or withdrawal, always comes on top of it.

Visa and Mastercard have their own wholesale exchange rates that change on a daily basis. Which day’s rate is used to convert your card transactions into euros is determined on the basis of the date when a card transaction is transmitted to Visa or Mastercard. This is why different rates may be applied to purchases or withdrawals made on the same day. It often takes 1–3 days to transmit the information. 

Using the card and credit costs the same in the euro area as in Finland.