It might be easier to implement since it only involves the card issuers, not the banks. I guess it would work something like the Uruguayan VAT rebate, at the point of sale? We will have visitors in early December so if nobody else reports by then we can find out. Reports from volunteer permanent residents and citizens with undeclared foreign credit cards would be very welcome
who said one must declare foreign credit cards?It might be easier to implement since it only involves the card issuers, not the banks. I guess it would work something like the Uruguayan VAT rebate, at the point of sale? We will have visitors in early December so if nobody else reports by then we can find out. Reports from volunteer permanent residents and citizens with undeclared foreign credit cards would be very welcome
Good point, so it would likely be a % share discount from the official exchange rate most likely linked to the card issuer.It might be easier to implement since it only involves the card issuers, not the banks. I guess it would work something like the Uruguayan VAT rebate, at the point of sale? We will have visitors in early December so if nobody else reports by then we can find out. Reports from volunteer permanent residents and citizens with undeclared foreign credit cards would be very welcome
Actually that is not entirely true. The conversion can be done by VISA/MC/AMEX but usually the exchange rates are horrible as they charge a hefty commission. Hence when I use my US credit card abroad, issued by Chase, I always select "pay in local currency" as Chase gives me more or less the spot XE. Anyway, I guess we just need to wait and see what happens in the next couple of days.
Doesn't apply for Residents?
Apparently it does.
