I think users would benefit from seeing the exchange rate explicitly posted in transaction info. This would save users time so they don’t have to calculate it manually, and this is important information to decide to choose which method to use. If the exchange rate is easy to find and compare, users can choose Neo if they find that exchange rate attractive and being transparent helps build trust. Key insight here is that comparing exchange rate is also a hassle and users can just choose Neo for transparency because comparing rates is too much work for most. Also, you can’t really compare them because they change so often and it is somewhat pointless to compare them after you have already paid, That said, I feel like many users would still appreciate if you make them feel like they are in control.
Consider this transaction: “USD 11.87 = CAD 17.13”
This is an improvement over the previous version where this information was not posted. How can this be made better?
The issue here is that I don’t know if I got a good deal on the exchange rate here or not, and I kind of want to know. I can calculate it myself, but it’s a hassle. If I do it, it’s the hassle of manual calculation that I will remember. If I don’t do it, I will fear that I could have gotten a better rate by paying cash or using a different card.
When you make the exchange rate transparent, I probably won’t bother comparing and calculating things because I won’t be worried.
This is definitely an improvement over the current screen and would be most helpful. I have done some analysis while travelling to compare rates between Neo, BMO WE, and ATM cash rates. I recall that the difference between Neo and BMO is that the Cdn charge for Neo is higher but then is offset by the cashback, with the net amount being comparable Cdn charge on BMO. So it depends on whether you want a lower CC charge or a higher charge with the difference funneled back to your cask back account.
I like that Neo shows the foreign currency amount on the CC statement, and I really wish that they would show it on the screen inquiry as well. BMO does not give you any information at all, so you only see the converted Cdn amount. The confusing part of the foreign currency amount on the statement, is that the amount is the actual vendor charge plus 3.5%. I get why, but it becomes more difficult to reconcile bills when amounts don’t match. I usually write down the Cdn amount on the bill just to keep track but i am sure most people aren’t quite that anal, lol. Not sure if you can see the following, but it shows a purchase in Mexico for 483.03 pesos for a Cdn amount of $33.39. But the vendor purchase was 466.70 pesos. Would the calculation show me a conversion rate of 14.46 (483.03/33.39) or 13.97 (466.70/33.39). I think if it shows 14.46 then this would be misleading and would look favorable for Neo, but it doesn’t account for the 3.5% upcharge.
