Losing money on credit-card purchases

Is there another country in the world that will not charge one’s credit card in the currency of the country that you are in?

Here, unlike every other place I have ever been to, because my card is not from a local bank, the purchase that I have made must be priced in US dollars, not Cayman dollars.

The result is that thousands of tourists, as well as residents, are legally robbed each time they use their cards.

Apparently, according to the Cayman Islands Monetary Authority, it is up to the outlet how they convert from Cayman dollars to US dollars. For example, the Cayman Islands Postal Service and Health Services Authority divide Cayman dollars by 0.82 to convert to US dollars. This is not too bad.

But supermarkets, restaurants, liquor stores and most others divide by 0.8. The result of this is that although my purchase was for, say, CI$200, my bank will charge me, and pay them about $207. ($200 divided by 0.8 equals US$250, then to the bank this is about CI$207.)

So, every time that I use my card, I am charged about 3.5% more than I have spent. How can this be legal?

How has this been allowed to go on for so long?

I cannot believe that I am the only one to spot it!

It could be solved tomorrow, by getting the card readers to accept purchases in Cayman dollars.

George Tustin