After I downloaded the last tutorial I checked my bank statement and the pending amount was $29.95. When it posted it was $30.54 so I called the bank, they sent out forms to fill out, I fill them out, sent them back.
Today I get a response: This transaction is correct as billed. The transaction amount was for $29.95. US Bank has a 2% conversion fee on all foreign transactions originated in U.S. dollars, therefore the total correct amount is $30.54.
I again called and was told that this was standard for all banks. Could I get feedback from those of you that also purchased this and what was posted to your account and if you used a bank card or a plain credit card There should be no difference, but I want to see if other banks are doing this or if it's just US Bank.
Full Version: Bank Charge for tutorial
I just checked my charge....$29.95 and I'm in Chicago and use a USA bank; Chase/JP Morgan and used thier debit card.
Cheers....
Todd in Chicago
Cheers....
Todd in Chicago
QUOTE (KeithR @ Jul 15 2009, 04:45 PM) 
After I downloaded the last tutorial I checked my bank statement and the pending amount was $29.95. When it posted it was $30.54 so I called the bank, they sent out forms to fill out, I fill them out, sent them back.
Today I get a response: This transaction is correct as billed. The transaction amount was for $29.95. US Bank has a 2% conversion fee on all foreign transactions originated in U.S. dollars, therefore the total correct amount is $30.54.
I again called and was told that this was standard for all banks. Could I get feedback from those of you that also purchased this and what was posted to your account and if you used a bank card or a plain credit card There should be no difference, but I want to see if other banks are doing this or if it's just US Bank.
Today I get a response: This transaction is correct as billed. The transaction amount was for $29.95. US Bank has a 2% conversion fee on all foreign transactions originated in U.S. dollars, therefore the total correct amount is $30.54.
I again called and was told that this was standard for all banks. Could I get feedback from those of you that also purchased this and what was posted to your account and if you used a bank card or a plain credit card There should be no difference, but I want to see if other banks are doing this or if it's just US Bank.
QUOTE (ChrisSand @ Jul 15 2009, 05:46 PM)
And I started that post as well.
I think you'll find it's becoming more common. A couple of months ago I got a "Notice of Change in Terms..." statement for a Citibank credit card. Among other things:
"We are changing how we calculate the fee for foreign purchases. This fee will be called the Transaction Fee for Foreign Purchases. The description in your Card Agreement of this fee will be as follows:
"Transaction Fee for Foreign Purchases. We add a fee of 3% of the U.S. dollar amount of each purchase made outside the U.S., whether made in U.S. dollars or in a foreign currency. This fee is a FINANCE CHARGE."
(I don't have the original terms handy, but I think they previously charged a fee only for non-U.S.-dollar transactions.)
"We are changing how we calculate the fee for foreign purchases. This fee will be called the Transaction Fee for Foreign Purchases. The description in your Card Agreement of this fee will be as follows:
"Transaction Fee for Foreign Purchases. We add a fee of 3% of the U.S. dollar amount of each purchase made outside the U.S., whether made in U.S. dollars or in a foreign currency. This fee is a FINANCE CHARGE."
(I don't have the original terms handy, but I think they previously charged a fee only for non-U.S.-dollar transactions.)
I'm in Australian & my Visa card stings me for every overseas transaction, it's not just the USA it's greedy banks around the world!
QUOTE (KeithR @ Jul 15 2009, 09:45 PM)
After I downloaded the last tutorial I checked my bank statement and the pending amount was $29.95. When it posted it was $30.54 so I called the bank, they sent out forms to fill out, I fill them out, sent them back.
Today I get a response: This transaction is correct as billed. The transaction amount was for $29.95. US Bank has a 2% conversion fee on all foreign transactions originated in U.S. dollars, therefore the total correct amount is $30.54.
I again called and was told that this was standard for all banks. Could I get feedback from those of you that also purchased this and what was posted to your account and if you used a bank card or a plain credit card There should be no difference, but I want to see if other banks are doing this or if it's just US Bank.
Today I get a response: This transaction is correct as billed. The transaction amount was for $29.95. US Bank has a 2% conversion fee on all foreign transactions originated in U.S. dollars, therefore the total correct amount is $30.54.
I again called and was told that this was standard for all banks. Could I get feedback from those of you that also purchased this and what was posted to your account and if you used a bank card or a plain credit card There should be no difference, but I want to see if other banks are doing this or if it's just US Bank.
My bank does it.
BoA does it - I got hit for about a buck for the BS 'International Fee'. Greed, pure and simple.
take a trip to a foreign country and use your charge cards and then see what the fees are when you next bill arrives,, every time I used my AE or Visa I saw a small charge (on my monthly bill) for them paying and handling the conversion,, guess it is no difference if you actually there or not for the purchase,,
Derry
Derry
QUOTE (Derry @ Jul 19 2009, 06:42 PM)
take a trip to a foreign country and use your charge cards and then see what the fees are when you next bill arrives,, every time I used my AE or Visa I saw a small charge (on my monthly bill) for them paying and handling the conversion,, guess it is no difference if you actually there or not for the purchase.
Except for the case of US customers purchasing L-L products - there is no conversion - since all our pricing is in US dollars
Yeah, it has zero to do with a conversion. It's simply the purchase being from out of the US.
That's the bank charging you for the currency conversion. Just like the airlines, they're looking for any little fee they can add to boost their bottom line.
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