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FYI Hidden International Fee Forum / New users corner
SaintKilljoy
Joined in Oct 2017 31 post(s)
November 2, 2017
Showed up two weeks later, I have a $3.00 charge. I did three transactions so I'm wondering if it's going to be $3.00 each time, or if it was $1.00 per. Anyone know the answer?
Chicsans
Joined in Jul 2009 770 post(s)
November 2, 2017
@SaintKilljoy
Probably a dollar for each transaction.
It could also be unique to your financial institution. It is a bank after all, and banks make their money by gouging and ripping their clients for every cent that they can get. My bank even puts a service charge on the service charges.😕
Probably a dollar for each transaction.
It could also be unique to your financial institution. It is a bank after all, and banks make their money by gouging and ripping their clients for every cent that they can get. My bank even puts a service charge on the service charges.
SaintKilljoy
Joined in Oct 2017 31 post(s)
November 2, 2017
Yeah, I'm planning on calling the bank tomorrow to get more detailed information. It's just kind of weird that it's showing up so late.
SaintKilljoy
Joined in Oct 2017 31 post(s)
November 2, 2017
I contacted the bank and the Charge came from SegPayEU.com it was a $3.00 international fee on a $14.99 transaction on October 19th.
SaintKilljoy
Joined in Oct 2017 31 post(s)
November 2, 2017
Just so you know the fee isn't going to stop or discourage me from purchasing cards, it just surprised me is all. After talking with my bank they said just to expect the charge on any purchase of $14.99 or higher. For some reason the $4.99 purchases are exempt.
November 2, 2017
Yes, unfortunately, any time there is an Exchange of Currency from One National Currency to Another, there is a Foreign Exchange Charged.
At one time there used to be a way to do a Quadruple Foreign currency Exchange, that actually, Netted you a slight Profit.
Some wiz, figured out how to do this all electronically via software, and was making gazillions of dollars, on the millions of exchanges his software was performing.
So they Enacted a Fee for the exchange that eliminated any potential profiting.
At one time there used to be a way to do a Quadruple Foreign currency Exchange, that actually, Netted you a slight Profit.
Some wiz, figured out how to do this all electronically via software, and was making gazillions of dollars, on the millions of exchanges his software was performing.
So they Enacted a Fee for the exchange that eliminated any potential profiting.
SaintKilljoy
Joined in Oct 2017 31 post(s)
November 4, 2017
Dallas, Texas USA
November 8, 2017
@SaintKilljoy Hi, Segpay says :"That fee was charged by the cardholders issuing bank.Despite the fact that this was a cross border transaction (Customer located in the US, and your merchant account in the EU), it was processed in USD. According to these particular terms, there should have been no fee assessed. He should go back to his bank and request that they verify the charge should have been applied according to his agreement with them.
vevince0
Joined in Jan 2010 14 post(s)
November 11, 2017
samething happened to me,but my question is;
if they charge in dollars and I pay in dollars why is there a exchange fee???
but then someone is going to say,but...but...
totem is located in France and they use euros not dollars....
my company buys stuff from China,Taiwan and Belgium and we never had to pay an exchange fee for anything,every time they charge in dollars we pay in dollars and if they use some other form of currency we just converted whatever they use to dollars and send that amount in dollars and to my knoledge they get it in dollars.
I dont think is fair to pay some other company a fee to use this product,
it should be a warning like when I use an atm not from my bank to withdraw mone from ""theres a fee of such amount to complete the transaction,do you agree??"" and its up to me to click or walk away fully aware Im going to be charge just for using the machine
next time use e-poch as a billing provider they do not charge to exchange dollars to dollars
if they charge in dollars and I pay in dollars why is there a exchange fee???
but then someone is going to say,but...but...
totem is located in France and they use euros not dollars....
my company buys stuff from China,Taiwan and Belgium and we never had to pay an exchange fee for anything,every time they charge in dollars we pay in dollars and if they use some other form of currency we just converted whatever they use to dollars and send that amount in dollars and to my knoledge they get it in dollars.
I dont think is fair to pay some other company a fee to use this product,
it should be a warning like when I use an atm not from my bank to withdraw mone from ""theres a fee of such amount to complete the transaction,do you agree??"" and its up to me to click or walk away fully aware Im going to be charge just for using the machine
next time use e-poch as a billing provider they do not charge to exchange dollars to dollars
November 11, 2017 (edited)
The International Fee is, under normal circumstance, Charged by the Institution where you got your Credit Card from.
It might be your Bank, a Credit Union, or a Huge financial institution such as Capital One.
Totem does NOT control this, the Third Party Biller does not Control this.
It's the Financial Institution that provides you with your Card that decides if this "Extra Fee" should be charged or not.
My Business Accounts are with Wells Fargo, and they Charge all the time, and it doesn't matter if the funds are collected in Dollars or not.
If I'm in the USA, and I make a Purchase from England, and Pay in US dollars. I still get an extra $3.00 international Transaction Fee. That Fee might not show up till a day or two Later.
It might be your Bank, a Credit Union, or a Huge financial institution such as Capital One.
Totem does NOT control this, the Third Party Biller does not Control this.
It's the Financial Institution that provides you with your Card that decides if this "Extra Fee" should be charged or not.
My Business Accounts are with Wells Fargo, and they Charge all the time, and it doesn't matter if the funds are collected in Dollars or not.
If I'm in the USA, and I make a Purchase from England, and Pay in US dollars. I still get an extra $3.00 international Transaction Fee. That Fee might not show up till a day or two Later.
Edit:
Check your Financial Institutions Fine Print in your Card Agreement.
It's probably in there, if you look closely at it..
my bank has a fee of 0.8% for USD, and 1% on Foreign currency exchange.
as an Example, I purchased iDancer for the $9.95
My Bank, based on that being a vendor from outside the USA, then Charged an international Transaction Fee of $0.08
which is 0.8%, $9.95 x 0.008 = $0.0796 rounds up to $0.08
My Card Agreement from my Financial Institution States:
ATM/VISA® CARD SERVICES
ATM Withdrawals for less than $20............. $0.50
Balance Inquiries at Other Network ATMs ...... $0.50
Deposit Adjustment Fee........................ $1.00
International Transaction Fee................ see below #8
Replacement of Card .......................... $5.00
All Other Network ATMs #13, #12 .............. $0.75
Bank Branch ATM Transaction Fee .............. FREE
Note:
#8 International Transaction Fees:
For transactions that are initiated in a foreign currency, you will be charged 1% of the final settlement amount.
For transactions occurring in foreign countries and initiated in U.S. Dollars, you will be charged .8% of the final settlement amount.
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