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Exchange Rate Scam
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EdBrown
Posts: 28 Forumite
in Credit cards
Re: Bank Scam on Purchases Abroad (posting 1100889917 on 19th Nov).
Anyone else objecting to this scam might like to contact their credit card company with a similar complaint to that which I have just sent to Nationwide and is copied below. The more complaining, the more likely we are to stop foreign banks from operating this scam.
"I would like to question the legality of some credit card operations abroad; I recently purchased a portable DVD/TV Tuner in Gran Canaria and the card agent of the retailer (Tele Banco I believe) converted the purchase price in Euros at their own exchange rate to Sterling then billed my Nationwide account in Sterling. This meant that I effectively paid 10 Euros (about £7) more than I would have done had my account been billed in Euros and converted by yourselves. My point is this: At no time did I ever consent to the foreign bank handling the credit card transaction also becoming the exchange rate bank."
Anyone else objecting to this scam might like to contact their credit card company with a similar complaint to that which I have just sent to Nationwide and is copied below. The more complaining, the more likely we are to stop foreign banks from operating this scam.
"I would like to question the legality of some credit card operations abroad; I recently purchased a portable DVD/TV Tuner in Gran Canaria and the card agent of the retailer (Tele Banco I believe) converted the purchase price in Euros at their own exchange rate to Sterling then billed my Nationwide account in Sterling. This meant that I effectively paid 10 Euros (about £7) more than I would have done had my account been billed in Euros and converted by yourselves. My point is this: At no time did I ever consent to the foreign bank handling the credit card transaction also becoming the exchange rate bank."
0
Comments
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Good idea, Ed.
If it had happened to me, I would certainly complain ... it is something that VISA and Mastercard need to act on.0
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