FairFX Anywhere card - charged me more than expected

Barnetbear

Fair FX have a pre-paid Mastercard called Anywhere.

In Poland, I used it in a bank's hole in the wall ATM to withdraw equivalent to £141.20 (the exchange rate at local bureaux is 4.47PLN to the £ btw)

I've edited this post because it looks like I got a good exchange rate from FairFX but the charges are higher than expected. The better than expected exchange rate diminishes the concern over the higher than expected fee, but I would still like to know what's what with the fees.

Based on their website page here,
https://www.fairfx.com/cardselection#anywherecard
"A 1.4% charge is made on international or UK point of sale transactions. International ATM withdrawals also incur a £1 charge. UK ATM withdrawals incur a flat £1.50 charge (no additional 1.4%)."

I had thought I would only be paying 1.4% commission to them (GBP1.98) and GBP1 on top for the ATM use.
That would be GBP2.98 in total.

The charge on the mini statement online says GBP5.84
(no other charges or detail of the charge breakdown shown)

What did I misunderstand from the Fair FX website that has resulted in the charge being £3 higher.

Previously been impressed with the FairFX card, the application process etc, but now that I have used it in an ATM I am thinking would it have been cheaper to instead use my Santander Zero credit card to draw cash and repay them immediately by same-day e-payment to avoid interest charges on the Zero?

(This was my first time using Fair FX in an ATM btw, and one big Polish bank didn't want the card at all and told me "refer to issuer".)

stilltheone

You are right, the fee should be £2.98. Give them a call on 01753 778619.

Let us know the outcome.

Yes, Santander Zero would have been cheaper.

Takecareofthepennies

I guess the additional £ 2.86 may be a fee charged by the ATM owner for using their machine.

Louisdf

Takecareofthepennies wrote: »

I guess the additional £ 2.86 may be a fee charged by the ATM owner for using their machine.

Yes in Poland, if you use another bank's cashpoint you will be usually charged a fee. So most people only use their banks cashpoint to withdraw money.

Barnetbear

stilltheone wrote: »

You are right, the fee should be £2.98. Give them a call on 01753 778619.

Let us know the outcome.

Yes, Santander Zero would have been cheaper.

I've written to them, will let you know what they say.

If the extra amount is due to local ATM surcharges, might've been a good idea for FairFX to say on that page "£1 ATM fee plus whatever the local bank ATM charge is".
All it currently says is "A 1.4% charge is made on international or UK point of sale transactions. International ATM withdrawals also incur a £1 charge. UK ATM withdrawals incur a flat £1.50 charge (no additional 1.4%)."

I see no asterisks or further info next to that £1 charge mentioned.

stilltheone

Barnetbear wrote: »

I've written to them, will let you know what they say.

If the extra amount is due to local ATM surcharges, might've been a good idea for FairFX to say on that page "£1 ATM fee plus whatever the local bank ATM charge is".
All it currently says is "A 1.4% charge is made on international or UK point of sale transactions. International ATM withdrawals also incur a £1 charge. UK ATM withdrawals incur a flat £1.50 charge (no additional 1.4%)."

I see no asterisks or further info next to that £1 charge mentioned.

Come on. How can they control what another institution may charge to use their ATM?
This really goes without saying. You are clutching at straws.

dzug1

Barnetbear wrote: »

I've written to them, will let you know what they say.

If the extra amount is due to local ATM surcharges, might've been a good idea for FairFX to say on that page "£1 ATM fee plus whatever the local bank ATM charge is".
All it currently says is "A 1.4% charge is made on international or UK point of sale transactions. International ATM withdrawals also incur a £1 charge. UK ATM withdrawals incur a flat £1.50 charge (no additional 1.4%)."

I see no asterisks or further info next to that £1 charge mentioned.

Had you bothered to read the T&C you'd have seen it plainly stated there

When you use your Prepaid Card at an ATM, you may also be subject to applicable fees, surcharge rules and regulations of the relevant ATM, or other financial institution or association.

Barnetbear

Depends, key charges can't just be buried in the T&Cs, if that's what's happened. This will give you a flavour of what I'm on about - http://www.independent.co.uk/life-style/house-and-home/property/letting-agents-warned-on-contracts-2316905.html

Stilltheone, you earlier agreed that the charge was incorrect and then you tell me I am clutching at straws. Strange change of position there.

Anyone else reading this thread confirm what another thread said, ie that FairFX have just introduced a £3 charge for Ryan Air bookings using their pre-paid Mastercard? Post No. 48 https://forums.moneysavingexpert.com/discussion/3281928
( To clarify - by "charge" I mean have they applied a new charge instead of or in addition to the 1.4% for RA flights? )

Oh good, I've found the Ignore function :>

ferf1223

Barnetbear wrote: »

Depends, key charges can't just be buried in the T&Cs, if that's what's happened. This will give you a flavour of what I'm on about - http://www.independent.co.uk/life-style/house-and-home/property/letting-agents-warned-on-contracts-2316905.html

How is that remotely relevant? Any charge levied by the owning bank's ATM isn't anything to do with FairFX...this isn't FairFX adding sneaky charges buried in their T&Cs...apples, oranges.

Bob_the_Saver

Barnetbear wrote: »

Depends, key charges can't just be buried in the T&Cs, if that's what's happened. This will give you a flavour of what I'm on about - http://www.independent.co.uk/life-style/house-and-home/property/letting-agents-warned-on-contracts-2316905.html

Stilltheone, you earlier agreed that the charge was incorrect and then you tell me I am clutching at straws. Strange change of position there.

Anyone else reading this thread confirm what another thread said, ie that FairFX have just introduced a £3 charge for Ryan Air bookings using their pre-paid Mastercard? Post No. 48 https://forums.moneysavingexpert.com/discussion/3281928
( To clarify - by "charge" I mean have they applied a new charge instead of or in addition to the 1.4% for RA flights? )

Oh good, I've found the Ignore function :>

Not charging me more than usual for Ryanair

Barnetbear

Bob_the_Saver wrote: »

Not charging me more than usual for Ryanair

Thanks for taking the time to post that. Appreciated.

__

I'm interested in finding out whether the MSE best-buy for use abroad card issuers charge for ATM withdrawals at major banks overseas (not talking about those little machines at bars and shops that always charge for withdrawals). If anyone who has used any of those cards (link below) could please confirm whether there was a fee and roughly what it was, I'd be much obliged. Thanks.
Cards for abroad on MSE http://www.moneysavingexpert.com/travel/cheap-travel-money#halifax

Just my two pennies worth on the ATM fee debate if indeed the extra amount applied is the local bank's ATM fee... I reckon a card issuer should call their fee "XYZ Card cash withdrawal charge" and add prominently "a cash withdrawal at an ATM may attract an additional charge from the ATM operator or bank which we have to pass on to you, and this may or may not be shown separately on your statement." Such information should be among the key facts section, as if it's relevant to mention a £1 ATM fee at the key facts then it's certainly relevant to also mention that the £1 ATM fee is not necessarily the only fee you'll pay for using the ATM.