FairFX Anywhere card - charged me more than expected

stilltheone

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 :>

There is no change of position, only your refusal to understand.
I agreed with you that the fee should have been £2.98 and suggested that you to call FairFx and report back.

You decided to write to them, so we have to wait for the result.

You have jumped the gun at the moment and have attempted to blame FairFx for not printing prominently enough that providers of ATMs may levy further charges.

This attempt at blame is invalid and has the appearance of clutching at straws.

There isn't a single product that claims responsibility for the withdrawal charges of ATM providers.

So I suggest that you wait for the breakdown by FairFx and we can discuss what mistakes we made, if any, at that time.

ferf1223

Barnetbear wrote: »

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

THose cards on the top of the use abroad pile do not charge for use of major overseas banks ATMs...in some cases the overseas bank levies a charge and that is passed onto the customer. That's the point we've been trying to make - if the variance in what your withdrawal cost you is down to an ATM charge levied by the ATM provider, that's nothign to do with FairFX.

But to play along - we have a Santander Zero debit card and a Metro Bank debit card and are only charged a fee for using an ATM overseas if the ATM itself makes a charge - Santander and Metro Bank charge us nothing...we have used both it many times. The fees have been as stated on the ATM - $0, $1, $1.50, $4.99...just depends on the fee set by the bank that owns the ATM. Nothing to do with Santander or MetroBank - the fee is for using the particular ATM to make a withdrawal. It was always the same with our Nationwide debit card but we haven't used it since they changed their position on foreign transactions.

Barnetbear

FairFX wrote to me at lunchtime today but because I'm pretty busy over here in Poland at the moment I've not had a chance to post until just now. FairFX's prompt and courteous email is much appreciated. (I didn't request consent to reproduce their email here, so I will not do so. Anyone who has any queries can PM me.)

They have stated that the reason for the charge being higher than I had expected was not ATM charges at all, but was actually because of what is known as "padding" at 2 per cent (not a term I have heard of before but I am not a ForEx person). This is to cover them and me if there is a difference between the really very good rate they gave me (MC wholesale rate, as they called it) and the daily "average" rate the transaction finalises at. To briefly quote them as they put it better than I can: the 2% that is marked as "Auth Commission" would be returned to your card as an available balance as soon as the transaction finalises. This measure is put in place to protect your funds and to make sure your card does not fall into a negative balance when the transaction finalises.

I can confirm that now they have adjusted it as per the 2% padding, itemised it fully online, the rate was very good (better than any local exchange place I know of), and the charges levied are as expected. Everything is, as Victor Meldrew would say, tickety-boo. http://www.yorkshirepost.co.uk/lifestyle/health-and-family/the_big_interview_richard_wilson_1_3525966

Thanks FairFX ! :>

stilltheone

Barnetbear wrote: »

FairFX wrote to me at lunchtime today but because I'm pretty busy over here in Poland at the moment I've not had a chance to post until just now. FairFX's prompt and courteous email is much appreciated. (I didn't request consent to reproduce their email here, so I will not do so. Anyone who has any queries can PM me.)

They have stated that the reason for the charge being higher than I had expected was not ATM charges at all, but was actually because of what is known as "padding" at 2 per cent (not a term I have heard of before but I am not a ForEx person). This is to cover them and me if there is a difference between the really very good rate they gave me (MC wholesale rate, as they called it) and the daily "average" rate the transaction finalises at. To briefly quote them as they put it better than I can: the 2% that is marked as "Auth Commission" would be returned to your card as an available balance as soon as the transaction finalises. This measure is put in place to protect your funds and to make sure your card does not fall into a negative balance when the transaction finalises.

I can confirm that now they have adjusted it as per the 2% padding, itemised it fully online, the rate was very good (better than any local exchange place I know of), and the charges levied are as expected. Everything is, as Victor Meldrew would say, tickety-boo. http://www.yorkshirepost.co.uk/lifestyle/health-and-family/the_big_interview_richard_wilson_1_3525966

Thanks FairFX ! :>

I remember reading something to that effect before. Glad it was sorted to your satisfaction.