Maestro Transaction Abroad - Query

Texas_Pete

Hi

Can someone help me with a query about a transaction I made abroad using my Maestro card. The purchase was for 3500 euros though the person getting the payment is saying i must deduct 3% of the amount i paid as his bank charge 3% fees? Hence he only receives 3395 Euros of the 3500 I paid.

Aren't the fees on Maestro payments on my side of the transaction?

My statement shows the exchange rate as 1.4770 with a transaction fee of £65.16 and charge of £1.25 - this works out correct as my account has been debited for £2435.92. (3500/1.477) + 65.16 + 1.25 = £2436

I contacted my bank who said the fees were correct on my side but they couldn't say what would happen at the other bank.

Surely I don't pay fee's on both sides of the transaction?

hammy_the_hammer

i gave up transferring money with my bank abroad as they told me they can't tell what the foreign bank will charge in fees.

dzug

Texas_Pete wrote: »

Surely I don't pay fee's on both sides of the transaction?

You do if that's what the other party requires.

Texas_Pete

I thought cause it was a Point of Sale transaction the money goes straight in their account, so no charges?

At the moment its going to cost me 6% for this transaction - no wonder the banks profits are so high.

ManAtHome

With most bank cards you pay for "currency conversion". An increasing number of European stores are also charging for card use (many don't distinguish between debit and credit cards) rip-off Europe..?

The only places I've found who consistently DON'T charge extra are airport duty-free shops, the rest are a bit hit and miss.