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Reclaiming Foreign Purchase Fees
Mersey_2
Posts: 1,679 Forumite
Does anyone have any experience of reclaiming foreign currency charges which appear on bank statements?
My OH had to cancel a school trip, in light of the recent terrorism and closures in Paris.
The insurers have been very good and agreed to refund the costs of the flights and hotels, in order that a rescheduled/new booking can be paid for Spring 2016.
The only elements they have said they cannot refund are the air passenger duty (but there's a separate form to get those taxes back); and bank charges.
As purchases were made on a debit and not credit cards this was a bit of a mystery; but, the bank has now confirmed that they must mean the foreign currency fees (as the hotel was abroad and booked direct).
The bank has said that these are never refundable by them, but should be by the insurer.
The insurer has said they cannot refund them but the bank should.
Who is right, anyone?
Incidentally, it's more of the principle as it's not a huge amount - it's £13 per teacher so only £52 for my OH's party. But 7 other schools were also due so it seems the insured are losing out as the bank or the insurer are simply not paying out if they apply this rule to every claim.
My OH had to cancel a school trip, in light of the recent terrorism and closures in Paris.
The insurers have been very good and agreed to refund the costs of the flights and hotels, in order that a rescheduled/new booking can be paid for Spring 2016.
The only elements they have said they cannot refund are the air passenger duty (but there's a separate form to get those taxes back); and bank charges.
As purchases were made on a debit and not credit cards this was a bit of a mystery; but, the bank has now confirmed that they must mean the foreign currency fees (as the hotel was abroad and booked direct).
The bank has said that these are never refundable by them, but should be by the insurer.
The insurer has said they cannot refund them but the bank should.
Who is right, anyone?
Incidentally, it's more of the principle as it's not a huge amount - it's £13 per teacher so only £52 for my OH's party. But 7 other schools were also due so it seems the insured are losing out as the bank or the insurer are simply not paying out if they apply this rule to every claim.
Please be polite to OPs and remember this is a site for Claimants and Appellants to seek redress against their bank, ex-boss or retailer. If they wanted morality or the view of the IoD or Bank they'd ask them.
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Comments
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I am struggling to see why the bank would be required to refund any charges in this respect. The transactions happened. So, costs were incurred. The bank have done nothing wrong and there is foreign office announcement telling people to stop visiting France (there was one area of France that the FO did recommend no school trips but that was lifted on 2nd Dec). When you get FO warnings and restrictions, you tend to find firms are much more co-operative on cancellations. Even if its a goodwill gesture and not required.
I've never heard of any foreign transaction charges being refunded. Partly as the fees are often levied not by your own bank but by the receiving bank (and routing banks).
I would have thought this came down to out-of-pocket expenses under an insurance claim. Assuming the insurance bought covered out-of-pocket expenses.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Yes, I think the insurers should pay rather than the bank, but it was the insurer who stated the bank should refund these fees.Please be polite to OPs and remember this is a site for Claimants and Appellants to seek redress against their bank, ex-boss or retailer. If they wanted morality or the view of the IoD or Bank they'd ask them.0
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Yes, I think the insurers should pay rather than the bank, but it was the insurer who stated the bank should refund these fees.
The insurer is not in a position to demand such a thing. The person is just offering an unqualified opinion. I suppose, little different to the internet
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Well they said it in writing on their company letterhead; but, yes, I doubt they are very senior in the organisation given the size of the claims.Please be polite to OPs and remember this is a site for Claimants and Appellants to seek redress against their bank, ex-boss or retailer. If they wanted morality or the view of the IoD or Bank they'd ask them.0
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Was it worded as in "the bank WILL refund these". Or "you should ask the bank to refund these"?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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