Currency Prepaid Card ripoff

vinnyh73

Hi there, just returned from a week in Portugal and in addition to taking cash (in Euros) I also loaded a Sainsbury's Cash Transport Prepaid Card (again in Euros). I've never used one of these but was told and found that its basically the same as using a debit card, what I was not told about was there is one hell of a catch.


Now it mentions within the fees that some ATM's may charge a fee (that's fine I thought as we have likewise over here) and read elsewhere that it would be 'a few Euros'. Well how wrong was I.


What is never explained in Sainsbury's literature is what you need to do to avoid DCC (Dynamic Currency Conversion), or indeed what kind of charges to expect to pay.


Whilst I've now learnt that I should have been opting to pay in the local currency (makes sense considering the card was loaded with Euros), many of the ATMS make it very difficult to use this option (mentioning that the charges could potentially be higher than opting for DCC). I even emailed Sainsbury's whilst out there and they responded saying if DCC hasn't been applied then to complete a dispute form, therefore implying that I should opt for the DCC option.


My question is, is this the norm? I find it very strange that I loaded the card with Euros and there is still some form of currency conversion. Even when I've used the card to pay for a bill, there has then been a 'Purse Currency Conversion Fee'.


Also for anyone reading this new to using ATMS abroad, avoid Euronet ATM's at all costs, for example I took out 300 Euros and got charged over 50 Euros for the privilege. Even at a normal bank I took out 100 and was charged over 8.


In all honesty I wish I just took cash.

worried_jim

Next time you go away-

https://monzo.com/

Keep life simple.

dj1471

You're not the first to encounter this with the Sainsbury's card.

If you accept DCC and allow the ATM to perform the currency conversion you'll be charged around 10% per transaction. You should make an official complaint with Sainsbury's for the incorrect advice you were given, perhaps they'll refund their conversion charges.

eDicky

vinnyh73 wrote: »

I even emailed Sainsbury's whilst out there and they responded saying if DCC hasn't been applied then to complete a dispute form, therefore implying that I should opt for the DCC option.

Can you show us this reply, I suspect that you misunderstood. With euros on your card, why would you not choose to avoid conversion from pounds by the ATM?

vinnyh73

This is the response I received from Sainsburys.


Thank you for contacting Card Services.

Based on the information that you have provided, the issues you have experienced can be possible results of Dynamic Currency Conversion (DCC).

DCC is, in theory, an optional ‘service’ provided by individual retailers or at ATMs. It should be performed with the cardholder’s consent. It allows the cardholder the option to pay in either the currency of the country they are visiting or the home currency of the card.

For regulatory and anti-competitive reasons, MasterCard is unable to prevent the operation of DCC by retailers or ATM providers but has introduced rules to govern it. Prior to the transaction, any merchant or ATM offering the service should inform the cardholder of the payment choice available. This should be followed by a statement on the receipt, illustrating the choice the cardholder has made.

If you opted to pay in the local currency and DCC has not been applied, please complete the attached dispute form and send it to prepaidmgmt_chargebacks_ppc@mastercard.com. They will be in contact with you directly following their investigation.

Should you require further assistance, please contact our Cash Pasport Service Centre using either one of the toll free telephone numbers on the back of your card. You will be directed through an automated menu and you will use your phone keypad to choose the correct options.

WAYT

vinnyh73 wrote: »

This is the response I received from Sainsburys.


Thank you for contacting Card Services.

Based on the information that you have provided, the issues you have experienced can be possible results of Dynamic Currency Conversion (DCC).

DCC is, in theory, an optional ‘service’ provided by individual retailers or at ATMs. It should be performed with the cardholder’s consent. It allows the cardholder the option to pay in either the currency of the country they are visiting or the home currency of the card.

For regulatory and anti-competitive reasons, MasterCard is unable to prevent the operation of DCC by retailers or ATM providers but has introduced rules to govern it. Prior to the transaction, any merchant or ATM offering the service should inform the cardholder of the payment choice available. This should be followed by a statement on the receipt, illustrating the choice the cardholder has made.

If you opted to pay in the local currency and DCC has not been applied, please complete the attached dispute form and send it to prepaidmgmt_chargebacks_ppc@mastercard.com. They will be in contact with you directly following their investigation.

Should you require further assistance, please contact our Cash Pasport Service Centre using either one of the toll free telephone numbers on the back of your card. You will be directed through an automated menu and you will use your phone keypad to choose the correct options.

Nothing to do with Sainsburys, as every card can be affected by DCC.

What they have stated is if you did not choose DCC, then perhaps some fraud had taken place and you can complete a dispute form.
But you did choose DCC, therefore no fraud has taken place and there is no dispute.
It is wholly your fault for selecting to be charged in Pounds. What were you thinking?
You purchased a card denominated in Euros and then opted to be charged in Pounds. Now you want to try pass the blame for your choices on to someone else.
Hopefully that this is just a joke post and none of this really happened. Since you appear to have compounded the issue by utilising the worst possible ATM, Euronet.

vinnyh73

WAYT wrote: »

Nothing to do with Sainsburys, as every card can be affected by DCC.

What they have stated is if you did not choose DCC, then perhaps some fraud had taken place and you can complete a dispute form.
But you did choose DCC, therefore no fraud has taken place and there is no dispute.
It is wholly your fault for selecting to be charged in Pounds. What were you thinking?
You purchased a card denominated in Euros and then opted to be charged in Pounds. Now you want to try pass the blame for your choices on to someone else.
Hopefully that this is just a joke post and none of this really happened. Since you appear to have compounded the issue by utilising the worst possible ATM, Euronet.

Alright for you to have a pop at me when you know more about how the system works more than I, but seeing as YOU are so clever, do you want to explain to ME why the ATM's are even offering pounds when the card was loaded with Euros only and YOU have not even explained why I was charged 'Purse Currency Conversion Fees when paying for a bill?

And as for Euronet, isn't it obvious that had I known how much I would have been charged I wouldn't have gone anywhere near it, but hey I'm getting the impression your just trolling.

WAYT

vinnyh73 wrote: »

Alright for you to have a pop at me when you know more about how the system works more than I, but seeing as YOU are so clever, do you want to explain to ME why the ATM's are even offering pounds when the card was loaded with Euros only and YOU have not even explained why I was charged 'Purse Currency Conversion Fees when paying for a bill?

And as for Euronet, isn't it obvious that had I known how much I would have been charged I wouldn't have gone anywhere near it, but hey I'm getting the impression your just trolling.

The impression that you should get from me, is that you are responsible for your actions and that includes reading the terms and conditions of the product that you intend to utilise.

Perhaps you should have asked here beforehand, as opposed to finding yourself here afterwards, if you aren't good with such things.

Both the out of currency charges and DCC are mentioned within the Sainsburys Cash Passport blurb; http://www.cashpassport.com/1/en/uk/Using-Your-Card/

You have been a member here for more than two years, so you had every opportunity to get the best possible advice. Instead, you did just about everything wrong and are now trying to pass the buck.
Accept some responsibility.

vinnyh73

WAYT wrote: »

The impression that you should get from me, is that you are responsible for your actions and that includes reading the terms and conditions of the product that you intend to utilise.

Perhaps you should have asked here beforehand, as opposed to finding yourself here afterwards, if you aren't good with such things.

Both the out of currency charges and DCC are mentioned within the Sainsburys Cash Passport blurb

You have been a member here for more than two years, so you had every opportunity to get the best possible advice. Instead, you did just about everything wrong and are now trying to pass the buck.
Accept some responsibility.

Who the f*** do you think you are!

Have I said that Sainsburys/Mastercard were to blame, NO you've simply decided to think that's the case.

As soon after I experienced DCC I contacted Sainsburys by email (as their number for Portugal wouldn't connect) and you've seen the response I got. Why didn't they simply say just to decline the conversion! - wouldn't be here having to respond to likes of you if they had.

And for your info, one ATM for Machobanco wouldn't give me any money unless I accepted the conversion, another Euronet machine said my pin number was wrong AFTER declining the conversion (even though it accepted it originally).

Oh and just to let you finally know that link you posted isn't for Sainsbury's, nor is it mentioned within their literature.

And as for being here for two years, may well be the case but had you done your home work you would have found I've posted a handful of times if that.

Anyway thank you for your not so constructive comments and I'll leave you to troll someone else.

WAYT

vinnyh73 wrote: »

Who the f*** do you think you are!

Have I said that Sainsburys/Mastercard were to blame, NO you've simply decided to think that's the case.

As soon after I experienced DCC I contacted Sainsburys by email (as their number for Portugal wouldn't connect) and you've seen the response I got. Why didn't they simply say just to decline the conversion! - wouldn't be here having to respond to likes of you if they had.

And for your info, one ATM for Machobanco wouldn't give me any money unless I accepted the conversion, another Euronet machine said my pin number was wrong AFTER declining the conversion (even though it accepted it originally).

Oh and just to let you finally know that link you posted isn't for Sainsbury's, nor is it mentioned within their literature.

And as for being here for two years, may well be the case but had you done your home work you would have found I've posted a handful of times if that.

Anyway thank you for your not so constructive comments and I'll leave you to troll someone else.

Yes, you have.

What is never explained in Sainsbury's literature is what you need to do to avoid DCC (Dynamic Currency Conversion), or indeed what kind of charges to expect to pay.

First of all, completely untrue. That looks to me like you are trying to pass the buck for the litany of mistakes that you made.

They warn both against DCC and write about the 5.75% out of currency charge.

The fact is that there are hundreds of threads on this board advising of which cards are best for your needs. You bypassed the very best information on the web and went your own way.
Hopefully you will learn from it.
Ask here first.

WAYT

https://www.sainsburysbank.co.uk/travel/support/support-cashpassport-transactions



Welcome booklet: https://www.sainsburysbank.co.uk/~/media/files/pdf/travelmoneycard-booklet-post-9-dec.pdf?la=en