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| Porn Users Forum » Currency Transaction Fee on Credit Card? |
| 1-15 of 15 Posts | Page 1 |
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| 12-09-12 03:37am - 4396 days | Original Post - #1 | |
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Capn (0)
Active User  Posts: 1,740 Registered: Sep 05, '09 Location: Near the Beer! |
Currency Transaction Fee on Credit Card? Well, I have never had this before, but my most recent statement from my credit card company has levied a transaction fee for every transaction that wasn't in £ sterling. I am not talking about conversion rates here, just an admittedly modest, transaction fee. It is not really a biggy, but has anybody else had CC charges similar to this? Cap'n.  Admiral of the PU Hindenburg. 2009 PU AwardHilarious Post of the Year 2010 PU Award ( I would have preferred it to be Helpful Post of the Year for Guys who Hate 'Retail Therapy' ) :0/ Sanity is in the eye of the Beholder! | |
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| 12-09-12 03:44am - 4396 days | #2 | |
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Ed2009 (0)
Suspended Webmaster  Posts: 509 Registered: Sep 12, '09 Location: Wales, UK |
I've not seen that one, but there does seem to be a strong trend of banks adding/increasing the range of charges they use to increase their profit margins. One of my banks recently began charging for transactions sent from overseas in my native currency. They've always charged for electronic transfers in foreign currencies, but now they're charging when they don't even have a conversion to make. One of my friends got charged £9.95 for a letter warning him that he was getting near to his overdraft limit (putting him even closer to the limit in the process!). That was presented as a "service" to stop him going over his limit and incurring a £15.00 fee which he wouldn't have done anyway because he was fully aware he was close to his limit without the letter. It makes me wonder what would have happened had he been closer than £9.95 to his limit? Webmaster of StripGameCentral and A Measure of Curiosity. | |
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| 12-09-12 03:58am - 4396 days | #3 | |
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Capn (0)
Active User Posts: 1,740 Registered: Sep 05, '09 Location: Near the Beer! |
There would probably have been a follow-up chargeable letter saying he had gone over limit & then an additional over limit fee.  Well, I thought I would draw folks attention to this new charge, by posting it here. Cap'n.  Admiral of the PU Hindenburg. 2009 PU AwardHilarious Post of the Year 2010 PU Award ( I would have preferred it to be Helpful Post of the Year for Guys who Hate 'Retail Therapy' ) :0/ Sanity is in the eye of the Beholder! | |
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| 12-09-12 05:38am - 4396 days | #4 | |
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lk2fireone (0)
Active User  Posts: 3,618 Registered: Nov 14, '08 Location: CA |
Like Ed2009 says, banks have been trying to increase the fees they "earn" in many different ways. Sometimes they get away with it, other times consumers protest too much, and the banks are forced to withdraw some particular fee. I've used a credit card only a few times for a charge that wasn't in US dollars. As I recall, the bank only charged a conversion fee, and no other transaction fee. But the conversion fee that was charged was a few percentage points higher than the rate quoted on Wall Street. What really burns me, though, is that banks pay less than 1% on a savings account. But they charge anywhere from 9% to 20% on purchases made on credit card. For cash advances (when you get actual money instead of just a purchase), they can charge 20% to 30% or more. Back in the 1960s, it was illegal to charge such high rates of interest, and it was called usury. But in the 1970s some states in the US changed their laws, permitting banks and credit card companies to charge whatever they wanted to, basically. | |
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| 12-09-12 08:44am - 4396 days | #5 | |
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jberryl69 (0)
Disabled User  Posts: 1,000 Registered: Nov 27, '10 Location: neverland |
Well yes, Banks of all types are in it for the money. If you want to reduce fees and transaction costs join a Credit Union and use a debit card rather than a credit card. If it ain't grits, it must be a Yankee. If you're going to lay her head over the pool table and fuck her throat, get your fucking hand off her throat! | |
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| 12-09-12 09:39am - 4396 days | #6 | |
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tangub (0)
Active User  Posts: 132 Registered: Feb 03, '10 Location: UK |
I've noticed that before that my bank levy a foreign transaction fee when I use my debit card on any transaction in a foreign currency so I refuse to use it now on foreign currency transactions or when I travel overseas. I don't get any such charges on my credit card though so I use that now whenever possible. I only discovered this foreign transaction charge after I got home after a couple of weeks in the Philippines and checked my statement and discovered my bank had been charging me a cash withdrawal fee plus the foreign transaction charge and it ended up costing me around £7.50 each time I withdrew £150 of my own money....WTF??? | |
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| 12-09-12 10:28am - 4396 days | #7 | |
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Capn (0)
Active User Posts: 1,740 Registered: Sep 05, '09 Location: Near the Beer! |
There is a big caveat on using a debit card though. There is no guarantee on security of funds, unlike with a credit card. With a fraudulent transaction on a credit card it is relatively easy to get your money back. If that were to happen with a debit card, the funds are gone & it is up to you what action you wish to take. Cap'n. Admiral of the PU Hindenburg. 2009 PU AwardHilarious Post of the Year 2010 PU Award ( I would have preferred it to be Helpful Post of the Year for Guys who Hate 'Retail Therapy' ) :0/ Sanity is in the eye of the Beholder! | |
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| 12-09-12 05:34pm - 4396 days | #8 | |
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RagingBuddhist (0)
Disabled User  Posts: 893 Registered: Jan 23, '07 |
With the exception of a prepaid card, insane banking fees are why I am now running on cash only. In the course of my bank being bought out by another bank, I expected some new fees to pop up. One that raised my eyebrows was a monthly fee just for maintaining overdraft protection. Even if I didn't use it, there was a fee? I went to the bank, spoke to a representative and told her I didn't want overdraft protection and wanted it removed. After about an hour and a dozen phone calls, I was told it would be removed from my account. Not one to believe much, if anything, from a corporation, I got it in writing. The following month... surprise!!! (Not) There it was. The overdraft protection fee. I'd had enough and closed the account. For the next six months, I got a bill in the mail for the fee, despite the account being closed. Even after faxing a copy of the signed letter to them, they kept sending me a bill. It took getting just short of abusive on the telephone with various people to finally get them to give up. "Take me to court. I have a signed letter" seemed to finally do the trick. The whole thing just makes me wonder how many people don't look at their statements close enough to catch crap like this. Or, how many people would have just given in and mailed them a check. With more and more people trying to reduce their debt, I'm sure the financial institutions are frantically trying to grab whatever bit of cash they can, anyway they can. Sarcasm is a body's natural defense against stupidity. | |
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| 12-10-12 02:29am - 4395 days | #9 | |
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jberryl69 (0)
Disabled User Posts: 1,000 Registered: Nov 27, '10 Location: neverland |
Well then I guess people have to choose for paying fees which helps cover that protection or they take the risk on themselves. Knock on wood, in the six years I've had my card, no fraudulent transactions. Like a lot of things in life, ppl have to figure out the risk they are going to assume or pay for other people to cover the possibility of a loss and the loss if it occurs. If you look at your life, you can see where this applies in a lot of different areas.  If it ain't grits, it must be a Yankee.If you're going to lay her head over the pool table and fuck her throat, get your fucking hand off her throat! | |
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| 12-10-12 09:36am - 4395 days | #10 | |
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Tree Rodent (0)
Active User  Posts: 708 Registered: Oct 29, '08 Location: UK |
The one compensation for all that crap is that time is money, so you are costing them a lot of time by writing to them and complaining. The more time you spend complaining the more it costs them in money, because of time it takes them to deal with the complaint. It's why I never hesitate to complain to organisations who I think might be ripping me off or attempting to rip me off. Cost them more than it costs them to implement all that trickery crap, and it is no longer cost effective for the bastards. | |
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| 12-10-12 09:02pm - 4394 days | #11 | |
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lk2fireone (0)
Active User Posts: 3,618 Registered: Nov 14, '08 Location: CA |
My take is that once you hand over your money to a bank, it's no longer your money, but yours-and-the-bank's money. They have a fiduciary responsibility to see that the money is spent wisely. And by charging you a fee for each time you want some of your money back, they are encouraging you to think before spending any of that hard-earned wealth. That's part of the benevolent society that George Orwell was writing about when he wrote 1984. Big Brother is watching you, and looking out for your best interests. | |
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| 12-12-12 05:50am - 4393 days | #12 | |
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gaypornolover (0)
Active User Posts: 153 Registered: Jul 09, '11 Location: Birmingham, UK |
Hi Cap'n - yes I'm afraid it seems to be the latest new charge banks and credit card companies are introducing! I've noticed them appearing on my bank statements lately on my debit card. They're not super-high but they do add up. I wish more sites would offer the option to pay in local currency, it would make it so much easier. Another problem I have is since I had fraud on my account, my bank is super-sensitive to any suspicious transactions. That's great of course but it also means when joining a porno site, I'm often paying in dollars or euros and the payment is usually processed off-shore, which looks suspicious to the bank. So the payment is usually declined and I have to go through a security call from my bank to confirm it was genuine and then do it all again. I appreciate the security but I wish there was a way to do the security procedure first to let them know I was about to do it - at least that way I'd only have to go through the payment process once. It won't stop me buying porn but it is an added expense to buying it and something porn studios should bear in mind - even British ones which will ultimately have to convert the dollars into pounds at their own expense usually only accept dollars. It means they pay more and so do their customers. I guess the payment processes don't make it easy to accept anything other than dollars. Still anything that adds to my overall porno bill means I will ultimately buy less porn, which is bad for everybody. At a time when they're whining about tube sites and illegal downloads, they don't always make it so easy for honest people to actually pay for their product! If only porn studios would treat their paying customers with more respect they might find piracy is less of an issue! As it is, they sometimes treat paying customers so badly they probably drive some into piracy! Edited on Dec 12, 2012, 07:46pm | |
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| 12-12-12 06:55pm - 4393 days | #13 | |
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anyonebutme (0)
Active User  Posts: 294 Registered: Aug 23, '09 |
I pay currency transaction fees on every foreign transaction. It costs the bank an expense to convert currency. So the choice is either to have the cost of everyone's foreign currency transactions spread out evenly across all users of the bank's services, or only charge those who do such transactions. | |
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| 12-12-12 10:32pm - 4392 days | #14 | |
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PinkPanther (0)
Active User  Posts: 1,136 Registered: Jan 08, '07 Location: Oakland, CA |
There used to be a bank in the US called First Interstate, which was, you guessed it, one of, if not the first interstate bank, so I joined when I was moving to another state, figuring that would make it easy. Wrongo! They were the absolute worst. The only way you could get them to credit your account for transferred cash in a reasonable time, or get them to correct blatant errors that you proved they had made, was to scream in their faces until you turned purple and then have a friend call and claim to be your attorney and let them know that if they didn't call back within 10 minutes that you were going to sue them for sizeable damages. They'd cave every time with those tactics, but that's what it would take. I celebrated when those fuckers went under. | |
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| 12-13-12 02:08am - 4392 days | #15 | |
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Ed2009 (0)
Suspended Webmaster Posts: 509 Registered: Sep 12, '09 Location: Wales, UK |
What annoys me most is when the banks charge conversion charges and transaction fees at both ends. When I pay US/European photographers, I have to pay the fee to send the money, but I have the option of paying "all fees" which means the fee for receiving the money at the other end is also covered. I always used to choose this option, because I thought it meant that when I pay a photographer $1000 he would actually receive $1000, but not so. Whether I choose to pay "all fees" or not, the photographer always gets charged a seemingly variable fee regardless. Over the years I've seen fees as high as 10% for just receiving the money. It works out better to guess the fee at the photographer's and simply add it to the payment I send, then choose to pay just my fees. I could afford to run a small car on the bank fees I pay out every year. Five years ago it cost me £6 to pay in 4 cheques in US Dollars (that covered the transactions and the conversion fees). Now the same 4 cheques cost me £42 and I get an exchange rate which is further away from the standard rate (so I get less money from each cheque). It also takes the bank 3-4 days instead of 1 to credit the money to my account. But they keep sending out letters about how they are improving customer service. Webmaster of StripGameCentral and A Measure of Curiosity. | |
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