Rolf H Fzi
Foreign Currency Exchange Services, Birmingham MI : No Mention Of Transaction Fees
I ordered 395 EUROS from Foreign Currency Exchange Services in Birmingham, MI for which they charged to my VISA credit card. When I received the credit card statement I discovered that VISA had charged an additional $ 21.72 "cash-equivalent transaction fee" because Foreign Currency Exchange Services is classified as a "non-financial institution-foreign currency". I complained to Foreign Currency Exchange Services that they should mention this on their web site, i.e. if I would have known this I would NOT have purchased EUROS from them. They have refused to refund this transaction fee, and their web site also does not list that there is a $ 15 delivery fee. The total cost of this purchase including all extra fees was $ 564.84 for 395 EUROS which is an effective exchange rate $ 1.43 per EURO. Do NOT do business with Foreign Currency Exchange Services in Birmingham, MI; they o not disclose these extra fees !
Bank of America VISA Card; International Usage Of Card
Today, I chatted with a Bank of America customer representative to ensure that myPIN code on my new VISA Signature card was the same as on my previous VISA card. The custome representative told me that he needed to know the dates of my international travel to update my VISA card, so that it would be usable internationally. I asked whether I had to inform them each time before I travel internationally he said yes ! This is absolutely ridiculous and a major burden for business people who sometimes have to travel internationally with little advance knowledge of their travel. Another major disservice by Bank of America to their credit card holders !
Bank of America's Credit Card Transaction Fees
I have a VISA credit card issued by Bank of America and used it to purchase foreign currency from a foreign currency exchange service in Birmingham, MI. Bank of America treated this as a cash advance and charged me a hefty transaction fee of 4 % PLUS interest on "cash advance". I explained to Bank of America that this was a regular purchase, i.e. the exchange rate charged by the foreign currency exchange service includes their profit. Bank of America is unwilling to refund these charges, the merchant claims he processed a regular credit card transaction (although his web site did not mention the possibility of such extra transaction fees). I feel this is another example of credit card issuers taking advantage of customers by charging transaction fees on purchases that they deem to be cash equivalent, whereas customers think this is an ordinary purchase.
Bank Of America Credit Card
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