New Reviewer

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 !
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2 comments
#188558

Being one of the owners of Foreign Currency Exchange Services (FCES), I feel I need to respond to Mr. Rhscholz (above). When the Euro was ordered, I placed a call to Mr. Rhscholz and we discussed the exchange rate, the amount of Euros to be received and shipping cost BEFORE it was charged to his VISA card. At that point, he could have said "No thank you." In fact, after he received the currency, he called me stating he was happy with the order from us.

After Mr. Rhscolz received his bank credit card statement, he found out that his bank had charged him a "cash advance fee" and called me to inquire about it. Originally, his bank told him that we had charged him the extra fee of $21.72. FCES had nothing to with the fee. Our credit card processor has set us up to accept credit and debit cards to be displayed as a charge to their account. What the bank does after that is not under our control. We were not aware that banks would change from a credit card charge to a cash advance - we have since made placed a disclosure on our website regarding this.

We did offer 2 solutions to Mr. Rhscholz's concern:

1) We offered a refund on his VISA credit card via Mr. Rhscholz giving us another form of payment - such as a VISA/MasterCard debit card. He did not accept this solution.

2) As a goodwill gesture, we offered to pay half of his cash advance fee even though the bank had charged him the fee - this was also refused by Mr. Rhscholz.

We have have always been there, willing to work with Mr. Rhscholz.

To Noe Rosales:

A look at "International Currency Express Inc." website, I was unable to locate a disclosure about credit card cash advance fees. In addition, our exchange rates (on 9-10-10) for Euro was less expensive. In fact, a customer would receive an extra 5 Euro from "the other guys" (FCES) for the same $500. Please, before making such statements, you should know the whole story.

#187940

I am sorry to hear of this happened to you. When buying foreign currency, you should not have to pay through the nose for it. Unfortunately, it all depends on "where" you buy your foreign currency.

I have always told my clients that they should buy the currency locally before they go on their trip. Depending on where you are going, the rate may be sold at a more competitive rate in the US.

I am the General Manager at "International Currency Express Inc.",we are not associated with that company. If and when you need foreign currency, come check us out. Everything is said upfront with no hidden costs or fees. When we encountered a problem such as yours, we made sure to refund ALL our clients who were affected.

Hope you had a great trip.

Cordially,

Noe Rosales

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ID
#197664 Review #197664 is a subjective opinion of poster.
Location
Williamsport, Pennsylvania
New Reviewer

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 !
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ID
#191004 Review #191004 is a subjective opinion of poster.
Location
Williamsport, Pennsylvania
Loss
$25
New Reviewer

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.
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ID
#190672 Review #190672 is a subjective opinion of poster.
Location
Williamsport, Pennsylvania
Product
Bank Of America Credit Card