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Originally Posted by seanchai
1. CCBill charges customer in UK £19.99 in their currency and to be drawn from the customers bank account.
2. The currency rate on xe.com and similar, will not be the currency rate you will get from your bank. The money above needs to be charged in UK and converted by CCBill's bank into a dollar amount. You cannot simply bring the £19.99 back to a US bank and convert it at what XE or the Bank of England rates state? The banks have a completely different conversion rate.
3. Try spending your US credit card in the UK (or vice-versa) and checking the total at the time of spend in your local currency on xe.com. Then see what you are charged on your bank statement, it will most likely be higher.
4. Welcome to the world of getting fucked by banks over charging.
I transfer fairly large sums of money between the UK and the US and the banks exchange rates are massively different (I have to go through a broker which cuts it down a lot). The bank won't tell you there is a charge, as there isn't but they do have vastly different rates.
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"The money above needs to be charged in UK and converted by CCBill's bank into a dollar amount." - Thanks for proving my point.
Directly from CCBill support:
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"Have you spoken with your bank regarding the amount? Regarding whether or not it was a currency taxed based on the fact that the transaction is USD and not actually GBP?"
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My point/Example:
CCBill charges 4.00 GBP
Shows up as a temporary transaction of $6.27 USD
Transaction posts, added with a 16 cents "fee" which = $6.43 USD
CCBill pays me $5.95
Am I missing something? I called my bank, no other fees other than the 16 cents fee.
Magically, coincidentally, 4.00 GBP to USD is exactly $6.27 (Take off a penny or two depending on who's doing the conversion. Note: That conversion is from back when I did the charge, it's probably different now).
I've ruled everything out, including differences in the conversion rate. If this was a conversion rate issue, the amount paid to me would be the same, not less, and I would just be complaining that CCBill charges less than what they should. - Which ironically, I complained to about 2 months ago and they told me they can't give me any information and that it's all handled internally.
Lastly, CCBill (3 people) verified this was a bug, one of which told me (via voicemail) it was submitted as such.