ePassporte Question: Legally Can They Make Their Own Exchange Rates?

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  • SlammedMedia
    Confirmed User
    • Apr 2008
    • 1573
    #1

    ePassporte Question: Legally Can They Make Their Own Exchange Rates?

    I'm curious if companies like ePassorte & Paypal can legally pull exchange rates out of the air?

    I'm in Canada and every purchase I make in CAD isn't really that close to where it should be when it comes to the USDs they take from me.

    a few recent transactions (within the past week):

    Actual purchase - 189.82CAD ePassporte took - $199.35USD
    Actual purchase - 105.17CAD ePassporte took - $129.70USD (this one's way out in right field)
    Actual purchase - 26.14CAD ePassporte took - $29.24USD

    When I called up about it today I was told that they're "true" exchange rates and aren't altered in anyway by ePassporte, that the exchange rates come right from their bank(s).

    So then I asked about 10 times what banks they dealt with, that I was interested in looking over their exchange rates. After ignoring my question over and over, he finally answered and said if I didn't have anymore questions the conversation was over.
    ICQ: 350-260-628
    Tags: None
    • cykoe6
      Confirmed User
      • Apr 2005
      • 4499
      #2
      I am not sure if it is legal or not but the Epassporte exchange is rate is ALWAYS significantly worse than the bank rate. I know because when I am in Eastern Europe I pull money out of ATMs from USA accounts and from my Epassporte account at the same times and the Epassporte rate is always significantly worse.
      бабки, шлюхи, сила

        Comment

        • Klen
          • Aug 2006
          • 32234
          #3
          This is why i never withdraw using epassporte.

            Comment

            • xentech
              Confirmed User
              • Jan 2006
              • 1405
              #4
              ePassporte are a bunch of scums

                Comment

                • payd2purv
                  Too lazy to set a custom title
                  • Jan 2008
                  • 2727
                  #5
                  Slammed Network there's nothing you can do but bend over and pay the fees...

                    Comment

                    • fluffygrrl
                      So Fucking Banned
                      • May 2006
                      • 2187
                      #6
                      Yet another reason epassporte sucks.

                        Comment

                        • WarChild
                          Let slip the dogs of war.
                          • Jan 2003
                          • 17263
                          #7
                          Give me a fucking break, seriously.

                          1) Epassporte is a non US/Canada/EU entity. They aren't goverened by our laws in the first place.

                          2) Of course they, and anyone else, can make up whatever exchange rate they want. Almost all companies make a few points on the exchange. You're free to not shop there, or pay in a different currency, usually.

                          Here's a few examples of businesses that make their own exchange rates:

                          Your bank. The rate they're giving you for your exchange is not the same rate they're getting. In other words, they're making money exchanging your money. The rate usually changes depending on type of account, service plans and amount of currency being exchanged. Cash and checks sometimes have different rates too.

                          Visa. The exchange rate on Visa, or any major credit card, will always be worse than cash at your bank. Visa makes money on you from every angle they possibly can.

                          Any Money Changer Anywhere. You know, those little shops, the kiosks in the airport, those types of places. In the airport they give you worse rates than you'd get at a bank because they have you at their mercy. The scummy little pawn like shops that do it generally offer SLIGHTLY better rates than the bank. That's your incentive to go change money there, unless you're a crook. They make money off you still, but a little less than your bank would have.

                          Restaurants and retail. Frequently the exchange rates will be terrible. They just make up whatever they want and it's always better to pay in the native currency.

                          Now you know.
                          .

                            Comment

                            • jeffrey
                              Confirmed User
                              • Jul 2004
                              • 1864
                              #8
                              Seems like its the exchange plus 3%, the same as most credit cards charge.
                              hell even actual banks charge exchange plug 1.5+%

                              Some cards like the amex plat you can get down to 1% over actual exchange.
                              Coming Soon!

                                Comment

                                • RayBonga
                                  too cool for highschool
                                  • Nov 2005
                                  • 12164
                                  #9
                                  They suck ass

                                    Comment

                                    • SlammedMedia
                                      Confirmed User
                                      • Apr 2008
                                      • 1573
                                      #10
                                      I should have, but I didn't really think of it like that...mainly because I don't use many of those services...and it's not right in my face as it is on ePassporte.

                                      Originally posted by WarChild
                                      Give me a fucking break, seriously.

                                      1) Epassporte is a non US/Canada/EU entity. They aren't goverened by our laws in the first place.

                                      2) Of course they, and anyone else, can make up whatever exchange rate they want. Almost all companies make a few points on the exchange. You're free to not shop there, or pay in a different currency, usually.

                                      Here's a few examples of businesses that make their own exchange rates:

                                      Your bank. The rate they're giving you for your exchange is not the same rate they're getting. In other words, they're making money exchanging your money. The rate usually changes depending on type of account, service plans and amount of currency being exchanged. Cash and checks sometimes have different rates too.

                                      Visa. The exchange rate on Visa, or any major credit card, will always be worse than cash at your bank. Visa makes money on you from every angle they possibly can.

                                      Any Money Changer Anywhere. You know, those little shops, the kiosks in the airport, those types of places. In the airport they give you worse rates than you'd get at a bank because they have you at their mercy. The scummy little pawn like shops that do it generally offer SLIGHTLY better rates than the bank. That's your incentive to go change money there, unless you're a crook. They make money off you still, but a little less than your bank would have.

                                      Restaurants and retail. Frequently the exchange rates will be terrible. They just make up whatever they want and it's always better to pay in the native currency.

                                      Now you know.
                                      ICQ: 350-260-628

                                        Comment

                                        • Vick!
                                          Confirmed User
                                          • Nov 2005
                                          • 6882
                                          #11
                                          Originally posted by WarChild
                                          Any Money Changer Anywhere. You know, those little shops, the kiosks in the airport, those types of places. In the airport they give you worse rates than you'd get at a bank because they have you at their mercy. The scummy little pawn like shops that do it generally offer SLIGHTLY better rates than the bank. That's your incentive to go change money there, unless you're a crook. They make money off you still, but a little less than your bank would have.
                                          Exactly what I was going to post.
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                                            Comment

                                            • Michael O
                                              More Cowbell
                                              • Jul 2001
                                              • 10607
                                              #12
                                              Originally posted by Slammed Network
                                              I'm curious if companies like ePassorte & Paypal can legally pull exchange rates out of the air?

                                              I'm in Canada and every purchase I make in CAD isn't really that close to where it should be when it comes to the USDs they take from me.

                                              a few recent transactions (within the past week):

                                              Actual purchase - 189.82CAD ePassporte took - $199.35USD
                                              Actual purchase - 105.17CAD ePassporte took - $129.70USD (this one's way out in right field)
                                              Actual purchase - 26.14CAD ePassporte took - $29.24USD

                                              When I called up about it today I was told that they're "true" exchange rates and aren't altered in anyway by ePassporte, that the exchange rates come right from their bank(s).

                                              So then I asked about 10 times what banks they dealt with, that I was interested in looking over their exchange rates. After ignoring my question over and over, he finally answered and said if I didn't have anymore questions the conversation was over.

                                              VISA sets the exchange rate we have nothing to do with it.
                                              If you use the Electron card at a bar/cafe/restaurant the pending charge will show 20% extra for tips when the transaction settles it will show the correct amount.
                                              If the card is used at a ATM the owner of the ATM can charge an additional fee.
                                              Last edited by Michael O; 05-25-2008, 11:41 AM.
                                              Truth Teller

                                                Comment

                                                • ladida
                                                  Confirmed User
                                                  • Nov 2005
                                                  • 2179
                                                  #13
                                                  Exchange rate is not nearly as bad, problem is with your banks most likelly.

                                                  When you withdraw 10$, you get charged alot worse rate then if you withdraw 1000$.
                                                  When i withdrew max rate that the ATM allowed abroad, i always get the bank rate exchanged. When i withdrew/bought something smaller, exchange rate was very bad.
                                                  agentGFY *at* gmail.com

                                                    Comment

                                                    • papill0n
                                                      Unregistered Abuser
                                                      • Oct 2007
                                                      • 15547
                                                      #14
                                                      the bank sets the exchange rate NOT epassporte

                                                        Comment

                                                        • Sly
                                                          Let's do some business!
                                                          • Sep 2004
                                                          • 31379
                                                          #15
                                                          I have a similar experience with Xoom now that you mention it. The exchange rate never matches what XE says it is.
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                                                            • Wolfy
                                                              Confirmed User
                                                              • Dec 2003
                                                              • 3574
                                                              #16
                                                              Originally posted by Michael O
                                                              VISA sets the exchange rate we have nothing to do with it.
                                                              If you use the Electron card at a bar/cafe/restaurant the pending charge will show 20% extra for tips when the transaction settles it will show the correct amount.
                                                              If the card is used at a ATM the owner of the ATM can charge an additional fee.
                                                              that was possibly the weakest post I've ever seen from a public representative of a successful company.

                                                              You didn't address the issue AT ALL. In fact, I think you deliberately tried to change the course of the conversation by directing attention at ATMs and restaurants.

                                                              For the record, I don't give a crap how much epassporte makes on exchange4s - but I DO care how honest they are about it. This thread was about how much epassporte charges for exchanges, and you answered on behalf of epassporte with a sidestep answer...

                                                              A sidestep is no better than a lie, which makes you and epassporte a liar.

                                                                Comment

                                                                • GetSCORECash
                                                                  Confirmed User
                                                                  • Mar 2008
                                                                  • 5527
                                                                  #17
                                                                  Originally posted by WarChild
                                                                  You're free to not shop there, or pay in a different currency, usually.
                                                                  As the consumer it's up to you to pick who you want to use. Stop useing Epassporte, and try mailing them a cheque, if the fees bother you so much.


                                                                  Originally posted by WarChild
                                                                  Any Money Changer Anywhere. You know, those little shops, the kiosks in the airport, those types of places. In the airport they give you worse rates than you'd get at a bank because they have you at their mercy.
                                                                  I've had to use one of these airport exchange shops and they are truly the worst.


                                                                  My only advice, would be to try to open a bank account/debit card in the USA. You can do it and it's legal.
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                                                                    • stev0
                                                                      Confirmed User
                                                                      • Aug 2003
                                                                      • 6801
                                                                      #18
                                                                      Originally posted by Wolfy
                                                                      that was possibly the weakest post I've ever seen from a public representative of a successful company.

                                                                      You didn't address the issue AT ALL. In fact, I think you deliberately tried to change the course of the conversation by directing attention at ATMs and restaurants.

                                                                      For the record, I don't give a crap how much epassporte makes on exchange4s - but I DO care how honest they are about it. This thread was about how much epassporte charges for exchanges, and you answered on behalf of epassporte with a sidestep answer...

                                                                      A sidestep is no better than a lie, which makes you and epassporte a liar.
                                                                      Visa sets the rate, how did he not answer the question?

                                                                        Comment

                                                                        • SmokeyTheBear
                                                                          ►SouthOfHeaven
                                                                          • Jun 2004
                                                                          • 28609
                                                                          #19
                                                                          Originally posted by RageCash-Ben
                                                                          the bank sets the exchange rate NOT epassporte
                                                                          what bank ?
                                                                          hatisblack at yahoo.com

                                                                            Comment

                                                                            • VeriSexy
                                                                              Join The Royal Family
                                                                              • Apr 2002
                                                                              • 25463
                                                                              #20
                                                                              Originally posted by SmokeyTheBear
                                                                              what bank ?
                                                                              The bank of the atm or cc processor I assume
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                                                                                • Vick!
                                                                                  Confirmed User
                                                                                  • Nov 2005
                                                                                  • 6882
                                                                                  #21
                                                                                  Originally posted by SmokeyTheBear
                                                                                  what bank ?
                                                                                  Bank of ePassporte. I think.
                                                                                  Affordable Quality Web Hosting

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                                                                                    • DutchTeenCash
                                                                                      I like Dutch Girls
                                                                                      • Feb 2003
                                                                                      • 21684
                                                                                      #22
                                                                                      they do and can yes

                                                                                      theres a simular situation with a dutch bank thats a fully legal bank, they ues eur/usd rates that are way off as well, few days old, I never checked till I got some $ for a trip and saw the difference.

                                                                                      But what can you do? Complain? They wont be bothered

                                                                                      ICQ 16 91 547 - SKYPE dutchteencash
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                                                                                        • v4 media
                                                                                          Confirmed User
                                                                                          • Feb 2005
                                                                                          • 2934
                                                                                          #23
                                                                                          paypal exchange rates are just as bad, and western union fucking kills you on exchange rates.

                                                                                            Comment

                                                                                            • bigalownz
                                                                                              Confirmed User
                                                                                              • Aug 2005
                                                                                              • 1657
                                                                                              #24
                                                                                              all i know it works out cheaper for me to use epass than to bank my sponcer cheques
                                                                                              $100 free credit for all hosting needs

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                                                                                                • Michael O
                                                                                                  More Cowbell
                                                                                                  • Jul 2001
                                                                                                  • 10607
                                                                                                  #25
                                                                                                  Originally posted by Wolfy
                                                                                                  that was possibly the weakest post I've ever seen from a public representative of a successful company.

                                                                                                  You didn't address the issue AT ALL. In fact, I think you deliberately tried to change the course of the conversation by directing attention at ATMs and restaurants.

                                                                                                  For the record, I don't give a crap how much epassporte makes on exchange4s - but I DO care how honest they are about it. This thread was about how much epassporte charges for exchanges, and you answered on behalf of epassporte with a sidestep answer...

                                                                                                  A sidestep is no better than a lie, which makes you and epassporte a liar.

                                                                                                  The first line in my response were the answer to his question.
                                                                                                  Let me repeat if for you:
                                                                                                  VISA sets the exchange rate we have nothing to do with it.
                                                                                                  Last edited by Michael O; 05-26-2008, 03:12 AM.
                                                                                                  Truth Teller

                                                                                                    Comment

                                                                                                    • spunkmister
                                                                                                      Confirmed User
                                                                                                      • Jun 2006
                                                                                                      • 1362
                                                                                                      #26
                                                                                                      Originally posted by Wolfy
                                                                                                      that was possibly the weakest post I've ever seen from a public representative of a successful company.

                                                                                                      You didn't address the issue AT ALL. In fact, I think you deliberately tried to change the course of the conversation by directing attention at ATMs and restaurants.

                                                                                                      For the record, I don't give a crap how much epassporte makes on exchange4s - but I DO care how honest they are about it. This thread was about how much epassporte charges for exchanges, and you answered on behalf of epassporte with a sidestep answer...

                                                                                                      A sidestep is no better than a lie, which makes you and epassporte a liar.
                                                                                                      reading comprehension not your strong point is it? Reread the first line of his reply....

                                                                                                        Comment

                                                                                                        • thunder99
                                                                                                          Confirmed User
                                                                                                          • Nov 2003
                                                                                                          • 503
                                                                                                          #27
                                                                                                          Originally posted by Michael O
                                                                                                          VISA sets the exchange rate we have nothing to do with it.
                                                                                                          If you use the Electron card at a bar/cafe/restaurant the pending charge will show 20% extra for tips when the transaction settles it will show the correct amount.
                                                                                                          If the card is used at a ATM the owner of the ATM can charge an additional fee.
                                                                                                          Bullshit Michael and you know it. Any and every normal credit card (be it Visa/Mastercard or any other card) make it clear what the exchange rate is.

                                                                                                          I have 2 Visa cards through 2 different banks.
                                                                                                          One charges the interbank rate on the day, plus 1.75% commission
                                                                                                          The second charges the interbank rate , plus 2.75% commission

                                                                                                          They post these rates online and they're mentioned in the TOS, plus they'll tell you what they are over the phone.

                                                                                                          Saying epassporte doesn't know or doesn't have any control over this, is like saying we're all a bunch of fools. We'll we're not fools, you DO KNOW what the rate is... why not tell us?
                                                                                                          Maybe it's because your commission % is the highest around and you're trying to hide that fact by posting stupid lies.
                                                                                                          yeah, yeah

                                                                                                            Comment

                                                                                                            • thunder99
                                                                                                              Confirmed User
                                                                                                              • Nov 2003
                                                                                                              • 503
                                                                                                              #28
                                                                                                              And I also know for the fact that the rates are set by the bank and Visa together. Visa have a base commission rate and the bank can add a bit if they choose to do so.... but the important thing is that they are obliged to inform customers what the rate is.

                                                                                                              That came from the second in charge of Visa Europe, so I pretty much think it can be accepted as truth.
                                                                                                              yeah, yeah

                                                                                                                Comment

                                                                                                                • Michael O
                                                                                                                  More Cowbell
                                                                                                                  • Jul 2001
                                                                                                                  • 10607
                                                                                                                  #29
                                                                                                                  Thunder99

                                                                                                                  I stand by what I said.
                                                                                                                  VISA sets the exchange rate I don't believe they use the exchange rate but an average of the previous days spot rates and charge a 1% fee for the exhange. We don't charge anything extra beside the $2 fee for ATM withdrawals.

                                                                                                                  This is an example for myself.
                                                                                                                  I took out 150.00 DKK at a ATM it costs me $-32.42 + $2 fee.

                                                                                                                  In the picture below I did a calculation on my banks website to see how much I would get if I went into the bank with $32.42 and as you can see the difference is tiny (less than 1/3 of 1 percent) please note the withdrawal was on Friday and the exchange rate was for today.

                                                                                                                  Last edited by Michael O; 05-26-2008, 04:30 AM.
                                                                                                                  Truth Teller

                                                                                                                    Comment

                                                                                                                    • JamesK
                                                                                                                      hi
                                                                                                                      • Jun 2002
                                                                                                                      • 16731
                                                                                                                      #30
                                                                                                                      whiny bitches
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                                                                                                                        • MaDalton
                                                                                                                          I am Amazing Content!
                                                                                                                          • Feb 2004
                                                                                                                          • 39861
                                                                                                                          #31
                                                                                                                          when you withdraw cash from epassporte do you pay tax on it?
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                                                                                                                            • The Duck
                                                                                                                              Adult Content Provider
                                                                                                                              • May 2005
                                                                                                                              • 18243
                                                                                                                              #32
                                                                                                                              Paypal does it too.
                                                                                                                              Skype Horusmaia
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                                                                                                                                • flashfire
                                                                                                                                  ICQ 1 6 7 8 5 3 4 9 2
                                                                                                                                  • Feb 2003
                                                                                                                                  • 13098
                                                                                                                                  #33
                                                                                                                                  same as paypal and my other credit cards...that doesnt mean I like it but not just an epass thing

                                                                                                                                    Comment

                                                                                                                                    • tranza
                                                                                                                                      ICQ: 197-556-237
                                                                                                                                      • Jun 2003
                                                                                                                                      • 57559
                                                                                                                                      #34
                                                                                                                                      ...

                                                                                                                                      Originally posted by stev0
                                                                                                                                      Visa sets the rate, how did he not answer the question?
                                                                                                                                      Yeah, thats really true!
                                                                                                                                      I'm just a newbie.

                                                                                                                                        Comment

                                                                                                                                        • greenlab
                                                                                                                                          Confirmed User
                                                                                                                                          • Oct 2002
                                                                                                                                          • 252
                                                                                                                                          #35
                                                                                                                                          Originally posted by Michael O
                                                                                                                                          The first line in my response were the answer to his question.
                                                                                                                                          Let me repeat if for you:
                                                                                                                                          VISA sets the exchange rate we have nothing to do with it.
                                                                                                                                          Bullshit!

                                                                                                                                          Indeed VISA sets the exchange rate but it doesnt mean that Epassporte is using the Visa set exchange rate.

                                                                                                                                          I noticed that Epassporte rips you off from the first atm withdrawal i did few years ago.

                                                                                                                                          I have also made a test like 2 month ago :

                                                                                                                                          pulled a fixed amount of local currency from a local normal bank using 3 different cards : BOA check Card, Etrade Visa Platinum, Epassporte.

                                                                                                                                          I have withdrawal the same ammount from all 3 cards, all within about 1 minute from each other and after few days (after the transaction settled) i looked over my accounts to see how much i have been debited :

                                                                                                                                          Best one by far was the E*trade Visa Platinum Card (debit) - the amount was 99.8% the same as on XE, i not sure how they do it to be so good

                                                                                                                                          Second one was BOA Check card...

                                                                                                                                          The worst one by far was the Epassporte Visa card..it was like 20$ more pulled from the account then the Etrade card for an ammount of local curenty equivalent of 500$.

                                                                                                                                          So definitely Epassporte is a ripoff in terms of currency exchange.

                                                                                                                                            Comment

                                                                                                                                            • greenlab
                                                                                                                                              Confirmed User
                                                                                                                                              • Oct 2002
                                                                                                                                              • 252
                                                                                                                                              #36
                                                                                                                                              bump for the first page

                                                                                                                                                Comment

                                                                                                                                                • dready
                                                                                                                                                  Confirmed User
                                                                                                                                                  • Oct 2002
                                                                                                                                                  • 5247
                                                                                                                                                  #37
                                                                                                                                                  Open a bank account in the US and withdraw to it.
                                                                                                                                                  ICQ: 91139591

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