Quote:
Originally Posted by Nick_awt
Hi Ruth
Why is there a 1.5% charge on USD atm withdrawals ?
The cards are in USD, so that cant be a forex charge. Can it ?
Thanks
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Only from judging rom the previously posted list over fees, the only way I am able to read and unnderstand the fee schedule is that the fee to withdraw from an ATM is
$2 + 1.5% if you withdraw in USD
$2 + 2.5% if you withdraw in any other currency.
Why would they list "currency exchange" in the fee for ATM?
That would ONLY make sense if they also listed the same percentage for example normal purchases over the counter, Point Of Sales (POS), but those are not listed with percentages.
And to list a "currency exchange fee" for withdrawals in USD, when the card is carried in USD, does not make sense.
HOWEVER,
the section in the fee schedule which is in the first column, called
"Charges Made in Foreign Currencies" says:
The Balance is in US currency and is intended for transactions in US currency only. If a transaction is made on your Card in a currency other than US currency, you authorize us to deduct from the amount of any credit to your Card, which we receive in foreign currency, the Bank's cost of obtaining US funds, plus an administration fee of 0% of the converted amount of the credit.
It is the part "the bank's cost of obtaining US funds" that is interesting to me. In my understanding this is whare a currency exchange would take place, where the bank has a cost of obtaining the required amount in any other currency than the card's original currency.
It also gets very tricksy to figure out what is correct, since obviously this paper goes it with the card, one assume those fees listed are the ones which apply.
Then we have Ruth here, saying that the monthly fee listed, that one does not apply to Paxum card holders.
Ok, fair enough, are there any other fees listed in the overview by mistake?
Any other fees listed there which does not apply?
How are those "non-applicable fees" communicated to users who does not read GFY?
I understand things has happened fast and that Paxum got overwhealmed with new customers when FCP shut the door. But at the very least one must be able to know and understand what fees apply for the different types of services one would like to use. It's taken more than a month to get the cards out, there must have been half a day there, somewhere, for someone to update the list of fees.