ePassporte Question: Legally Can They Make Their Own Exchange Rates? - GoFuckYourself.com

SlammedMedia · 05-25-2008, 10:50 AM

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.

cykoe6 · 05-25-2008, 11:00 AM

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.

Klen · 05-25-2008, 11:02 AM

This is why i never withdraw using epassporte.

xentech · 05-25-2008, 11:03 AM

ePassporte are a bunch of scums

payd2purv · 05-25-2008, 11:08 AM

Slammed Network there's nothing you can do but bend over and pay the fees...

fluffygrrl · 05-25-2008, 11:48 AM

Yet another reason epassporte sucks.

WarChild · 05-25-2008, 11:59 AM

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.

jeffrey · 05-25-2008, 12:02 PM

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.

RayBonga · 05-25-2008, 12:22 PM

They suck ass

SlammedMedia · 05-25-2008, 12:23 PM

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.

Quote:

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.

Vick! · 05-25-2008, 12:32 PM

Quote:

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.

Michael O · 05-25-2008, 12:40 PM

Quote:

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.

ladida · 05-25-2008, 03:31 PM

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.

papill0n · 05-25-2008, 05:25 PM

the bank sets the exchange rate NOT epassporte

Sly · 05-25-2008, 05:27 PM

I have a similar experience with Xoom now that you mention it. The exchange rate never matches what XE says it is.

Wolfy · 05-25-2008, 05:54 PM

Quote:

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.

GetSCORECash · 05-25-2008, 06:23 PM

Quote:

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.

Quote:

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.

stev0 · 05-25-2008, 08:53 PM

Quote:

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?

SmokeyTheBear · 05-25-2008, 08:59 PM

Quote:

Originally Posted by RageCash-Ben

the bank sets the exchange rate NOT epassporte

what bank ?

VeriSexy · 05-25-2008, 11:32 PM

Quote:

Originally Posted by SmokeyTheBear

what bank ?

The bank of the atm or cc processor I assume

Vick! · 05-26-2008, 12:31 AM

Quote:

Originally Posted by SmokeyTheBear

what bank ?

Bank of ePassporte. I think.

DutchTeenCash · 05-26-2008, 01:21 AM

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

v4 media · 05-26-2008, 01:30 AM

paypal exchange rates are just as bad, and western union fucking kills you on exchange rates.

bigalownz · 05-26-2008, 03:18 AM

all i know it works out cheaper for me to use epass than to bank my sponcer cheques

Michael O · 05-26-2008, 04:11 AM

Quote:

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.

spunkmister · 05-26-2008, 04:23 AM

Quote:

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....

thunder99 · 05-26-2008, 04:35 AM

Quote:

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.

thunder99 · 05-26-2008, 04:42 AM

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.

Michael O · 05-26-2008, 05:29 AM

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.

JamesK · 05-26-2008, 08:26 AM

whiny bitches

MaDalton · 05-26-2008, 08:40 AM

when you withdraw cash from epassporte do you pay tax on it?

The Duck · 05-26-2008, 08:42 AM

Paypal does it too.

flashfire · 05-26-2008, 08:56 AM

same as paypal and my other credit cards...that doesnt mean I like it but not just an epass thing

tranza · 05-26-2008, 09:17 AM

Quote:

Originally Posted by stev0

Visa sets the rate, how did he not answer the question?

Yeah, thats really true!

greenlab · 05-26-2008, 10:00 AM

Quote:

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.

greenlab · 05-26-2008, 12:48 PM

bump for the first page

dready · 05-26-2008, 03:07 PM

Open a bank account in the US and withdraw to it.

05-25-2008, 10:50 AM	#1
SlammedMedia Confirmed User Industry Role: Join Date: Apr 2008 Posts: 1,573	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

05-25-2008, 11:00 AM	#2
cykoe6 Confirmed User Industry Role: Join Date: Apr 2005 Location: Vegas Posts: 4,499	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

05-25-2008, 11:08 AM	#5
payd2purv Too lazy to set a custom title Join Date: Jan 2008 Location: Toronto Posts: 2,727	Slammed Network there's nothing you can do but bend over and pay the fees... __________________

05-25-2008, 11:59 AM	#7
WarChild Let slip the dogs of war. Industry Role: Join Date: Jan 2003 Location: Bermuda Posts: 17,263	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. __________________ .

05-25-2008, 12:02 PM	#8
jeffrey Confirmed User Industry Role: Join Date: Jul 2004 Location: Alberta Posts: 1,864	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!

05-25-2008, 11:02 AM	#3
Klen Industry Role: Join Date: Aug 2006 Location: Little Vienna Posts: 32,235	This is why i never withdraw using epassporte.

05-25-2008, 11:03 AM	#4
xentech Confirmed User Join Date: Jan 2006 Location: England Posts: 1,405	ePassporte are a bunch of scums

05-25-2008, 11:48 AM	#6
fluffygrrl So Fucking Banned Join Date: May 2006 Posts: 2,187	Yet another reason epassporte sucks.

05-25-2008, 12:22 PM	#9
RayBonga too cool for highschool Join Date: Nov 2005 Location: East side, West side, Worldwide! Posts: 12,164	They suck ass

05-25-2008, 03:31 PM	#13
ladida Confirmed User Join Date: Nov 2005 Posts: 2,167	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

05-25-2008, 05:25 PM	#14
papill0n Unregistered Abuser Industry Role: Join Date: Oct 2007 Posts: 15,547	the bank sets the exchange rate NOT epassporte

05-25-2008, 05:27 PM	#15
Sly Let's do some business! Industry Role: Join Date: Sep 2004 Location: Austin, TX Posts: 31,340	I have a similar experience with Xoom now that you mention it. The exchange rate never matches what XE says it is. __________________ Vacares - Web Hosting, Domains, O365, Security & More - Paxum and BTC Accepted Windows VPS now available Great for TSS, Nifty Stats, remote work, virtual assistants, etc. Click here for more details.

05-26-2008, 01:21 AM	#22
DutchTeenCash I like Dutch Girls Join Date: Feb 2003 Location: dutchteencash.com Posts: 21,684	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 bob AT dutchteencash DOT com ... did you see our newest Sweet Natural Girl Priscilla (18)?

05-26-2008, 01:30 AM	#23
v4 media Confirmed User Industry Role: Join Date: Feb 2005 Location: Spain Posts: 2,934	paypal exchange rates are just as bad, and western union fucking kills you on exchange rates.

05-26-2008, 03:18 AM	#24
bigalownz Confirmed User Industry Role: Join Date: Aug 2005 Location: NEW ZEALAND Posts: 1,657	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

05-26-2008, 04:42 AM	#28
thunder99 Confirmed User Industry Role: Join Date: Nov 2003 Location: Budapest Posts: 503	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

05-26-2008, 05:29 AM	#29
Michael O More Cowbell Industry Role: Join Date: Jul 2001 Location: Nakhom Nowhere Posts: 10,607	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. __________________ Truth Teller Last edited by Michael O; 05-26-2008 at 05:30 AM..

05-26-2008, 08:26 AM	#30
JamesK hi Industry Role: Join Date: Jun 2002 Posts: 16,731	whiny bitches __________________ M3Server - NATS Hosting

05-26-2008, 08:40 AM	#31
MaDalton I am Amazing Content! Industry Role: Join Date: Feb 2004 Posts: 39,829	when you withdraw cash from epassporte do you pay tax on it? __________________ AmazingContent.com - providing only the best content and service since 2003 Monetize your content on Veegaz.com - one of Germanies largest VOD sites Got German traffic? We convert it into money for you! Skype: madalton02826 - Email: oltecconsult [at] gmail [dot] com

05-26-2008, 08:42 AM	#32
The Duck Adult Content Provider Industry Role: Join Date: May 2005 Location: Europe Posts: 18,243	Paypal does it too. __________________ Skype Horusmaia ICQ 41555245 Email [email protected]

05-26-2008, 08:56 AM	#33
flashfire ICQ 1 6 7 8 5 3 4 9 2 Join Date: Feb 2003 Posts: 13,098	same as paypal and my other credit cards...that doesnt mean I like it but not just an epass thing

05-26-2008, 12:48 PM	#36
greenlab Confirmed User Join Date: Oct 2002 Posts: 252	bump for the first page

05-26-2008, 03:07 PM	#37
dready Confirmed User Industry Role: Join Date: Oct 2002 Location: Toronto, ON Posts: 5,247	Open a bank account in the US and withdraw to it. __________________ ICQ: 91139591