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.

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. :2 cents:

This is why i never withdraw using epassporte.

ePassporte are a bunch of scums

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

Yet another reason epassporte sucks.

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.

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.

They suck ass

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.

Exactly what I was going to post.

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.

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.

the bank sets the exchange rate NOT epassporte

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

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.

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.


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.

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

what bank ?

The bank of the atm or cc processor I assume

Bank of ePassporte. I think.

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

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

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

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.

reading comprehension not your strong point is it? Reread the first line of his reply....

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.

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.

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.

http://www.see-sig.com/exchange.jpg

whiny bitches

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

Paypal does it too.

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

...
 

Yeah, thats really true!

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. :mad::mad:

bump for the first page :thumbsup

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