The Amex F/X scam continues-- time to contact Spitzer?
Jun 14, 2004, 8:17 pm
#46
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Ok after reading this thread, I checked my last SPG Amex statement and noticed discrepancies in the 2% fee so I contacted American Express. When others have called to dispute the exchange rate did AMEX temporarily remove the charge from your account? I called regarding 4 transactions and they were all temporarily removed. I think I might call AMEX back to verify that they understand I am not disputing the charge, but their currency conversion.
Jun 15, 2004, 8:23 am
#47
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Originally Posted by kluau88
Ok after reading this thread, I checked my last SPG Amex statement and noticed discrepancies in the 2% fee so I contacted American Express. When others have called to dispute the exchange rate did AMEX temporarily remove the charge from your account? I called regarding 4 transactions and they were all temporarily removed. I think I might call AMEX back to verify that they understand I am not disputing the charge, but their currency conversion.
Called Centurion Services, they did the math, and agreed I had been overcharged by about $2. Instant credit to the account. Again, it's the principle. I'll be curious to see when I get home and dig out the statements how common this is on larger things like hotels.
Jun 17, 2004, 5:49 pm
#48
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Originally Posted by zeikka
Do you mean that I would have to speficy every single charge that I want them to investigate? I don't have the patience or energy (exactly what they seem to count on) to go over hundreds of transactions that can be anywhere from few pound charges at London Starbucks to $1000+ for longer hotel stays in Australia.
Since I am lazy, I am hoping that there is some place just to call and have them "investigate" all my overseas charges for the past few years.
--zeikka--
Since I am lazy, I am hoping that there is some place just to call and have them "investigate" all my overseas charges for the past few years.
--zeikka--
There appears to be a method to their madness.... I have found most problems in countries experiencing volatility in exchange rates. Perhaps they think cardholders won't be any the wiser. In contrast, I've found the conversion rates in Hong Kong (with minimal USD/HKD exchange rate volatility) to be nearly spot on.
Jun 18, 2004, 8:18 am
#49
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Originally Posted by HKG_Flyer1
There appears to be a method to their madness.... I have found most problems in countries experiencing volatility in exchange rates. Perhaps they think cardholders won't be any the wiser. In contrast, I've found the conversion rates in Hong Kong (with minimal USD/HKD exchange rate volatility) to be nearly spot on.
Jun 23, 2004, 8:52 am
#50
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I did three transaction last wednesday for various US dollar amounts under $200 and found that the exchange rate I got was 1.605 to change GBP into $US. I think I will be calling amex to investigate that, but in the mean time could someone inform me whether the rate I got was ok. The transactions were placed last wednesday and saturday and they appeared on my statement on Monday.
Jun 23, 2004, 1:55 pm
#51
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Originally Posted by KVU
I did three transaction last wednesday for various US dollar amounts under $200 and found that the exchange rate I got was 1.605 to change GBP into $US. I think I will be calling amex to investigate that, but in the mean time could someone inform me whether the rate I got was ok. The transactions were placed last wednesday and saturday and they appeared on my statement on Monday.
http://www.oanda.com/convert/fxhistory
06/16/2004 1.83170
06/19/2004 1.83920
Check your terms and conditions to see how much loading they should apply to the transaction, in the UK it is 2.75% it may be different for USA cards.
Also remember that if you get a cash advance then they will charge you an extra commission on that, once again, check your T&Cs.
I don't agree with HKG_Flyer1, I have a GBP card and EURO transactions have often been over charged by 4% or more. These are not what you would call volatile currencies!
Jun 23, 2004, 3:15 pm
#52
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Hi Ex Amex Card
Nice to meet you by the way, even if it in cyber space.
I didn't take a cash advance, it was a paypal purcahse. Paypal charge the transaction on the AmEx card in US Dollars. They charged 160 odd dollars and AmEx converted it into 100.50 which equated to a rate of 1.605.
Seems I will be complaining again tomorrow.
Thanks
Kiran
Nice to meet you by the way, even if it in cyber space.
I didn't take a cash advance, it was a paypal purcahse. Paypal charge the transaction on the AmEx card in US Dollars. They charged 160 odd dollars and AmEx converted it into 100.50 which equated to a rate of 1.605.
Seems I will be complaining again tomorrow.
Thanks
Kiran
Jun 23, 2004, 3:34 pm
#53
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one more follow-up to my story.
it occurred to me, that although AMEX refunded the overcharged amounts to me, that because some of the charges went back more than a year, that i had also paid a finance charge.
the way i see it is, AMEX stole money from me, and then charged me interest on the stolen money!
so, i had to call twice more to explain this and request a refund. they told me today that they will post this refund for the APR as a "goodwill" adjustment.
for me, it's not a large sum, perhaps a couple of dollars, but it's the principle involved. for others, with hundreds of dollars in "mistakes", perhaps the finance charge becomes a bigger issue.
it occurred to me, that although AMEX refunded the overcharged amounts to me, that because some of the charges went back more than a year, that i had also paid a finance charge.
the way i see it is, AMEX stole money from me, and then charged me interest on the stolen money!
so, i had to call twice more to explain this and request a refund. they told me today that they will post this refund for the APR as a "goodwill" adjustment.
for me, it's not a large sum, perhaps a couple of dollars, but it's the principle involved. for others, with hundreds of dollars in "mistakes", perhaps the finance charge becomes a bigger issue.
Jun 24, 2004, 11:53 am
#54
Join Date: Jan 2001
Posts: 1,877
Originally Posted by rives21
for me, it's not a large sum, perhaps a couple of dollars, but it's the principle involved. for others, with hundreds of dollars in "mistakes", perhaps the finance charge becomes a bigger issue.
As such, American Express knows only a small percentage of people will bother to complain about $2.00 here or $5.00 there. And the ones they do have to credit is not going to hurt their profits, because the goal here is overcharging on volume.
Jul 3, 2004, 5:18 am
#55
Join Date: Apr 2000
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Originally Posted by Ex Amex Card
Lots of cards charge a percentage commission when you take out a cash advance with the card. You need to check the Terms & Conditions of your card very carefully. It does sound like you have been hit with the exchange rate scam too though.
Thanks for sharing your experiences!
Thanks for sharing your experiences!
Has anyone else checked on the rates of their ATM withdrawals?
Jul 5, 2004, 9:01 pm
#56
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Originally Posted by HKG_Flyer1
...I literally had to walk them through the cardholder agreement...
Jul 11, 2004, 12:09 pm
#57
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I had a recnt charge in Indian Rupees for $8,600 that recently came thru at $9,300 translated in Hong Kong Dollars.
WOW.
One call to AMEX and a credit was provided pending an investiagtion...bu tthat's a whopping difference.
I think there's something institutional about thes ripoffs.
WOW.
One call to AMEX and a credit was provided pending an investiagtion...bu tthat's a whopping difference.
I think there's something institutional about thes ripoffs.
Jul 11, 2004, 12:55 pm
#58
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I've made a point, of late, to generally NOT use my US-billed Amex card outside the US. I did notice, however, that a couple of charges that I did make in Iceland show up on my online bill only listing a $US total. I assume that they still print the amount of the charged currency on the printed bill, eh? I deliberately made 3 charges on 3 credit cards on the same day at the same merchant in Iceland to see the differences in exchange rates, BTW.
Jul 11, 2004, 1:09 pm
#59
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Originally Posted by Ex Amex Card
It's interesting to see that there are American card issuers who only charge 1% loading. In the UK, almost every Visa and MasterCard adds 2.75% to the interbank rate when making foreign currency transactions. The only exception to this that I know of is the Nationwide Visa which gives the interbank rate with no loading.
Jul 11, 2004, 7:55 pm
#60
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I audited my statements back to 98. Out of 121 transactions totalling $12043.44, I made $28.08 over AMEX. My conversion was done using the interbank USD to Foreign Currency rate times 0.98 to reflect the plus 2% AMEX levies.
EUR seems to vary from they charging me less than they ought (0.5% discount) to overcharging by 1.5%.
AMEX seems to have given me a 2.45% discount on JPY back in 98 but hit me with interbank plus 6.5% on PKR last year. Looks like low-volume currencies have the worst rates.
EUR seems to vary from they charging me less than they ought (0.5% discount) to overcharging by 1.5%.
AMEX seems to have given me a 2.45% discount on JPY back in 98 but hit me with interbank plus 6.5% on PKR last year. Looks like low-volume currencies have the worst rates.