Foreign Currency Exchange Services / Failed To Mention Transaction Fees

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I ordered 395 EUROS from Foreign Currency Exchange Services in Birmingham, MI for which they charged to my VISA credit card. When I received the credit card statement I discovered that VISA had charged an additional

$ 21.72 "cash-equivalent transaction fee" because Foreign Currency Exchange Services is classified as a "non-financial institution-foreign currency".

I complained to Foreign Currency Exchange Services that they should mention this on their web site, i.e. if I would have known this I would NOT have purchased EUROS from them. They have refused to refund this transaction fee, and their web site also does not list that there is a $ 15 delivery fee.

The total cost of this purchase including all extra fees was $ 564.84 for 395 EUROS which is an effective exchange rate $ 1.43 per EURO.

Do NOT do business with Foreign Currency Exchange Services in Birmingham, MI; they do not disclose these extra fees !

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  • Br
      Nov 23, 2010

    It is interesting to see that the same person (with different names) is sending these complaints all over the internet. The truth of the matter is that the client had been told all the fees (exchange rate, shipping costs & total cost) BEFORE his credit card was charged. He received his currency and sent us an email thanking us for the nice array of denominations and good service. It was only after his bank charged him a cash advance fee did he asked for the fees from us. Originally, he told us that his bank blamed us for adding the fees to his account - untrue - we have no control over that. Since he received his currency, we offered him 2 solutions:
    1) a refund to his credit card providing that he supply us with another form of payment (such as a debit card) - he declined.
    2) a goodwill offer of paying half of his cash advance fee (even though it was his bank who charged him) - he declined this offer as well.
    At the time, we were unaware that any charges by a credit card through our website was being entered by banks as a cash advance - we have since placed a disclosure regarding this. Our credit card processor had assured us that any charges would go through as a credit card charge not a cash advance. Having said that, we are always available to help our clients. Thank you.

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