Does Amex Centurion Cards have Foreign transaction fees ?

[marki]

Amex standard practice worldwide (AFAIK). It's sad.

They should know that it's criminal it's the only way they will change

 

[exp1k]

Amex standard practice worldwide (AFAIK). It's sad.

Is only Amex doing this or also Visa/Master and bank issued Amex cards?

If they don't charge the 6% fee for refunds, then that's a reason for me to cancel Amex and to get a card that doesn't charge it. Just the other day I was charged around $300 of these Amex 6% cancellation fees for reversing a transaction and I have some more refundable flights that I want to cancel.

Marki, I agree that this is criminal. Is there anythng we can do?

 

[marki]

All Bankwest Platinum and World Mastercards have the forex fees waived including the QFF points linked cards.

And now Macquarie too

Looks like I stand corrected. How far from spot do their FX rates usually sit? Might need to look at this again.

This what I would like to know. Is the fact of no FX fees means the exchange rate is less the ideal for the customer? Where do they make their money?

 

[marki]

Is only Amex doing this or also Visa/Master and bank issued Amex cards?

If they don't charge the 6% fee for refunds, then that's a reason for me to cancel Amex and to get a card that doesn't charge it. Just the other day I was charged around $300 of these Amex 6% cancellation fees for reversing a transaction and I have some more refundable flights that I want to cancel.

Marki, I agree that this is criminal. Is there anythng we can do?

I have called them in the past, they have removed otherwise I would change institutions/ cards seems to help!

 

[Mr_Orange]

This what I would like to know. Is the fact of no FX fees means the exchange rate is less the ideal for the customer? Where do they make their money?

I'd say they are making their money from all the cards they offer for which they do charge a forex fee and this is sufficient to cover the costs of waiving the fee for some cards. IME, the exchnage rate with BW has been good so I'm not aware they are gouging on the exchange rate to offset not charging 2.95%.

 

[Mr_Orange]

Is only Amex doing this or also Visa/Master and bank issued Amex cards?

If they don't charge the 6% fee for refunds, then that's a reason for me to cancel Amex and to get a card that doesn't charge it. Just the other day I was charged around $300 of these Amex 6% cancellation fees for reversing a transaction and I have some more refundable flights that I want to cancel.

Marki, I agree that this is criminal. Is there anythng we can do?

I would definitely be calling up each and every time. You haven't bought or paid for anything (once refunded) so I don't see why you should be paying charges.

 

[Cynicor]

Marki,
otIf we look from the business perspective, Australia does n have a flexible forex option. 3% with Amex is the best value for our overseas transactions + earning points.
0% Overseas transaction fee cards such as Citi Banks Visa Debit + Bankwest Platinum etc do not use the market rate but customise rates which the bank has set. So one way or the other, these banks know how to make their profits.
.

This part about Citi and BW is untrue. They use the standard Visa etc rates. There are no fees, hidden or otherwise, and you will get almost exactly the FX rate on XE.com.

 

[exp1k]

I would definitely be calling up each and every time. You haven't bought or paid for anything (once refunded) so I don't see why you should be paying charges.

I just called one of my credit cards. They said that everytime an overseas purchase is made or reversed they are charged a fee and they are passing on that fee to the customer. Also since the original transaction was more than four months ago, they cannot do anything. They gave me a small one off goodwill credit.

Now I wonder how they deal with the merchant fee? Does the merchant also have to pay the fee twice if they issue a refund?

 

[Mr_Orange]

Now I wonder how they deal with the merchant fee? Does the merchant also have to pay the fee twice if they issue a refund?

You can bet your bottom dollar they pay the fee twice!

 

[coolpetcat]

You can bet your bottom dollar they pay the fee twice!

I remember when I was in Paris two years ago, got tricked into purchase a Rolex with the wrong price, long story short, the watch was priced at 22k Euro, I didn't took delivery of the watch and requested a refund on the spot. The shop (rudely) told me they only process refund at the end of the month. Anyway, I threatened will call Amex for a chargeback. They finally agreed to process the refund next day.

The credit hit my account 7 days later, as expected, the foreign currency fee of 3% was not refunded and this is consistant with their T&C. However, when I tried my luck to call Amex, the rep reversed straight away, roughly $800... and when I calculate the cost, the fx actually improved. So for this purchase/refund transaction, I was actually ahead by $500 thanks to the weaker AUD when refund was processed.

Hope this helps.