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  1. #1
    1000+ Posts schlitzaugen's Avatar
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    Default They won!

    For everybody buying online a lot.

    Check your statements.

    I have just noticed I have been hit with an "overseas taxation fee" for my purchases (not conversion fees).

    It looks like the Harvey Normans of the world have won the back way if they couldn't win the right way. I will launch an inquiry with my bank to see what this is all about.

    I bank with ANZ. Let me know if your bank doesn't do it. They will sure get my business.

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  2. #2
    1000+ Posts robmac's Avatar
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    ANZ advertise the fees. It appears they are vendor dependent.

    www.anz.com/.../feecharge/ANZ_Personal_Banking_Account-Fees_and_Charges_August200809.doc




    Non-ANZ ATM transactions and Overseas EFTPOS transactions
    ● Do not count towards your monthly free transaction quota
    ● For fee information please refer to page 5
    ● Some overseas ATM/EFTPOS locations may impose an additional surcharge

    Overseas ATM/Electronic Transactions*
    Overseas ATM Transaction Fee—CIRRUS or Visa PLUS
    ● Balance enquiry … Free
    ● Withdrawal … $5.00
    Overseas EFTPOS Transaction Fee
    MAESTRO (per transaction in a foreign currency) … $2.00
    Overseas Transaction Fee**—ATM Transaction CIRRUS
    Withdrawals in a foreign currency (per withdrawal) … 3.0% of value
    Overseas Transaction Fee**—ATM Transaction Visa PLUS
    Withdrawals in a foreign currency (per withdrawal) … 3.0% of value
    Overseas Transaction Fee**—EFTPOS Transaction
    MAESTRO (per transaction in a foreign currency) … 3.0% of value

  3. #3
    Should get a life 2353's Avatar
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    No they didn't - ask your bank what it is.
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  4. #4
    1000+ Posts schlitzaugen's Avatar
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    That's the plan. I know of all the other fees, and no Robmac, I am not talking about transactions overseas (ATM or EFTPOS), I am talking about buying online which is different.

    I am aware of conversion fees and transaction fees, but this one has a different label on the statement "TXN".

  5. #5
    Fellow Frogger! 505604's Avatar
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    I 'bought' a USD debit card when I was travelling to the US a couple of years ago. I use that for my online purchases (in US Dollars).
    No more fees.

    I haven't made any other currency purchases since, so not sure what I'll do if and when that time comes.

  6. #6
    1000+ Posts robmac's Avatar
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    Quote Originally Posted by schlitzaugen View Post
    That's the plan. I know of all the other fees, and no Robmac, I am not talking about transactions overseas (ATM or EFTPOS), I am talking about buying online which is different.

    I am aware of conversion fees and transaction fees, but this one has a different label on the statement "TXN".
    When you finally find out about the charge please let know!

    Which country? I wonder if it's local tax?

  7. #7
    1000+ Posts schlitzaugen's Avatar
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    Nah, it was applied to stuff I bought all over the place (US, Japan, HK). HK doesn't have local tax, does it?

    Brilliant that idea with the US$ card, I used those travelling overseas, but they're no solution if you buy in Yen or anything else.

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    Quote Originally Posted by schlitzaugen View Post
    ... I have just noticed I have been hit with an "overseas taxation fee" for my purchases (not conversion fees)...

    ... I am aware of conversion fees and transaction fees, but this one has a different label on the statement "TXN".
    "TXN" = transaction, is what I expect you'll discover when you check with the bank.
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  9. #9
    1000+ Posts schlitzaugen's Avatar
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    Quote Originally Posted by TimOzSF View Post
    "TXN" = transaction, is what I expect you'll discover when you check with the bank.

    If that is the case, in the past such fees were abreviated differently. We'll see when I get home. The amount (%) was different too.

  10. #10
    Fellow Frogger!
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    For purchases overseas get a 28 Degrees Mastercard. No international transaction fee's or account fees at all. The catch is the interest rate is high at around 19% but if you do as I do and pay it straight away you don't get slugged.

    http://28degreescard.com.au/
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  11. #11
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    Default They won

    Agree with your comment re: the 28degrees card. Just back from the US and Canada and the statements show a straight currency conversion at the prevailing exchange rate for the day of the transaction. No other fees. Same for online transactions to overseas from Oz. It's a good product.

  12. #12
    1000+ Posts schlitzaugen's Avatar
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    Phil, pugsy,

    Thank you very much, that is indeed brilliant. Will do. What bank has those cards?

    Little wonder the bastards don't tell us about these cards. Dang banks.

  13. #13
    UFO
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    It's backed by GE Money - they'll get you whichever way you turn (IMHO).

    We have ANZ Travel Cards and I am about to buy some D parts from Holland so I will try to use this ANZ debit card after I have charged it with enough Euro.

    But let's face it, banks like any business, do not do things for free. Travel debit cards must be charged with credit and the banks make their percentage on that charge. Your security is that when you have say 500 euro on it, you have 500 euro and are not subject to the vagaries of currency conversion and variable transaction fees according to the value of the transaction.
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  14. #14
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    AS UFO said, it is backed by GE Money. You simply apply online and then you use their online system to check your account and you can use BPay/Direct Debit to pay off the card.

    I have had the card for several years (it was the Wizard MasterCard and recently changed) and never had a problem and as long you pay it off as you make the purchase you don't get hit with 19% interest charge.

    If you make regular purchases from overseas stores (as I do) its fantastic and as Phil said the amount drawn from the card is based on that days exchange rate.

    As with any credit product, use the one that suits you, have a read over the web site, plenty of FAQs!
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  15. #15
    1000+ Posts schlitzaugen's Avatar
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    [QUOTE=UFO;927366]

    [...]

    But let's face it, banks like any business, do not do things for free.

    [...]

    QUOTE]


    I don't expect any bussienss to do anything fr free. I expect them to be upfront about everything they charge for though.

    If you read the fine print on any credit card, it is printed quite clearly that the bank reserves the right to change anything they want at any time without warning. This basically makes any other term or condition outlined in the very leaflet (sometimes quite large leaflet too) redundant. That's why I don't like banks.

    It has been recently in the press too, that banks are charging unjustifiale fees on people, and ANZ was one of them. The govt told them they can't do it and only then the banks concedeed and agreed to return the money they stole from all of us.

    I think banks are leitimate to behave like a bussiness, but they have been free to do whatever they please for too long, and have caused too much grief (see recent GFC, recently closed US inquiry found that it was exclusively poor management of banks and other financial institutions as well as comlplete lack of responsibility of investment managers, etc.).

    Well, I am not going to stirr up a campaign against anyone or their bank, but I am going to do whatever in my power that I will never be ripped off by a bank.

    One more word of caution from personal experience.

    I ad to take my ank to court recently over ebay purchases/transactions gone sour.

    The prolem was that my bank referred me to ebay/paypal to solve the dispute. I told them that I wanted them (the bank) to stop the transaction on my credit card, becasue my credit card is a contract etween me, and the bank. paypal, etc have nothgin to do with it and a sfar as I was concerned no say in any decision about any transaction on my credit card. The bank tried to argue that they have agreements with paypal, etc to which I responded, well, that's yoru problem. I don't. They refused to cancel the transaction (even though I was still in the grace period), and I went to court. 2 hours after I registred my case at the magistrate's cour, I had a phone call from ANZ, this time form a manager (using their phone lines I could only get people from **** knows where to talk to me, India or whatever, and they wouldn't let me speak to any supervisor, or anyoen with a power of decision) who assured me that they would put the money back in my account if I withdrew thw suit. i told him that I want to see the money in my account first. The money was back in my account instantly.

    So there. Banks. They gave me the runaround for two weeks instead of doing what was right from the outset. Can't trust them anymore, can't consider them honourable.

    the main point that will affect everybody buying online with paypal, is that indeed they do have agreements that Banks will not overrule paypal's decision. it is still a loophole taht my credit card is with ANZ and indeed as such subject to conditions convened between me and the bank, that stops paypal doing whatever they want but I am sure they're working on it.

    My conclusion is twofold. 1) never get a paypal credit card (they insist offering), 2) Don't waste your time with paypal, they will take forever to make a decision, they answer your emails very very slowly, and generally speaking behave as if they're asleep or don't know the law, or are not in Australia and don't care. I notify them (as it is my obligation) of any problem, give them a day to respond, and if they don't, or I am unhappy with their answer, I cancel transactions with my bank. Hope they get my drift at some point.

  16. #16
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    Default They won!

    No problem, just follow the link in the earlier post and it's all laid out on their website. Approval in 60 seconds (if you pass, of course) with a credit limit and the card is in the mail. So long as you opt to do everything online (statements, payments, etc) you avoid any charges. As far as paying it off before the due date, they send a reminder by email (or SMS, I think,) which the banks generally don't do. I've yet to find the catch, unless you count the interest rate.

  17. #17
    Veni Vidi Posti 68 404's Avatar
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    Quote Originally Posted by pugsy View Post
    it is backed by GE Money.
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