Paxum might not charge a exchange fee, but your Choice Bank sure does in the background. So when the international transaction gets posted to Paxum statement it includes the % fee in the total transaction amount.
Claiming that the exchange rate is set by the ATM is plain stupid at least...The acquirer ATM can not set the exchange rate. It is not displayed on the ATM or even on the transaction paper slip you get with every ATM withdrawal. Imagine a gas station ATM that might give you a rate of 100 USD for 1 EUR and you are in Germany taking out EUR from the ATM.
As a test if using 2 cards issued in different countries in a 3rd country one after another at the same ATM for the same amount, you will get 2 different exchange rate...
Paxum (actually Choice Bank Balize) adds about 3% as international exchange mark-up.
You can find the official daily Mastercard rates here and compare :
https://www.mastercard.com/global/cu...ion/index.html
The displayed rates are derived from the buy and sell rates included in the MasterCard daily rate setting process and do not include any charges or markups applied by the Issuer
so (just to make sure Ruth gets it) only the Issuer can add charges and markups to a transaction and not the Aquirer(ATM in this case)
Quote:
Originally Posted by RuthB
Hi LatinaCrazy,
I'd ask that you please try another ATM withdrawal with your Paxum card and then post the specific numbers, since there is no way you should see those types of numbers with our service. Please also post the numbers of your current local bank's exchange rate for a realistic comparison. We have nothing to hide and we do not have any hidden fees.
There is NO WAY you should see high percentages like you describe added to a Paxum ATM Withdrawal. We do NOT add anything to the Forex fee, therefore those percentages should not exist when you make withdrawals through an ATM with your Paxum card.
For example; I live in Mexico. I use my Paxum card all the time. The last time I made a withdrawal I did not have any percentages added to the currency exchange charged by the ATM I used (Banco Santander).
Thanks,
Ruth  |