Quote:
Originally Posted by Musk
I've been getting charged ~8% instead of the 4.9% they claim on a card that does not charge foreign transaction fees. I've called to discuss this, and they don't give a damn but let me know if you can get a refund or correct the situation.
This post is mean for anybody who has a no foreign transaction fee credit card and has been charged more than the card deposit fee shown in the cashier. I meant to make a post about this a long time ago, but totally forgot about it until if affected me again when making another deposit in order to take advantage of an offered bonus. Here's what i believe to be happening:
Dynamic Currency Conversion. Here are 2 articles describing the process:
1.
http://www.doctorofcredit.com/dynami...y-to-avoid-it/
2.
https://en.wikipedia.org/wiki/Dynami...ncy_conversion
What's happening is that when we deposit, Bovada is essentially making a purchase in USD through a 3rd party processor (with our credit card) and then the 3rd party processor is setting an inaccurate exchange rate in their local currency before processing the transaction. The last 4 deposits that I've made have all been for $1500 ($1429 after their 4.9% visa fee) and in the first case i was overcharged an additional $46, on the 2nd transaction i was overcharged $37, on the 3rd i was overcharged $51 this final transaction i was overcharged $45.
The only way to correct this is for bovada to be aware of current exchange rates and to request the transaction in the local currency of the merchant, not USD. With Bovada's current system of charging all cards in USD no matter the location of the merchant, the merchants/processors are able to skim additional money off of each transaction into their pockets by setting an inaccurate exchange rate at the expense of the customer. I emailed Bovada about this months ago.