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Exchange rates for overseas transactions
Hello,
Here is my issue. I have been travelling since 1 Dec 2010, and after leaving the UK noticed that I was spending more than i should have been. Upon further investigation I realised that my bank (Santander, or SATANder as I call them) have been overcharging me for my overseas withdrawals, using false exchange rates to calculate how much my foreign currency costs in GBP. For example, if I withdraw 100 NZD and it should cost me £48.50 according to the BOE exchange rates for that day (which Satander have confirmed they use), I'll look on my statement and see that that particular transaction has actually cost me, say, £53. This is on top of the extortionate 1.5% overseas transaction fees I have to pay each time.
On top of that, I've had to call them on more than 10 occasions since leaving the UK to get them to unblock my card when it doesn't work in an ATM, they've refunded £75 of these calls but that doesn't cover it.
The contact centre staff I've had to endure speaking to were seemingly raised on Mars or something, and certainly weren't trained to handle my enquiries sufficiently (in fact I had to make 7 calls to 7 different people to have a simple block removed in Hong Kong!), so I'm left fuming after each call.
This is a once in a lifetime trip which myself and my girlfriend saved up for for nearly 3 years and our enjoyment of it has been affected in parts due to the stress this has caused, not to mention having to get by on a lower budget than we had planned because the exchange rate issue.
I keep a spreadsheet of every transaction along with how much they overcharge me, the total is currently up to over £360, not including over £180 worth of charges, and I want them to refund every penny.
I have raised this with them and they have simply said that they do not feel that I have been overcharged, and refer me to their T&Cs. The only relevant part I can find says that overseas transactions may carry a "commission" and so I suspect this is where my money has gone. However, they don't specify how much or give any other details, so presumably if that is the case they can simply charge as much as they want, this can't be right surely.
I suppose I'm just looking for advice, I'm not going to let this drop and will do what I have to to pursue it. I have contacted the FOS but they haven't got back to me yet.
Sorry for the long post, I get so annoyed just thinking about it!
Any help would be greatly appreciated.
Here is my issue. I have been travelling since 1 Dec 2010, and after leaving the UK noticed that I was spending more than i should have been. Upon further investigation I realised that my bank (Santander, or SATANder as I call them) have been overcharging me for my overseas withdrawals, using false exchange rates to calculate how much my foreign currency costs in GBP. For example, if I withdraw 100 NZD and it should cost me £48.50 according to the BOE exchange rates for that day (which Satander have confirmed they use), I'll look on my statement and see that that particular transaction has actually cost me, say, £53. This is on top of the extortionate 1.5% overseas transaction fees I have to pay each time.
On top of that, I've had to call them on more than 10 occasions since leaving the UK to get them to unblock my card when it doesn't work in an ATM, they've refunded £75 of these calls but that doesn't cover it.
The contact centre staff I've had to endure speaking to were seemingly raised on Mars or something, and certainly weren't trained to handle my enquiries sufficiently (in fact I had to make 7 calls to 7 different people to have a simple block removed in Hong Kong!), so I'm left fuming after each call.
This is a once in a lifetime trip which myself and my girlfriend saved up for for nearly 3 years and our enjoyment of it has been affected in parts due to the stress this has caused, not to mention having to get by on a lower budget than we had planned because the exchange rate issue.
I keep a spreadsheet of every transaction along with how much they overcharge me, the total is currently up to over £360, not including over £180 worth of charges, and I want them to refund every penny.
I have raised this with them and they have simply said that they do not feel that I have been overcharged, and refer me to their T&Cs. The only relevant part I can find says that overseas transactions may carry a "commission" and so I suspect this is where my money has gone. However, they don't specify how much or give any other details, so presumably if that is the case they can simply charge as much as they want, this can't be right surely.
I suppose I'm just looking for advice, I'm not going to let this drop and will do what I have to to pursue it. I have contacted the FOS but they haven't got back to me yet.
Sorry for the long post, I get so annoyed just thinking about it!
Any help would be greatly appreciated.
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