1.5% Overcharg on Credit Card Deposit?

I placed $2000 USD deposit on Apr 17 through my no-foreign-transaction-fee credit card (priceline reward visa). I was surprised to see the transaction today in my credit card activity that it was charged at $2030 on Apr 19, or 1.5% higher than it should be. I am very upset about that. I called the credit card customer support and confirmed that they do not charge foreign transaction fee and they asked me for the exact Canadian dollar amount on this transaction so that they can provide more information. I understand that there might be a few dollar slippage due to Canadian verses USD conversions. But 1.5% would be too large for me to swallow it.
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Comments

  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Shoreline

    When you look at the transaction history on the BitGold website what does it show as the dollar value of your deposit?
  • ShorelineShoreline Posts: 32 Tin ✭
    Yes, the bitgold transaction amount is $2000 USD deposit. but I am charged at $2030 USD in my credit card.
  • ShorelineShoreline Posts: 32 Tin ✭
    Not sure if this is reason for not. My deposit transaction was on Sunday while the bitgold confirmation was on Wed. The credit card activity date was on Tue. Between Apr 17 to Apr 19, Canadian dollar jumped roughly 1.5% against USD. This could be explanation for 1.5%. This is not good, not fair. A double whammy for U.S. users like me and I should not bear any risk of CAD verses USD risk during my deposit transaction. I was effectively paying for 2.5% fees in this deposit, 1% for gold purchase fees, plus 1.5% of CAD/USD loss. Very bad.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    edited April 2016
    @Shoreline

    So the question is where did the $30 come from?

    When I do ACH deposit, the amount debited from my checking account is exactly equal to the amount of the deposit on the BitGold ledger (the 1% transaction fee is hidden in the grams of gold you get).

    Let's do two things: you submit the question to [email protected] and I will call out to @Melanie here to see if she can help.
  • ShorelineShoreline Posts: 32 Tin ✭
    I submitted email question already. On the credit card deposit, it was never an exact amount for me. I had another deposit of $2000 USD two weeks ago using a different no-foreign-transaction-fee credit card. The credit activity on that was $2004. I assume the $4 dollar slippage on that transaction was CAD/USD conversion. ACH does not work for me because my U.S. bank is not in the list of supported bank.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Shoreline

    I recently made a 1600 USD deposit using a credit card. The deposit amount shown deposited on the BitGold ledger was 1600 USD. The credit card was billed 1603.25 USD where are the 3.25 was the foreign exchange fee.

    You are clearly being build a $30 charge on top of the $2000 charge. I am pretty sure that charge did not come from BitGold, but I could be wrong. @Melanie ?
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Shoreline

    I am also a US citizen depositing with a US credit card (that is not FX fee free). My BitGold ledger is set to USD.

    I just noticed your 2:27 AM post where you postulate that the 1.5% additional is due to 1.5% jump in CAD to USD during the multi day transaction window. If you are correct it is certainly a caution against transacting on the weekend. I still think the "blame" lies with your credit card company and not BitGold.
  • ShorelineShoreline Posts: 32 Tin ✭
    @79Au197

    Disagree with your prior post. Let's wait for the explanation of my case from bitgold. Even if I should bear CAD/USD risk in weekend, bitgold should do CAD/USD FX transaction on Monday, which will reduce my risk significantly, maybe cutting in half of my loss.

    Anyway, this case becomes on how much bitgold billed my credit card on Canadian dollar, on which date. When I have this information, I then can turn around to argue with my credit card. If I can shift a day earlier for my transaction on same Canadian dollar amount, I can reduce my loss by more than half. .

  • UvasUvas Posts: 678 Silver ✭✭✭✭
    @Shoreline

    The charges from Bitgold subtract from your total.

    So if you have a charge that is more than what you deposited, it is from your credit card or bank.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Shoreline

    I assume that your disagreement is with
    "I still think the "blame" lies with your credit card company and not BitGold"
    Fair enough even if I did put blame in quotes, although I see that @Uvas agrees with me. (We're all just trying to help you - and it helps us better understand some of the pitfalls as well) o:)

    and NOT with
    "If you are correct it is certainly a caution against transacting on the weekend"

    Although in this case it should read "If you are correct it is certainly a caution against DEPOSITING on the weekend" :#
  • ShorelineShoreline Posts: 32 Tin ✭
    I agree with all the comments here that we are trying to help each other. I do want to support bitgold and our community. If this is an issue
    for CAD/USD currency conversion issues, I would like to have bitgold to disclose risk upfront. I don't want to blame any one here and I am for
    clear upfront disclosure. I am still waiting for clarification on my email support from Bitgold for official clarification on my transaction.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @more upfront trust disclosure is always better (example: the Dubai vault, to which I am now satisfied that BitGold has done all they can to warn users of the limitations)
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    Re: Dubai … and yet every day someone else asks for help in getting their money out of Dubai :#
  • ShorelineShoreline Posts: 32 Tin ✭
    I would say this issue is resolved to my satisfaction. Surprisingly, the final blame I would place partly on myself, partly on the credit card. Bitgold is not at fault here. This is quite surprising outcome.

    The 1.5% difference was indeed the 2 day delay from April 17 to April 19. According to the credit card, the delay was mainly because of security alert hold on my account due to foreign large transactions. They claim that I should have called them on foreign transaction before the deposit. In fact, I did call the card after the transaction. There was disapproval of first transaction by card, then I cleared the security of the card, re-place another deposit within half hour successfully. Then I called card again to confirm no double charging on the same transaction. The credit card told me that my account transaction was still in security hold for 2 days because I did not pre-call them. After-fact call does not count. The credit card basically blamed me.

    Learned a lesson here. To place large credit card Bitgold deposit, always call credit card before transaction in order to avoid this kind of unfavorable currency move. Sometime we Americans tend to forget that Canada is a foreign country!! Ouch, this is quite nuisance. This issue alone could turn off many American users.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Shoreline

    Your pain is our gain. Thank you for sharing your findings.

    You should consider summarizing your findings in a post under "Tips from BiGold Members" section so that it is more visible to the community. B)
  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    @Shoreline USD credit card processing will be here in a few weeks, so hopefully you won't have to deal with that added step for much longer! We'll keep you posted.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
  • ShorelineShoreline Posts: 32 Tin ✭
    Melanie said:

    @Shoreline USD credit card processing will be here in a few weeks, so hopefully you won't have to deal with that added step for much longer! We'll keep you posted.

    It is nice to hear that new feature is coming to alleviate the pain for U.S. customers.
  • nigelmarkdiasnigelmarkdias Posts: 1,323 Silver ✭✭✭✭
    I live in Dubai. Will vault my spendable gold outside Dubai.
    @Shoreline @79Au197 @Melanie @Uvas
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