News to me FEE

[ReadytoEat]

Hello Campers,

I just received my CITI credit statement. I made a reservation for a week on Elbow and had to pay a deposit. The deposit amount is correct, but there is a Foreign Transaction Fee of $20 on a deposit of $650.

I called a few my other credit card companies: American Express, National City Visa, and Chase. Amex & NatCity said no fee for the Bahamas because exchange is 1:1. Chase could not answer the question. They said sometimes there is a 3 % fee, but couldn't answer the question for the Bahamas.

That $20. could have bought at least one Kalik.

Heads Up, I guess I picked the wrong card. The remaining balance will be paid with another card.

I have to call CITI and ask them to remove the fee. If not it will go on the pile of other cards I have stopped using.

Happy Regatta Time
:rolleyes:

[AbacoPeach]

I got one of those notices from the CC company outlining some new changes, one of which was the foreign transaction fee. What is so new about that?! They charged that 3% fee last year when I used it on Guana!

[Patti Puzo]

Many places on Guana takes American Express, including the grocery store. No extra fee's, and we just pay the balance when we get back. Very convenient.
We do make the phone call to notify them of our travel destinations and schedule prior to the trip.

[DrRalph]

I got one of those notices from the CC company outlining some new changes, one of which was the foreign transaction fee. What is so new about that?! They charged that 3% fee last year when I used it on Guana!

We just got a similar notice from Bank of America, they run our credit card. There were new and revised fees for other services, such as credit card checks, ATM fees, etc. :(

[SamFamAustin]

LOL, your signature line says "the buck stops here," DrRalph. You sure about that? Seems like with all these new service fees, it's like the ad for the Duracell batteries ... that buck keeps on goin' and goin' and goin', multiplying like rabbits! :eek:

Question - would a debit card that says "Visa" on it work? I have a credit union that believe it or not, charges no fees for debit card transactions, not even an ATM fee. It's just like writing a check. I don't know if they'd work in the Abacos, though because it says "Debit" in bright silver.

[Patti Puzo]

LOL, your signature line says "the buck stops here," DrRalph. You sure about that? Seems like with all these new service fees, it's like the ad for the Duracell batteries ... that buck keeps on goin' and goin' and goin', multiplying like rabbits! :eek:

Question - would a debit card that says "Visa" on it work? I have a credit union that believe it or not, charges no fees for debit card transactions, not even an ATM fee. It's just like writing a check. I don't know if they'd work in the Abacos, though because it says "Debit" in bright silver.


Sammie, mine is also with a credit union, and does NOT work in the Abaco's, although they say it should.:confused::confused::confused:

[patw]

I have a credit union Visa debit card and I use mine all the time with no fees.

[SamFamAustin]

I have a credit union Visa debit card and I use mine all the time with no fees.

Maybe it has to be a Bahamian bank that's sorta local? Or is your card for a bank in FL?

[Long Look]

Usually when places do not accept your card it is not because of your bank, but the merchant's decision. Very few places accept discover card because of how expensive the processing fee is.

[patw]

Its from a Florida bank.

Maybe it has to be a Bahamian bank that's sorta local? Or is your card for a bank in FL?

[Gumelimi]

If your doing business with CITI or B of A your making a big mistake. They are desperate for money and need to do these things to survive. It will get MUCH worse.

[DrRalph]

I wouldn't use a debit card while traveling or on the Internet. My credit card number has been stolen three times in the last two years, and Bank of America made the charges good. All I had to do was sign an affidavit stating that I did not make the purchases. They had to eat over $5000 in unauthorized charges, so I guess you get what you pay for. If someone steals your debit card number and gets into your checking account, that money is gone!

[Flatfish]

Our last trip in November of last year incurred numerous charges at Nippers, Grabbers, grocery store, etc. When we received our first statement there were transaction charges and rate of exchange for the first time in 20 years!!!! We didn't fight it this time, but next time we go we are definitely going to go to battle on this! Freakin' credit card companies!!! Yikes!

[Mike from Boston]

I agree with you Dr Ralph. Use my debit only locally. Got a call Friday from my Credit Union asking if I had used my debit card in Illinois the day before. Someone made 3 purchases with my #. Will not be responsible. Card canceled immediately.

[sandy shaw]

I have a BofA card but much prefer to use my American Express card because of a) no transaction fee or exchange rate fee (like BofA now make!) and b) I get Airmiles.

I get really annoyed when merchants/restaurants in Abaco refuse my Amex. Yes, Amex may charge a higher fee to the merchant but, so what??! Those merchants who refuse my Amex also lose my business. Which, then, is more expensive to the merchant? A slighty higher fee or a 'lost' customer, who seldom returns! I've also heard the argument "Amex takes forever to pay..." Oh no it doesn't. When I pay for my dinner at, say, Wally's (who accepts Amex), by the time I get home a couple of hours later, that charge is on my account.

In this day and age, when tourism is supressed and money is tighter all round, I think the Abaconian business people should wrench themselves from their old habits and think a little broader. Come on guys...you need money, any money...take ALL credit and debit cards.

[two rock reef]

I also had the transaction fee senario a few years back. I called all of my cards and asked why the charge when the exchange is 1:1. Many could not give a reason. I found out that Capital One does not charge any fee. What's in your wallet? Capital One in Abaco.

[patw]

Well, I have been using my Fl. debit card here for over 5 years and have never had a problem. My credit union in Florida knows that I am here and when I go to the states, I call them and tell them that I am back in the states and for how long.

[BH]

Any plastic to get you to The Bahamas are bucks well spent. RTIA or Bust...!
Party at every speed limit!!
BH Bound

[papanasty]

I use my debit card when i have to here it's a Visa check card and there is no charge to use the card here but they do charge me exchange fee's basicaly just like they would charge you over here if you had a US account at the bank here they would charge you exchange if you transfered US dollars to your US account that you would have at any of the banks here in the Bahamas. Have a great day all Papanasty :):)

[Agurs Wish]

Here's my question. Why is it when we fly back to FL we can't exchange Bahamian dollars 1:1?

[sandy shaw]

Here's my question. Why is it when we fly back to FL we can't exchange Bahamian dollars 1:1?

Because the B$ has very little worth. The country has no gold reserves to back up the currency so it is artificially pegged at parity with the greenback. In an open currency market, I was told the B$ would be exchange at about 20 cents to the US dollar - on a good day!

[ScottB]

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[Pitou]

I also had the transaction fee senario a few years back. I called all of my cards and asked why the charge when the exchange is 1:1. Many could not give a reason. I found out that Capital One does not charge any fee. What's in your wallet? Capital One in Abaco.

I do the same when traveling outside of the US .... CitiBank gets put away and out comes Capital One ... the only time I use it. C1 .. no annual fee no exchange fees. Then there's the old "we tag on 3% if you pay by credit card" .... ie; Rich's Rentals banged me with that on the last trip ... see ya! I will be looking for a new boat rental company ... maybe they all do it now. It just seems silly. After renting a 26 footer a 1/2 dozen times in the past for 10 days at a whack without the charge and then bang. In all fairness it was on the bottom of the contract in "fine print". I'll miss them as their boats always ran well.

[RTime]

Then there's the old "we tag on 3% if you pay by credit card" .... ie; Rich's Rentals banged me with that on the last trip ... see ya! I will be looking for a new boat rental company ... maybe they all do it now. It just seems silly. After renting a 26 footer a 1/2 dozen times in the past for 10 days at a whack without the charge and then bang. In all fairness it was on the bottom of the contract in "fine print". I'll miss them as their boats always ran well.

I called Abaco Dorado and asked them if they charge a percentage for using a card. They said the only one they do it on is Amex. That is the only place I was planning on using a card to pay the balance and would most likely pay with a debit/visa card.

Does anyone know if there are any ATMs in MH or Hopetown that you can pull cash out of with your debit card?

[PaBill]

Because the B$ has very little worth. The country has no gold reserves to back up the currency so it is artificially pegged at parity with the greenback. In an open currency market, I was told the B$ would be exchange at about 20 cents to the US dollar - on a good day!

It's the U.S. dollar that's not worth the paper it's printed on. If the Fed needs money, they just print more. Gold hasn't backed it in ages, our commodities (wheat, corn, produce and livestock) is the main thing, along with the full faith of the American people. :rolleyes: When they come to collect, there will be a surprise!
Right now the exchange is on par, but at one point in the past year, the Bahamian dollar was 2%-15% above the US dollar.
http://www.xe.com/ucc/convert.cgi

[yellowpages]

A business in the Bahamas (or anywhere) that "tacks on" a percentage if you use your credit card is violating their contract with Master/Visa etc. which specifically prohibits this practice. They do allow you to give a percentage discount for cash transactions. That being said...it is obvious that the rule is not enforced in the Bahamas nor does anyone complain to the credit card companies about the merchants who do this. Bottom line is that it is too important to be able to use credit cards so the whole issue slides by.

The foreign transaction fee as applied to charges made in the Bahamas did not exist as recently as a year ago or so with most card providers. Now almost all of them do it and if yours doesn't it probably will soon. Why do they do it? Because they can.

From the merchants point of view (here in the States at least) Amex is not accepted by many due to the high processing fees. Discover follows closely behind. Fees are much higher to process "rewards" cards and the lowest fees are for debit cards used as debit cards (1% plus .25 per transaction). I understand the poster's comment "wouldn't you rather have the business than lose it by not taking Amex?" but have to answer I guess not, as almost everyone will pull out a Master/Visa if you don't take the Amex.

The big money maker for the card companies is the "float". As the poster pointed out his money gets withdrawn/charged immediately BUT the merchant can wait days for his/her money while the card company earns interest by holding it. As an example: Credit card transactions completed ('batched out" is the term) on a Thurs. will appear as money in one's account the following Tuesday. Ditto the Fri., Sat., and Sunday transactions. The Mon., Tues. and Wed. batches do not appear for 2 days. Some providers are a little better than others but the "float" is all important to them.

Speaking of the float...those of us who have a Bahamian checking account can wait up to 30 days to be able to use the money after depositing a USD check...however the money is withdrawn from the bank in the USA in 3-5days...now there is a float!!!!! And in case you didn't know...we can't deposit cash into the checking account as "you might have earned it in the Bahamas"...or worse..."we do that to combat money laundering"...like I wish:D.

[Jacaranda]

Citi MasterCard credit card has added another 'wrinkle'.
As well as the 'foreign transaction fee' they also tack on a 'finance charge', from the date of the transaction till the date it is paid.
I always pay my balance in full every month to avoid fees, but this a a new one.

[two rock reef]

Citi Bank is the worst!! Years ago I stopped using their credit cards, they are "the master of fees"! I'm surprized that anyone uses them.