Wednesday 11 April 2012

ANZ's Credit Card Overseas Transaction Fee Misleading

ANZ Bank in Australia charge a credit card processing fee. Other than the fact that I don't like being charged it (and its excessive) I don't actually have an issue with them doing so (ANZ struggled with this concept). 

What I have trouble with is how it appears on the statement, this is an example "PAYPAL *ACCESSORYJA 4028358723 INCL OVERSEAS TXN FEE 8.03 AUD".  The last underlined bit is the issue because:
  1. Its ANZ that is charging the fee. 
  2. It implies its NOT ANZ charging the fee. I don't know whether this is intentional or not. I was originally getting upset with PayPal as it looks like a PayPal fee.  PayPal should be complaining to ANZ also.
  3. I can't reconcile the amount I expect to find with the statement value as they differ. I bought an item for lets say $200.01, you can't find that on the statement, it will be something like $220.54.
  4. If ANZ is charging a fee it should be a separate line item clearly indicating who is charging the  fee.
  5. I have been charged this fee many times and figured I'd look into PayPal alternatives at some stage or just use the credit card directly. Now that I know its an ANZ fee and only payable on credit cards I can work around the system so I no longer pay the fee.
I have raised this issue with ANZ and they "welcomed my feedback" but won't do anything.  Apparently they would welcome more feedback so if you also believe the way they handle the fee is wrong please use secure mail in the Internet Banking application or ring them up and let them know you are unhappy, they will reverse the fee (one item only) for starters.  I told them to keep it :-)


Anonymous said...

Hi Dennis, a late follow up to your info - they all seem to do it and the fee has little to do with their actual costs. will slug you but "skip" the fee if you use 'their' big visa loyalty card. This card is a Malaysia centric one with hefty charges/qualifications, so they do not and cannot lose - start out offering an acceptable flying alternative and then charge you for everything else, food, checked bags, insurance, seat allocation, entertainment packs so far they do not charge you to take a pee but if they can they will! Rob

Anonymous said...

Useless bit of information. This is known to everyone who does internet banking.

dbareis said...

So you are saying that no does Internet Banking on other banks like NAB? Amazing. As is the fact that they all know about the fee... I'll have to check with grandma... You also seem to think that everyone knowing about it makes it right... I tend to think your comment was useless and pointless and that you are likely a troll, so go away please.

Anonymous said...

Your blog is extremely brilliant especially the quality content is really appreciable.stopcreditfraud