@ekf. I agree that the ATMs will do anything to fleece you BUT (and I wish I had filmed this now) there was never a prompt to convert or choose currencies. And in any case why would I have chosen SEK if I had enough EUR there anyway? The beef I have with TW is that if one prioritises a currency I would expect the card to be detected as having that currency, what is the point of the product otherwise. They kept shifting the blame to the ATM operators which in turn blamed them. And a long story short, it wasn't worth pissing around between the two, so I closed it. And that's before we talk about the atrocious exchange rates.
SAS Travel Wallet
- Thread starter Nemo
- Startdatum
Sure sounds like whats exactly what You did, I don´t know why, maybe You did miss it or you used a ATM that don´t give You a choice (never saw one myselfe). Anyway it sounds like the local ATM operator is who You should blame.
palmen
Moderator
No matter what currencies are on the card, the card itself will still be a swedish card no matter what. An ATM can't see what currencies you have on the card. It's the same with Revolut which is a UK card and the ATM will recognise it as a UK card, even if the funds on it are SEK.
Most likely you ended up with a very bad ATM where they charged you these riduclus amounts and maybe didn't even ask you what currency you wanted to use. I've had the same once when abroad in Germany, it did cost me about 10% extra that time to take out money because I didn't pay attention when withdrawing the money.
ekf
Medlem
As palmen mentioned already, the ATM does not know what currencies that are available on your card, they only see the issuing country/currency. The ATM charged your account in SEK, and since you did not have (i assume) any SEK, TW had to convert your EUR back to SEK to allow the withdrawal.
All in all, the ATM operator is liable for all blame in this case.
(I had a similar experience with Revolut in Poland last autumn, it was pure luck that made me aware of a fine-printed question about charging me in local or GBP (my Revolut card is issued in UK, my Revolut base currency is SEK and I had money in my PLN wallet)... reaally sneaky.)
@palmen. That only goes to reinforce the fact that there is absolutely no point to the product except the hope of having gullible clients willing to be fleeced in the hope of getting a few points. All this multiple currency nonsense and currency priority is just meaningless waffle, simply increasing the chances of a trap fall. Might as well stick to a normal credit/debit card which in the issued currency would word just fine.
ekf
Medlem
You need to be aware of a thing called DCC (Dynamic Currency Conversion) which is the mechanism that is to be blamed here together with greedy ATM operators using it to fleece their users.
You would have had a similar bad experience with a regular Visa/MC tied to a normal bank, minus some extra charged due to you having your money in the "wrong" currency. The same applies for shopping in a store where they try to rip you off by "offering you the option of charging your card in your home currency"...
Dynamic currency conversion - Wikipedia
I don't have a Travel Wallet card since I don't think it is worth the hassle, but if used together with knowledge about how payments in foreign currency work it could be beneficial.
Final point: Don't blame TW for your hefty charges, blame the ATM operator for ripping you off. No-one else did.
@ekf What are the advantages over a Visa/MC though? What is the point even if at worst it all falls back to the home currency and at best you are fleeced through disadvantageous exchange rates? The convenience? Currency exchange add-ons? No-use period penalties? Not the few SAS point surely! It is the most idiotic product ever if even its selling point is just meaningless as you explain. And more fool I for having fallen for it!
ekf
Medlem
I guess the main advantages are that you can convert your money into the foreign currency of you choice at a known rate in advance, and being able to earn some extra eurobonus points.
Personally I use Revolut instead, because I value the lower FX fees above the few extra eurobonus points.
This can happen with any card, beware of the DCC mechanism!
@ekf. Indeed, until you come to use said money which is when all is undone by double-exchanges. So, on top of a mastery of FX, DCC mechanisms, "knowledge about how payments in foreign currency work" - as you suggest, it appears one needs to also have inside-out knowledge of ATM protocols in foreign lands to draw full benefits of this scheme.
Not that any help will be forthcoming from TW if/when you need it, either.
They'll tell you to sort it out yourself; they have made their profit after all.
What a disgrace!
Not that any help will be forthcoming from TW if/when you need it, either.
They'll tell you to sort it out yourself; they have made their profit after all.
What a disgrace!
ekf
Medlem
Well. It is your responsibility.
Anyhow, If you are not interested in understanding what has happened and how to avoid it in the future, I see no need for me to continue this discussion.