ING Fee on International Transaction Refunds?

klyvenator on 01/12/2023 - 12:59

Hey does anyone know if ING charges a fee if you are refunded an order placed in another currency?

I've noticed with my purchases lately:

Drop.com:
Purchased headphones in USD and charged $750. After cancelling my order only received $733 back.

Aliexpress:
Purchased item for $220 and received $213 back after immediately cancelling.

The difference is too large to be exchange rate changes and in the case of the aliexpress purchase the exchange rate on the day of refund should have actually netted me back more than the original amount paid as the Aussie dollar had weakened.

Would like to know others experience as I've only noticed this now after years of using ING.

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Comments

  • Dumax on 01/12/2023 - 13:27

    https://www.ing.com.au/rates-and-fees/orange-everyday-fees.h…

    Best to check with ING but the amounts seem roughly similar to the quoted 3% foreign transaction fee (I believe that this may only apply to the transaction, not the refund). However this may depend on which account/card you're using.

    For example:

    $213 x 1.03% = $219.39

    • klyvenator on 01/12/2023 - 13:36

      Yeah i noticed the foreign fee was really similar to the amount missing but i have the foreign transaction fee rebated and that was charged (and rebated) separately on purchase.

  • OzRolla on 01/12/2023 - 13:28
    +1

    It would of converted AUD to USD at time of purchase, then when you were refunded it would of converted AUD to USD at the time of refunding the amount.

    • klyvenator on 01/12/2023 - 13:41

      You mean USD to AUD on refund? I thought visas rates were pretty close to the actual exhange rate? Seems to be a big discrepancy between USD to AUD vs AUD to USD if so

      • OzRolla on 01/12/2023 - 13:43

        Yep, sorry that's what I meant.

  • Master Bates on 01/12/2023 - 13:28

    Paid via PayPal?

    • klyvenator on 01/12/2023 - 13:37

      One was paypal the other was ING card directly.

  • Seraphin7 on 01/12/2023 - 14:30
    +1

    Combination of FX fluctuations and transaction fees/buy-sell spreads could easily account for that differential.

  • blushingelephant on 01/12/2023 - 15:22

    ING charge 3% foreign fee for payment and 3% fee for a refund. It's ridiculous - most other banks will refund you the amount + the 3% fee the charged.

    • BluebirdV on 07/02/2024 - 16:43

      Is Ubank card the best option?

  • Bluto Mindpretzel on 01/12/2023 - 16:22
    +1

    You've just taken your first step into trading in the FX market. You got out of it pretty painlessly tbh.

  • HardQuiz on 01/12/2023 - 16:45

    I received a $409 refund on a $413 transaction.

    Always a risk when a foreign currency is involved.

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