HSBC Credit Card
HIDDEN CHARGES

23/06/08

To

R. Shankar Narayan – Asst Vice President,

Card Services,

HSBC

Subject: Currency conversion & hidden charges on international transactions

I purchased an item using my HSBC credit card in US dollars on the Internet. The seller turned out to be a fraud. I stopped my payment but HSBC has not refunded my 3.5% for currency conversion.

Take an E.g. lets say I paid $100 ($1= 40 rupees) so total in rupees. is 40*100=Rs.4000.

Now add currency conversion rate 3.5 % i.e. 4000 X 3.5 % = Rs140.

Total paid to seller Rs4140. I should be refunded Rs4140.

I paid $45.43 by mistake two times (24th May 08 & 25th May 08) and was charged Rs1996.89 for each transaction inclusive of 3.5% currency conversion fees according to HSBC. I canceled both the transactions on 25th May as the sellers account did not exist. I received two refunds of Rs1876.98. They said they will not refund the currency conversion charges of 3.5%.

If you calculate 3.5% of Rs1876.98 (amount refunded) you get Rs.65.70. That means I should have been charged Rs1876.98 Rs65.70= Rs1942.68 (Total Rs1942.68 X 2 = Rs3885.36) since I paid for the amount twice.

Why are you charging me Rs1996.89 instead of Rs1942.68

what are the hidden charges you are levying on me? No one is giving a logical answer. Customer care say dollar fluctuates. I have spoken to them for more than hours on my phone (Ashish Mukerjee ashishmukherjee@hsbc.co.in), sent emails to nodalofficerinm@hsbc.co.in & info@hsbc.co.inon 20th June on receiving the statement but no reply.

When I paid on 24th May I was charged Rs1996.89 and when I paid & received a refund on the 25th May I was also charged Rs1996.89 then you cannot say the difference is due the fluctuation in the dollar. Why the refunds are less?

The issue is not the amount but I have been using your credit card regularly to make international transactions & this is the first time I have found out the hidden charges which you are charging me. I have always trusted the reply I have received from your customer care executives & today I feel cheated & betrayed. I must have spent at least at least 200-300 dollars in the past but since I never had a break up so I was unable to calculate the charges. I was about to make your payment when I found these hidden charges

Please investigate into matter immediately. I will not be responsible for the late payment till the matter is resolved. I have contacted you well in advance before the due date through phone & email. I have also written a letter & given it to your HSBC bank in Indore to forward to you.

Please take the matter seriously. I will not be responsible if I have to take unpleasant action.

Awaiting your reply

Aditya Agrawal

Company: HSBC Credit Card
Country: India

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