iPad Buyer Beware with Kobo and Zinio!

DixieGal · 07-02-2010, 09:13 PM

I had a surprise in my bank statement. It turns out that Zinio and Kobo add an "international services" fee to every purchase. It is just a few cents per purchase, but sort of pissed me off.

scottjl · 07-02-2010, 11:41 PM

kobo is a canadian company..

HarryT · 07-03-2010, 03:45 AM

Quote:

Originally Posted by DixieGal

I had a surprise in my bank statement. It turns out that Zinio and Kobo add an "international services" fee to every purchase. It is just a few cents per purchase, but sort of pissed me off.

It's not Kobo that's doing it, but your bank. Foreign currently conversion always incurs a charge.

DixieGal · 07-03-2010, 09:10 AM

Quote:

Originally Posted by HarryT

It's not Kobo that's doing it, but your bank. Foreign currently conversion always incurs a charge.

No, that is not it. I went to the bank in person, and this is a separate charge by the seller.

iTunes store always adds tax and stuff, and it is included in the total. That is OK. This was a surprise. I thought someone was tampering with my bank account.

So Kobo is Canadian? I didn't know that.

Bremen Cole · 07-03-2010, 10:10 AM

Is this something new? I checked my account at Kobo (last purchase was 3.22.10) and there was nothing added.... hmmmm..... I will pay attention when I buy again....

No big deal, but yes, I would like to know what I am actually paying before I buy.

6charlong · 07-03-2010, 11:36 AM

Harry's right. It's a standard bank charge for international exchange. My bank labels it an "INTERNATIONAL PURCHASE TRANSACTION FEE."

We vacationed in Victoria last summer and every time we used a debt card the same fee turned up on our bank statement. Canadian merchants will turn American Sawbucks into Loonies and Twonies for you at the cash register but they add an extra 2% to 5% above that day's currency exchange rate to cover their cost to change the currencies. It's cheaper to use the bank card and let the bank do it directly like Kobo does.

Bremen Cole · 07-03-2010, 02:28 PM

As I said above, in March Kobo did not add anything to mine. Whatever is marked, is the price I paid......

HarryT · 07-03-2010, 02:30 PM

Perhaps the best thing for DixieGal to do is to ask her bank if it is their fee, or one added by the merchant.

Bremen Cole · 07-03-2010, 03:55 PM

Quote:

Originally Posted by HarryT

Perhaps the best thing for DixieGal to do is to ask her bank if it is their fee, or one added by the merchant.

She did, read post number 4

HarryT · 07-03-2010, 04:25 PM

My apologies - I'd overlooked that.

Bluebaize · 07-04-2010, 06:32 AM

Here in the UK I sometimes get charged a few % for conversion fees when buying from another country, but I have noticed it can depend on a number of things, some of which are:

Company - some do, some don't
Debit Card - More often than not this does
Credit Card - This never has
Total purchase price - If its a big price, they waive the extra fee.

nick101 · 07-05-2010, 07:29 AM

Quote:

Originally Posted by Bluebaize

Here in the UK I sometimes get charged a few % for conversion fees when buying from another country, but I have noticed it can depend on a number of things, some of which are:

Company - some do, some don't
Debit Card - More often than not this does
Credit Card - This never has
Total purchase price - If its a big price, they waive the extra fee.

I've always admired the clarity and consistency of UK banks' charging policy. I'm pleased to see that others are now following their lead.

Fotoman · 07-05-2010, 12:35 PM

This extra currency exchange charge by credit card companies have been a personal pet peeve for years. I see it a lot living in Canada purchasing from the US... I would guess the opposite is more rare due to the sizes of the respective markets. I'd check again with the credit card company... Maybe a different customer service agent. Vendors charge your card using their native currency. The credit card company then makes the conversion to your currency when they process it and adds the service charge.

I have no problem with stores dealing with actual paper charging a small fee because it is an extra hassle for them, but I have a hard time seeing the need to do this with instant, computerized electronic transactions.

dwcobb · 07-08-2010, 08:56 PM

Hi:

I work for Zinio, and we saw your post and wanted to give you an explanation.

First, we apologize for any inconvenience. Zinio is global organization with presence in dozens of countries around the world, and to support our international business we work with a payment processor overseas.

However, the charge you see on your account was not made by Zinio. Some financial institutions add the charge based on the international processing. Not all financial institutions do so.

Credit card companies such as Visa and MasterCard apply fees ranging from 0.15 to 3 percent to financial institutions for international transactions based on their use of global payment systems. These fees are paid by financial institutions on transactions that require the use of their global infrastructure.

If financial institutions or merchants decide to assess a foreign transaction fee to their customers, they are required to provide details to their cardholders and consumers.

We are always reviewing all aspects of our business process, and we do welcome the feedback on this point. If we can be of any assistance or have any additional thoughts to share, don't hesitate to reach out to us at our customer service address: support@zinio.com

David Cobb
Zinio

07-02-2010, 09:13 PM	#1
DixieGal Hi There! Posts: 7,473 Karma: 2930523 Join Date: Feb 2008 Location: Ft Lauderdale Device: iPad	Buyer Beware with Kobo and Zinio! I had a surprise in my bank statement. It turns out that Zinio and Kobo add an "international services" fee to every purchase. It is just a few cents per purchase, but sort of pissed me off.

07-08-2010, 08:56 PM	#14
dwcobb Junior Member Posts: 1 Karma: 10 Join Date: Jul 2010 Device: none	International Bank Fees Hi: I work for Zinio, and we saw your post and wanted to give you an explanation. First, we apologize for any inconvenience. Zinio is global organization with presence in dozens of countries around the world, and to support our international business we work with a payment processor overseas. However, the charge you see on your account was not made by Zinio. Some financial institutions add the charge based on the international processing. Not all financial institutions do so. Credit card companies such as Visa and MasterCard apply fees ranging from 0.15 to 3 percent to financial institutions for international transactions based on their use of global payment systems. These fees are paid by financial institutions on transactions that require the use of their global infrastructure. If financial institutions or merchants decide to assess a foreign transaction fee to their customers, they are required to provide details to their cardholders and consumers. We are always reviewing all aspects of our business process, and we do welcome the feedback on this point. If we can be of any assistance or have any additional thoughts to share, don't hesitate to reach out to us at our customer service address: support@zinio.com David Cobb Zinio

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07-02-2010, 11:41 PM	#2
scottjl Reader of Books Posts: 1,632 Karma: 2697 Join Date: Oct 2009 Device: none	kobo is a canadian company..

07-03-2010, 10:10 AM	#5
Bremen Cole Wizard Posts: 1,115 Karma: 2718 Join Date: Dec 2009 Location: Texas Device: iPad	Is this something new? I checked my account at Kobo (last purchase was 3.22.10) and there was nothing added.... hmmmm..... I will pay attention when I buy again.... No big deal, but yes, I would like to know what I am actually paying before I buy.

07-03-2010, 11:36 AM	#6
6charlong friendly lurker Posts: 896 Karma: 2436026 Join Date: Apr 2007 Location: US Device: Kindle, nook, Apple and Kobo	Harry's right. It's a standard bank charge for international exchange. My bank labels it an "INTERNATIONAL PURCHASE TRANSACTION FEE." We vacationed in Victoria last summer and every time we used a debt card the same fee turned up on our bank statement. Canadian merchants will turn American Sawbucks into Loonies and Twonies for you at the cash register but they add an extra 2% to 5% above that day's currency exchange rate to cover their cost to change the currencies. It's cheaper to use the bank card and let the bank do it directly like Kobo does.

07-03-2010, 02:28 PM	#7
Bremen Cole Wizard Posts: 1,115 Karma: 2718 Join Date: Dec 2009 Location: Texas Device: iPad	As I said above, in March Kobo did not add anything to mine. Whatever is marked, is the price I paid......

07-03-2010, 02:30 PM	#8
HarryT eBook Enthusiast Posts: 85,544 Karma: 93383043 Join Date: Nov 2006 Location: UK Device: Kindle Oasis 2, iPad Pro 10.5", iPhone 6	Perhaps the best thing for DixieGal to do is to ask her bank if it is their fee, or one added by the merchant.

07-03-2010, 04:25 PM	#10
HarryT eBook Enthusiast Posts: 85,544 Karma: 93383043 Join Date: Nov 2006 Location: UK Device: Kindle Oasis 2, iPad Pro 10.5", iPhone 6	My apologies - I'd overlooked that.

07-04-2010, 06:32 AM	#11
Bluebaize Enthusiast Posts: 43 Karma: 160 Join Date: Mar 2010 Location: in a house Device: iPad	Here in the UK I sometimes get charged a few % for conversion fees when buying from another country, but I have noticed it can depend on a number of things, some of which are: Company - some do, some don't Debit Card - More often than not this does Credit Card - This never has Total purchase price - If its a big price, they waive the extra fee.

07-05-2010, 12:35 PM	#13
Fotoman Groupie Posts: 157 Karma: 2160 Join Date: Feb 2009 Location: Vancouver, BC Device: iPad 64GB wifi (Sony 505 RIP)	This extra currency exchange charge by credit card companies have been a personal pet peeve for years. I see it a lot living in Canada purchasing from the US... I would guess the opposite is more rare due to the sizes of the respective markets. I'd check again with the credit card company... Maybe a different customer service agent. Vendors charge your card using their native currency. The credit card company then makes the conversion to your currency when they process it and adds the service charge. I have no problem with stores dealing with actual paper charging a small fee because it is an extra hassle for them, but I have a hard time seeing the need to do this with instant, computerized electronic transactions.