Insane converting issues

BigYBigY Member Posts: 4
edited February 2013 in Ask The Community

Today i bought an item with my card. Total was 173 EURO. Payoneer charged me 285USD for it, which is really insane. That means 1EUR is 1.64USD worth, while atm it stand on 1.33USD. Why is Payoneer charging me 0,31USD per 1EURO more? That is 54EURO more then the product cost me.

 

I guess this is a mistake?

 

Transaction ID is T52928419

Comments

  • NissimNissim Head of Community Administrator Posts: 3,604 ✭✭✭✭✭✭✭
    edited February 2013

    Hi BigY,

     

    Firstly, thanks for posting. I checked the transaction, and you were not actually charged this amount. The amount you see is simply a pre-authorization charge, which will be pending until the merchant processes and completes the transaction (after which it will be reduced to the actual amount). Allow me to explain:

     

    For specific merchants, payment and prepaid card regulations require Payoneer to take additional security measures. These are generally merchants that offer service before payment, such as hotels, restaurants and car rental companies. In some cases, the merchant will place a temporary hold on funds to your card, and only actually complete the transaction at a later time (generally within 24-72 hours).

     

    In these cases, the temporary hold on funds, or "pre-authorization charge" will be placed at a certain percentage above the actual transaction amount. This is required in order to ensure that your card has sufficient funds available to complete the transaction once it has been processed by the merchant. In your specific case, once the transaction is completed by the merchant you will see this pre-authorization charge expire, and have a new charge for the actual transaction amount.

     

     

    I hope that my answer was able to better explain the issue, however if not please feel free to ask any additional questions.

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