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EcoCard fees

Discussion in 'The Attic' started by skiny, Oct 19, 2012.

    Oct 19, 2012
  1. skiny

    skiny Banned User - violation of <a href="http://www.cas

    Occupation:
    Doing everyone else's job.
    Location:
    Canada
    Here's something I found weird.

    My brother got an EcoCard to use at 3Dice. 3Dice uses USD currency and pays to the card without hassle but there are weird exchange rates on this card. We're Canadian and from his emails from EcoCard that I've read it seems they just keep charging him outlandish currency exchange rates no matter what kind of transaction he uses. The currency at 3Dice is USD, the currency in his Eco account is CAD and weirdly his Eco card is in USD again.

    So this is from Eco support.

    Thank you for contacting the EcoCard Support Team!

    First of all, please kindly note that your EcoCard account is in CAD currency, but the prepaid card is in USD. Thus, your payout from 3dice merchant was subjected to 2.99% currency exchange fee.

    In addition to this, every time you make a transaction with your prepaid card and currency conversion takes place 'Padding Fee' in amount of 1 dollar is added on top. It is added because your prepaid card transactions are not settled on the same day, but are pending for a few days before finalized. While the transaction is waiting for its settlement, currency exchange rate may noticeably change. And, as a result, may become a cause of an arrears on your EcoCard account. Please note that once the prepaid card transaction finalizes difference in currency rates will be calculated; the padding fee will be credited back to your account, fully or partially, accordingly to changes in currency exchange rates.

    Please be informed that the same fees apply for both E-commerce transactions made with your EcoCard MasterCard and for the ATM WDs; it is 2% transaction fee + 2.99% currency exchange fee+ Padding fee.


    Now, this has nothing to do with 3Dice other than that was where his withdrawal came from and currency they use is USD. But when he was telling me all of this I couldn't even understand what Eco support was telling him. How can you have a Canadian currency account and a US currency card to use with it? And when was the exchange rate 2.99%?

    2% transaction fee and 3% exchange from casino to account, 2% transaction free and 3% exchange from account to card. A 10% combined fee?

    Does anyone else use EcoCard in Canada and withdraw with a card at the ATM or make cash purchases? These fees seem pretty steep to me.
     
    Last edited: Oct 19, 2012

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