Credit Card Markup fees on refunded transaction
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Hi Guys,
Sorry for long post. But this is important!
Need your knowledge about the issue. Recently I purchased a product from aliexpress using ICICI Bank credit card. As usual the credit card charged me the currency conversion rate along with the markup fees and gst.
After few days the transaction got refunded from aliexpress, now the bank has refunded me the amount in my credit card but they have again charged me a new markup fees instead of refunding me the old markup fees that was charged while doing the transaction.
Though this is not the first case that has happened with me, I have several orders that have been refunded from aliexpress earlier as well but in the past amount used to be so small that I didn’t use to care about it. but now the markup is around 400 to 500 rupees and again on the refund I have been charged around 400 rupees once again.
Does someone have knowledge about the rules and regulation on refunded transaction, though I’ll be calling credit card department and will be asking them about the same, but I don’t want to sound fool in front of them.
Are they doing it right or should i fight with them?
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If you read closely, my problem is completely different from the thread you mentioned. I am aware of the fact that mark up fees is there since the Inception. The only difference is that earlier Bank used to show mark of fees included with the conversion rate and now they are separately including it in the statement
May be your transaction reversed time is much high !! My a lot pf txn got reversed and always i will get Full amount!!
The reason for the twice fee is due to rate fluctuations. Let’s say you purchased 1000 usd at 64 so on 64000 bank charged 500 as conversion fee. After 10 days the rate is 64.50 or 63.50, ali express paid you back 500 usd and not 64000, so on usd inward again they are charging inward fee.
Send them emails with copy of mail from ali express and ask them that amount has been refunded due to xyz reason so jst reverse the entire amount of fee.
Hi… I have exactly same problem as you. Did you find any solution? Now the ICICI Bank is saying that they cannot reverse the charges(Both on payment and refund). Any solution please for this situation?
I have find AMEX way better. I have purchased an item from Amazon.de and they charged only the price it was showing on product page.
I had paid $15 using PayPal in USD. Bank charged me equivalent amount in INR. Currency conversion charge along with gst was charged in separate transaction. Later PayPal reversed that transaction and SBI refunded my money in equivalent INR and currency conversion charge along with gst was refunded in separate transaction. So SBI refunded my whole amount.
same issue with me with SBI CC today. Charged markup on payment as well as refund as well
Same issue… Even RBI didn’t help me.
only sbi and hdfc refunds markup fees, icici, axis and some others cards wont refund the markup fees
I did an international transaction with AU bank in Indian currency, still i was charged markup fee.
If I cancel the transaction, will I again get charged another markup fee or will i get whole refund including original markup fee?
Hi, I was looking for this case only. I used sbi cc. Will they charge markup fee even if there is no currency conversion? I used trip.com to book a hotel in India.
![Amazon Rs 99/199/299 samples [user specific]](https://cdn0.desidime.com/topics/photos/1859669/medium/Screenshot2024-10-02at1.22.11PM.png?1727855569)
As far as I know there was no such thing earlier. In my belief if the transaction is cancelled or refunded, they should refund the complete amount to you instead of ripping you off again.
Edit: I have used only Citi bank’s credit cards and once my one transaction was refund by Ebay.com. I got my entire amount back including the conversation charges.