I just realized that I was charged more than shown on the Checkout Basket.
I felt cheated.
I was not sure whether this was written in their terms and conditions but they provided the total amount in USD but the rate of USD was not updated based on current rate.
Discrepancy of grand total amount between debit card statement and Love.com.my Checkout Cart paid amount:
FAQ page on conversation by Love.com.my:
http://www.love.com.my/page/3-FAQ
Conversion rates FAQs.
1. What does WP denote at the front of the billing details?
Love.com.my chooses WorldPay (WP) International as our Internet Gateway Security Payment Provider. WorldPay is one the the most reputable companies in the world when it comes to Internet Commerce so Love.com.my naturally chooses the most reliable company to safeguard our customers sensitive credit card details. Worldpay is part of The Royal Bank of Scotland Group. For more on Worldpay please visit their website: www.worldpay.com
2. Why does Love.com.my bill in USD for Credit Card?
Love.com.my website publishes two prices in RM and USD. The RM is used for easy comparison tailored made for Malaysian customers to facilitate the purchasing decision making process and USD is used for billing purposes. USD is used because it is the reference point when it comes to International foreign exchange rate conversion. RM is not used because RM is not a valid currency outside Malaysia and international remittance is not possible in RM.
3. Why is there a difference in Love.com.my conversion rate compared to my credit card provider conversion rate?
Love.com.my conversion rate is based on the average interbank exchange rate for the said currency. This rate is provided by the number one exchange rate website: www.oanda.com . This rate may be slightly different (approx 1-3%) compared to the rate your bank charges you as your bank will make a slight conversion commission out of every converted currency transaction. Love.com.my revises this rate every month.
4. Does Love.com.my gain anything from the conversion difference?
No, Love.com.my does not gain anything out of the conversion rates. In fact, Love.com.my is also charged a conversion commission when the USD is converted to RM in Love.com.my Malaysia bank account, this rate would be around 1-2%. On top of that Love.com.my pays an additional 5-5.5% credit card commission for each transaction. In total, Love.com.my pays approximately 7-8% of the value of your order to facilitate the safe processing of your transaction.
5. Why does Love.com.my choose to bear so much additional cost (7%) compared to a conventional retail transaction (2%)?
The reason is because Love.com.my believes in using the most reputable payment processing to protect our customer's sensitive credit card information. Love.com.my will not sacrifice this principle under any commercial circumstances. We will consider using a local bank one day when we find their internet security and functionality is acceptable under normal international best practices. At the moment, we don't think they offer as much protection as WorldPay.
After I read the explanation/FAQ about the conversion, I did not really understand and a little confused.
But I was charged about additional 10% on the grand total shown on the Love.com.my Checkout page without clear information.
The additional 10% charges were not stated in the Checkout page and the conversion rate of USD was outdated.
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