chengsmine1 Reviews

Review for

Washington DC, USA,
Aug 25, 2021,
Registered user

Undisclosed fees charged by card processing company of LMFX

Service use: Live

Length of use: 6-12 Months

Even though LMFX does not charge any deposit fees, if you choose to use a debit card to deposit funds, there is a quite substantial fee incurred. In June 2021, I deposited $999 6 times, but the actual amount charged each time varied from $1068.32 to $1073.22, which is ~ 6.8% to 7.3%. This fee is charged by the bank associated with the card processing service of LMFX. No matter how the card processing service denied it, this fee exists for a foreign transaction (not like my own bank). This has also been confirmed by another FPA member. I tried to dispute this fee, but the back and forth emails take forever to resolve. This fee structure should be stated at the top of this review forum. If you are not aware, you will have to pay this horrendous fee.
Reply by Maria LMFX submitted Aug 30, 2021:
Dear chengsmine1,

Thank you for your review!
We have made sure to investigate your case thoroughly and on multiple occasions. We have even discussed the matter with the card processors at length.
As you know this is an international transaction and as such this is not a domestic acquirer. In such cases, banks (both issuing and acquiring banks) may charge a fee for international transactions and currency conversion. The charges might vary from transaction to transaction and depend on the card issuer and the real-time FX rate, around 1%-7%.
Our card processor has confirmed multiple times that they do not charge fees on deposits and any such charges do not originate from them.
Kindly be advised that it would be impossible for us to post any official information for any charges that might be applied to international card transactions since we are not the ones imposing them.
Our team is at your disposal should you need any assistance or have any further questions. Thank you!