Hey guys, I have a question for all of you using not the main Steam stores.
Recently Steam has opened a store in my country, meaning I can purchase and add funds to my wallet in my local currency. However, when I add funds to my wallet (say, 50), my credit card gets billed in dollars (utilizing the market exchange rate for currencies at the day). Say, if 1 dollar = 2 local currency, then I get charged 25 dollars instead of 50 local currency. This is an international transaction and therefore subjected to additional fees. So in the end I'm paying more than 50 to get 50 injected in my wallet.
It sounds really fishy to me, in a false advertising type of way. What's the point of making a big deal about opening a store in my country and being able to utilize local currency if I'll just get charged in dollars anyway? I keep paying other fees that I used to pay when there wasn't a store here, so it effectively changes nothing.
Not to mention that the banks usually utilize a commercial exchange rate which is significantly higher than the market one, furthermore boosting up my cost of adding funds. Of course this is something intrinsically from the banking system and outside of Steam's control to the point that when I only bought from the US store I knew this was an issue that I had to deal with. However, this should not happen if they advertise a local store with local currency.
Basically, I should be able to click "add 50 to your wallet" and know that I get 50 charged to my credit card. This is what happens when I buy something at a local supermarket. No transaction fees or nothing, I buy 50 there, I get charged 50. But the way it is, I have no idea how much I will be charged because of international transaction fees and I also have to worry about the exchange rate spread that my bank is charging at the moment. Which is ridiculous, considering Steam is advertising a local currency store.
What gives? Is that the same for other non-main Steam stores? Doesn't it smell like false advertising? They say local store but charge in dollars as international transactions. I'm not saying that they do this to get more money, but it sounds like ingenuity that they think, that just by utilizing the exchange rate of the day, they can simulate a local store with currency transactions.
Edit: for example's sake, I added 50 to my funds and ended up having to pay 64. That's 28% more.