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Tuesday, 20 December 2011 11:25

Banks scrap currency exchange fees

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There was good news for travellers today as 5 of the UKs largest banks and other credit card companies agreed to scrap some of the fees that they currently clobber their customers with when buying foreign currency.

 

The announcement is as a result of pressure from the Office of Fair Trading following a super complaint from watchdog organisation Consumer Focus which highlighted a staggering £1billion per year spent by UK consumers exchanging currency.

This is a welcome change for people who are hiring cars abroad and paying in the local currency as to date card providers have charged around 2% of the value of the complete transaction, plus additional handling charges which could see £30 added for every £500 spent. This is particularly good news when you consider that most car hire excess deposits charged by rental companies require around £800 to be pre-authorised on a credit card against accidental damage to the vehicle. Prior to this announcement customers could have still been charged conversion fees by their card provider even if their deposit was refunded.

Last modified on Wednesday, 16 October 2013 13:48
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