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Wednesday 13 July 2022

Banks ripping off their customers with overseas fees

The banks.

It turns out that it is not just in Australia that they are ripping off their clients with absurd currency exchange fees.

Three out of four holidaymakers are unaware how much their banks will be charging them for foreign transaction fees and ATM withdrawals when using their card abroad, a British survey has revealed.

In a global survey of more than 650 clients carried out by deVere Group - an independent financial advisory, asset management and fintech organisations - 77% of those surveyed said they had not read the small print about using their debit cards whilst overseas.

“The soaring cost of living is making everyone check their spending and find areas where they may be able to save some money," says deVere Group CEO Nigel Green.

"But, as the deVere survey reveals, one area where most people fail to do this is with their own banking cards.

“Whilst this might not have much impact when using the plastic in your home country, when it comes to using your debit card abroad and withdrawing money from an ATM, the fees can be sky high.

“Depending on your bank’s terms and conditions and those of the overseas retailer or restaurant, for example, you could be slapping on an extra 10% every time you use your card.

“This will make a big dent into your holiday cash and could even make you ‘downsize’ your getaway experience.”

These “outrageously excessive” fees, says the deVere CEO are “unacceptable” in today’s world.

“We believe that everyone should have the right to expect hassle-free, borderless access to and use of their money, without astronomical fees.

There is a solution, apparently. deVere Vault is a program to counter excess charges. Feel free to check it out. I am merely reporting the results of the survey. 

It automatically pays in sterling in the UK, US dollars in the US, Euros in the eurozone, and Swiss francs in Switzerland.

Users can convert foreign exchange in up to 27 different currencies within the app with the swipe of their finger and make a bank payment in any of these currencies, anywhere within the global banking system from within the app.

The multi-currency account also allows you to withdraw and spend money anywhere in the world where Mastercard is accepted.

Sounds like a plan if you are a big spender,

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