Banks under fire for overseas withdrawal charges
Travellers need to be “some sort of mathematical genius” to work out charges made by banks for withdrawals made from cash machines abroad, a watchdog has claimed. The Daily Mail today reports that UK banks are making as much as £500 million from charging customers to use credit and debit cards abroad, with “complex calculations” of charges “ensuring holidaymakers remain unaware of how much their withdrawals and purchases are really costing”. Stating that overseas withdrawals using a debit card can cost as much as £4.50 a time, the newspaper states that a traveller who uses a debit card to withdraw £200 in cash and buy £1,000 worth of goods over a two-week break could end up paying £81 in charges. The Mail says that, while the normal charge is 2.75 per cent of purchase price, there are additional fees as well: 75p for Nat West, £1 for Lloyds TSB and £1.50 for Halifax. A spokesman for the Independent Banking Advisory Service is quoted as saying: “The big banks are making a fortune from charges that most customers simply don’t realise they are being charged. This is pure greed. The charges are hidden away. You need to be some sort of mathematical genius to work them out.” Banks reportedly defended the charges, pointing out that they are “processing fees” and saying that charges were outlined on monthly statements and on card application forms. Report by Tim Gillett, News From Abroad Ltd www.newsfromabroad.com
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