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Banks ordered to scrap debit card charges when customers buy foreign currency
20 December 2011 @ 13:37

Holidaymakers will no longer be charged for purchasing foreign currency with a debit card in the UK after banks were pressured into changing complex levies which earnt them more than £1 billion last year.

The Office of Fair Trading led an investigation into the banks' confusing charges and the poor information they provide for travellers after Consumer Focus raised a 'super complaint' about the practices.

It is estimated that around 40 per cent of foreign currency purchases in the UK are made using cards rather than cash, with banks charging 1.5 to 2 per cent of the amount exchanged just for the transaction.

http://www.dailymail.co.uk/travel/article-2076463/OFT-orders-banks-scrap-debit-card-charges-buying-foreign-currency.html#ixzz1h4r23OVf

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1 Comments

Sandra said:
20 December 2011 @ 21:12

When we hear of the profits generated by just a small part of banking operations it really does make you wonder wher all the profits went and why the banls are in such a state.
Gambling on the stock markets with people's hard earned savings, investments and pensions funds in order to reap fantastical bonuses for the so called 'Whizz Kids' is good enough reason the banks should separate the investment side of banking from their day to day operations.
The sooner the better.