Hidden Fees for Foreign Currency Revealed
It has recently been revealed in the news that five of the biggest high street banks have decided to waive the ‘hidden’ charges on currency bought with Debit and Credit cards for use on holiday or when travelling.
This change was sparked by complaints from Consumer Watchdogs, who said that consumers are often left bewildered and misinformed when purchasing foreign currency at home and abroad.
Banks including Lloyds, Barclays, NatWest, Santander and the Co-Operative have decided to scrap the fees before the summer travel season 2012, which should save consumers around £20 million a year.
This change should help to erase certain charges when withdrawing your own money, and to make other charges more transparent. After the proposed changes are put in place, travellers will be better informed when deciding when and how to take out and use cash abroad. This should save families a lot of money when withdrawing their own money to use abroad, especially families who save and look forward to their one holiday all year.
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