Dusty
21-Apr-07, 09:45
What do the Orgers think about the banks levying these charges on a percentage basis for transactions in a foreign currency and putting a per transaction charge on top of that and minimum charges applying as well when you use your Credit/Debit Card abroad?
It seems that the costs for cash withdrawals in foreign currencies are also being increased.
I have written to my bank asking them to recind the charges (fat chance of that happening) and letting them know that I am far from pleased at having to pay to use my own money abroad when they lend money at an interest rate of circa 7% (likely to rise soon) but only give me 0.1% interest on my money lodged with them and which they utilise to get the 7%.
All of this I feel is a rather transparent attempt to offset the reduced income due to no longer being able to charge excessive amounts for overdraft associated charges. The bank however advises me that these charges are neccessary to cover the costs incurred in converting currencies, I have asked the question why it is not just a flat rate charge then, or do they pay their employees more to multiply big numbers?
Your thoughts......
I will ultimately be changing my banking services provider unless I can be persuaded otherwise, but it will have to be a very compelling argument.
Dusty.
It seems that the costs for cash withdrawals in foreign currencies are also being increased.
I have written to my bank asking them to recind the charges (fat chance of that happening) and letting them know that I am far from pleased at having to pay to use my own money abroad when they lend money at an interest rate of circa 7% (likely to rise soon) but only give me 0.1% interest on my money lodged with them and which they utilise to get the 7%.
All of this I feel is a rather transparent attempt to offset the reduced income due to no longer being able to charge excessive amounts for overdraft associated charges. The bank however advises me that these charges are neccessary to cover the costs incurred in converting currencies, I have asked the question why it is not just a flat rate charge then, or do they pay their employees more to multiply big numbers?
Your thoughts......
I will ultimately be changing my banking services provider unless I can be persuaded otherwise, but it will have to be a very compelling argument.
Dusty.