Bank fees for card usage overseas dubbed “scandal”

By Ryan Weeks on 18th July 2017

Challenger Banks

New survey by money app finds majority of people consider overseas bank charges unacceptably high.

Bank fees for card usage overseas dubbed “scandal”

A new survey by deVere Vault, a recently launched e-money app, is being pitched as evidence of the banking sector “dragging its feet”. The survey, which was carried out by Vault, found that 91 per cent of 856 respondents deem fees for using debit cards overseas unacceptably high.

Of course, these findings suit Vault. The new global e-money app targets expats, giving them a single card, multi-currency service for accessing, managing and using their money wherever they are in the world. Users can sign up in around five minutes. The app, which began signing up users in May, also delivers real-time notifications on all transactions, as well as allowing users to send and receive money between themselves in most major currencies.

Vault was launched by deVere Group, which claims to be the world’s largest independent financial consultancy by both number of offices (72) and clients (80,000+) globally. The group has roughly $12bn under advisement.

Its CEO, Nigel Green, has asserted that people “no longer need to tolerate” high charges for accessing their money overseas.

“Today’s world is a global one,” he said. “Our society is increasingly internationally-mobile and people should not be hit with unnecessary charges for choosing to live, work, retire or travel outside their country of origin. Access to banking needs to be borderless in the 21st century.”

Green went on to liken the situation in banking to the telecommunications industry, where most major network providers are reducing or scrapping overseas roaming charges.

“Nine out of 10 people told us that they found the fees for using their cards overseas were ‘unacceptably high’,” he continued. “You can see why: 6 per cent for accessing your own money when outside your country of origin is a scandal.”

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