Guardian investigation prompts state-owned bank to bring exchange rates back in line with Visa/MasterCard

Royal Bank of Scotland has bowed to pressure and is bringing its overseas credit card charges into line with other providers, following a Guardian investigation.

In December, we revealed how millions of customers were being hit with unexpected costs when using their plastic abroad, as RBS and its NatWest division had, along with Tesco, quietly started using their own exchange rates to convert overseas purchases into sterling. Their rates were much worse than the standard Visa and MasterCard rates used by rival cards.

Now the state-owned bank has said that following customer feedback, it is changing the system from 1 July. The move should mean lower bills for customers using their cards overseas this summer.

Its decision to abandon the controversial policy comes three months after Tesco backed down "in response to customer feedback and to............Read more HERE