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  • #1

    Non sterling transaction fees

    Once upon a time the banks used to shave a bit off the exchange rate to cover payments and cash withdrawals in foreign currency while abroad.
    Since November 2013 this changed, and the NSTF is shown seperately while the exchange rate is shown as the 'normal' rate on the dayof the transaction.

    I didn't know any of this until I saw my bank statements since my return from holiday, I had used my Visa debit card to pay motorway tolls and withdraw cash and a 2.75% fee had been added to each and every transaction. This was my debit card, not a credit card. I complained (as I do) to my bank (HSBC) asking why, as an international bank, with international computer networks, why they charged me when they don't charge me for these services in the UK...what is the additional cost they are passing on ?

    The reply stated ' these fees have always been applicable' (as if that's an answer) and that' the FCA have told us to show them seperately now' (okay), and 'it is to cover the costs involved in converting currency and card handling fees from Visa.' Now the Visa card is an HSBC debit card so how is there a charge for that...? As for the converting currency costs well as stated earlier, doesn't the computer do all this automatically ?

    I know it's only a piddling amount (about £10) but it's irritated me...and bearing in mind transactions i've made with my post office credit card didn't attract any fees at all..and the exchange rates used were comparable with the HSBC rates...so no shaving the rate there.

    In a final rather bizzare comment from HSBC they said..' to assist with further NSTF you can opt to pay or withdraw funds in sterling'..(ever tried that on an autoroute toll ?) I am not sure what you would do at Intermarche when the check out girl says c'est 123.45 euros s'il vous plait...oh yes, can I pay in sterling please...???
    Tags: bank statements, banks, card, costs, credit, credit card, currency, debit card, fca, fee, fees, funds, holiday, hsbc, networks, november, payments, post office, rate, rates, statements, transaction, transaction fees, visa, withdrawals
  • #2
    Re: Non sterling transaction fees

    I don't know why they charge these fees but it is well known that they do. I never use my debit card abroad (I don't have any credit cards) though I do take it with me for dire emergencies only!
    Let your smile change the world but don't let the world change your smile

    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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    • #3
      Re: Non sterling transaction fees

      the charges are gateway fees, and they are applicable on all card transactions.

      when you were paying you usually get a screen asking if you want to calculate in sterling or the euro (or whatever), always opt for the GDP option as it is a little cheaper. I don't have a credit card either and usually operate abroad on the debit card, taking money out of the machine when needed and then paying everything in cash. There are cash lanes on the motorways as well and it usually works out cheaper. I't always been expensive to get money abroad, even back to the ancient days of travellers and eurochecks, banks have always used as a cashcow. so much for EU integration

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      • #4
        Re: Non sterling transaction fees

        Originally posted by cardiac arrest View Post
        Once upon a time the banks used to shave a bit off the exchange rate to cover payments and cash withdrawals in foreign currency while abroad.
        Since November 2013 this changed, and the NSTF is shown seperately while the exchange rate is shown as the 'normal' rate on the dayof the transaction.

        I didn't know any of this until I saw my bank statements since my return from holiday, I had used my Visa debit card to pay motorway tolls and withdraw cash and a 2.75% fee had been added to each and every transaction. This was my debit card, not a credit card. I complained (as I do) to my bank (HSBC) asking why, as an international bank, with international computer networks, why they charged me when they don't charge me for these services in the UK...what is the additional cost they are passing on ?

        The reply stated ' these fees have always been applicable' (as if that's an answer) and that' the FCA have told us to show them seperately now' (okay), and 'it is to cover the costs involved in converting currency and card handling fees from Visa.' Now the Visa card is an HSBC debit card so how is there a charge for that...? As for the converting currency costs well as stated earlier, doesn't the computer do all this automatically ?

        I know it's only a piddling amount (about £10) but it's irritated me...and bearing in mind transactions i've made with my post office credit card didn't attract any fees at all..and the exchange rates used were comparable with the HSBC rates...so no shaving the rate there.

        In a final rather bizzare comment from HSBC they said..' to assist with further NSTF you can opt to pay or withdraw funds in sterling'..(ever tried that on an autoroute toll ?) I am not sure what you would do at Intermarche when the check out girl says c'est 123.45 euros s'il vous plait...oh yes, can I pay in sterling please...???
        HI,
        Nationwide flex plus don't charge anymore.

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        • #5
          Re: Non sterling transaction fees

          Originally posted by helmsman View Post
          HI,
          Nationwide flex plus don't charge anymore.
          i'll be better clued up next time...thank you..

          Comment

          • #6
            Re: Non sterling transaction fees

            Originally posted by MrsD View Post
            always opt for the GDP option as it is a little cheaper.
            Sorry if this is a dull question MrsD, but what is GDP?
            Thanks
            SA
            When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

            Comment

            • #7
              Re: Non sterling transaction fees

              sterling? GBP my bad spelling!

              Comment

              • #8
                Re: Non sterling transaction fees

                Originally posted by MrsD View Post
                sterling? GBP my bad spelling!
                Phew, thanks for clarifying that MrsD! I thought it was something i should have covered during my AAD apprenticeship
                When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


                I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                Comment

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