Why Are Banks Charging ‘Scandalous’ Overseas Fees?
Banks are failing holidaymakers, expats and internationally-mobile individuals reveals a new survey from deVere Vault. In a poll carried out by deVere E-Money’s global e-money app, 91% of 856 respondents said that the fees for using their debit card overseas were “unacceptably high”. Nigel Green, deVere Group’s founder and CEO, comments: “As schools break-up for […]
Banks are failing holidaymakers, expats and internationally-mobile individuals reveals a new survey from deVere Vault.
In a poll carried out by deVere E-Money’s global e-money app, 91% of 856 respondents said that the fees for using their debit card overseas were “unacceptably high”.
Nigel Green, deVere Group’s founder and CEO, comments: “As schools break-up for summer, millions of families are looking forward to some quality time together overseas. What they will not be looking forward to are the charges their banks slap on them every time they use their debit cards overseas for purchases or withdrawing cash.
“Nine out of 10 people told us that they found the fees for using their cards overseas were ‘unacceptably high.’ You can see why: 6% for accessing your own money when outside your country of origin is a scandal.
“In today’s increasingly globalised, connected world, you should be able to access, manage and use your money free of charges, wherever you are in the world.”
“Traditional banks are failing holidaymakers, expats and internationally-mobile individuals in this regard.”
He continues: “The banking sector is dragging its feet. It is looking increasingly archaic due to its failure to adapt to an ever-more mobile population who want, need and expect free, borderless financial solutions.
“The telecommunications industry have recognised this far-reaching, fundamental shift by reducing or scrapping their roaming charges in many countries. However, the arrogance of traditional banks is such that they believe that they don’t have to change with the times and meet evolving client expectations so are continuing to impose ridiculously high charges for using your bank card abroad.
“As an expat myself and as someone who travels internationally a lot for my work, I am speaking from experience. This is why we decided to challenge this outdated banking mindset with deVere Vault.”
At the launch of the global e-money app, Mr Green said: “deVere Vault will provide global services in electronic money and a single card, multi-currency service. Focusing on those with an international lifestyle, we will also ensure that the best currency exchange ratios are given.
“You will be able to open a deVere Vault account in around five minutes, withdraw money from any cash machine worldwide, get real-time notifications with all your transactions, spend money on the card wherever Mastercard is accepted, and send and receive money in most major currencies instantly with other deVere Vault account holders.”
The deVere CEO concludes: “People no longer need to tolerate the banks’ high charges for accessing their own money when overseas.
“Today’s world is a global one. 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.”
(Source: deVere Group)