Foreign Currency Charges

Midfield

Good morning everyone,

I am paying off a honeymoon for my upcoming wedding. The honeymoon is quite expensive in the first place but when I checked the bank I see they are charging approx. 2.6% for a non-sterling transaction.

I am based in Northern Ireland but have to pay euro through my sterling bank account.

On the initial deposit I was charged £64.13 and on a smaller further payment this month I was charged £26.07 on a £1000.

I then phoned the travel agent who advised a bankers draft will cap any foreign currency charge at £12. I wish I had of been informed of this initially as I would have saved £60 already.

Could I ask any advice if it is worth contacting a regulator or the bank to try and get some of these fees back as the fee is extortionate. I am also charged 75p for a foreign currency transaction which personally is all I felt I should be paying anyways.

Any advice you can give would be greatly appreciated.

Thanks

magpiecottage

I'm afraid it is generally seen as an exercise of legitimate commercial judgement.

Whether you could persuade a bank in your part of the world that it is commercially sensible to have accounts that operate either side of the border without such a cost I am not sure. Over here there are one or two credit and debit cards that can be used.

An example is Metrobank but you would need to visit a branch with a passport and other id to open an account - and they are all in the south east of England at present.

Perhaps an option if and when you come over here but not for the moment.

Wywth

Midfield wrote: »

Good morning everyone,

I am paying off a honeymoon for my upcoming wedding. The honeymoon is quite expensive in the first place but when I checked the bank I see they are charging approx. 2.6% for a non-sterling transaction.

I am based in Northern Ireland but have to pay euro through my sterling bank account.

On the initial deposit I was charged £64.13 and on a smaller further payment this month I was charged £26.07 on a £1000.

I then phoned the travel agent who advised a bankers draft will cap any foreign currency charge at £12. I wish I had of been informed of this initially as I would have saved £60 already.

Could I ask any advice if it is worth contacting a regulator or the bank to try and get some of these fees back as the fee is extortionate. I am also charged 75p for a foreign currency transaction which personally is all I felt I should be paying anyways.

Any advice you can give would be greatly appreciated.

Thanks

If you have been charged in line with the bank's published tariff for the services you have received, you have no vaild grounds for complaining to any regulator.

The best you could do is contact the bank to see if they will offer any goodwill gesture ... but I don't suggest you hold out much hope,