Five banks agree to drop foreign currency charges
By JAMIE GRIERSON
HOLIDAYMAKERS will no longer be charged for purchasing foreign currency with a debit card in the UK at five major banks, the consumer watchdog announced today.
Lloyds Banking Group, Barclays, Royal Bank of Scotland, Santander and the Co-operative Bank have all agreed with the Office of Fair Trading (OFT) to remove the charges.
Nationwide, HSBC and Halifax Bank of Scotland do not charge a debit-card fee for purchasing foreign currency in the UK.
Elsewhere, Britain's banks have agreed to give "clearer, more accessible" information about charges for using cards abroad, while many foreign exchanges have agreed to review marketing practices, particularly their use of "0% commission" deals.
The OFT was asked in September to investigate allegations of complex charging and poor information for travellers following a "super-complaint" by Consumer Focus.
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