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Banks cash in every time we use cards overseas in multibillion dollar rip-off
September 21, 2011
Holidaymakers are losing millions of pounds through complex stealth charges on the cost of buying foreign currency and using their cards overseas.
The ripoff warning comes from the official customer body, Consumer Focus, which has used its powers to trigger an Office of Fair Trading inquiry.
It complained that banks are taking advantage of hard-pressed families who are routinely paying too much in a sector where charges add up to £1billion a year.
There is no good reason why the charge for converting £500 to euros can vary from around £10 to more than £30, said Consumer Focus.
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