I'm resident in the UK, and this may interest others living abroad who maintain an Irish Credit Card account.
Commencing with the April statement for my Bank Of Ireland MasterCard account, each item relating to a Sterling purchase includes the following text:
'Includes Cross Border Handling Fee of 1.75%'
I wasn't aware of this fee, and suspecting a new fee, I emailed BOI, who replied:
"Bank of Ireland have always charged this fee for any transaction that was completed outside the Euro currency zone. This fee is outlined in Section 6 in our conditions of use.
This cross border handling fee has never been changed and has always been set at 1.75%.
The Regulator has requested all financial institutions to be more transparent in the charges they impose on customers. We have been developing our systems since this request was received by the Regulator and up until now have been unable to display this particular fee on customers monthly statements.
This fee is incorporated in the overall exchange rate that is displayed."
James
Commencing with the April statement for my Bank Of Ireland MasterCard account, each item relating to a Sterling purchase includes the following text:
'Includes Cross Border Handling Fee of 1.75%'
I wasn't aware of this fee, and suspecting a new fee, I emailed BOI, who replied:
"Bank of Ireland have always charged this fee for any transaction that was completed outside the Euro currency zone. This fee is outlined in Section 6 in our conditions of use.
This cross border handling fee has never been changed and has always been set at 1.75%.
The Regulator has requested all financial institutions to be more transparent in the charges they impose on customers. We have been developing our systems since this request was received by the Regulator and up until now have been unable to display this particular fee on customers monthly statements.
This fee is incorporated in the overall exchange rate that is displayed."
James