That's the fee added by your bank!What is the "cross-border handling charge" that appears on credit card transactions? Is that their commission, or is it in addition to a commission built into the rate? How is it calculated.
Are you sure? The rate for Sterling always seems to me to be about 3% on top of the spot price (BOI Mastercard), with the handling fee on top again. I wouldn't call that tiny.That's the fee added by your bank!
The commission built into FX rates is tiny for most currencies. You'd really only notice it at the weekend when it's a bit more to cover risk of rates moving.
It appears there is NO regulation. See response from Central Bank below.
Dear Mr. *******,
Thank you for contacting the Central Bank of Ireland.
The Central Bank of Ireland does not regulate and has no remit over exchange rates as they are set by the European Central Bank.
Exchange rates on the Central Bank of Ireland website are set by international money markets as a reference rate and it is the commercial decision of individual banks to set their own exchange rates.
These rates are variable and subject to change at any time.
I hope this information is useful to you.
Your sincerely,
*************
Cental Bank Of Ireland (sic!)
Ph: 1890 777 777
Hi, can you ask them if the margin / spread applied over the wholesale rates published by the card schemes is subject to Section 149A of the Consumer Credit Act 1995.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?