Forex Rates Currency News
Bank Charges for Foreign Deposits
The local bank our small business works with has just changed its charging structure on bank charges for foreign deposits and they’ve managed to reduce their own paperwork at the same time as increasing our bank charges. Unbelievable!
Previously we had to go through a big drama whenever we wanted to deposit money into our account from an overseas check that was in a foreign currency. We had to fill out a deposit slip for each and every check that was presented and every single deposit slip that was in foreign currency had to be signed by the Director of the company. Crazy.
Now they’ve changed the rules again…
Foreign ATM charges
ATM charges from foreign countries can be a lot larger than you might expect and there’s not usually any advanced warning on how much the ATM charge is going to be.
I just withdrew $100 AUD from an ATM in Brisbane as I needed cash and only had my cards on me. I knew it would cost me a fee for using the ATM to withdraw foreign cash but after checking my account online today I was shocked to see that I had been charged $11 just to make the withdraw!
That’s daylight robbery.
If the ATM had a sign on it saying that any foreign currency ATM charges would amount to 11% of the currency withdrawn I don’t think a single tourist would use it.