OFT orders banks to be clear on holiday money charges

The Office of Fair Trading (OFT) told the banking industry to make charges for overseas transactions more easily understood by improving credit card summary box information and by revamping websites so that customers will be able to see, at a glance, all the fees that apply.

There is an alternative…get a prepaid foreign currency MasterCard or Visa card and the terms and fees are clear upfront. This may be a case of selecting the right tool for the job. Caxton Fx and Travelex are the ones I’ve used.

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