Customers no longer need to endure banks’ ‘scandalous’ overseas charges

A recent poll undertaken by deVere Vault shows just how much banks are failing expats, holidaymakers and internationally mobile people.

Indeed, according to deVere E-Money’s global e-money app, a massive 91 per cent of the 856 individuals surveyed stated that charges for using their debit card abroad were “unacceptably high”.
Now’s the time of year when millions of people are going off on their summer holidays, looking forward to a break overseas. However, the fees charged by banks every time they use their debit cards abroad, both on cash withdrawals and purchases, will, for many, be a most unwelcome part of the holiday.

As I was quoted by International Adviser, International Investment and Fintech Finance amongst other publications this week, the survey reveals, some nine out of 10 people said these charges were ‘unacceptably high’. It’s easy to see why. A six per cent fee for accessing your own money overseas is outrageous.

Wherever they are, people should be able to access, manage and utilise their money without charge in today’s increasingly globalised world.

As it stands, traditional banks are failing these expats, holidaymakers and internationally mobile people. They banking sector is dragging its feet and looking extremely outdated, due to a failure to meet the demand for borderless financial solutions.

We’ve recently seen roaming charges being reduced or scrapped altogether, which shows the telecommunications industry has acknowledged this shift in demand. However, banks are not of the same mindset. They believe they don’t need to move with the times or cater to evolving client expectations. As such, they continue to charge extortionate fees for using bank cards abroad.

As an expat and frequent traveller, I am speaking from experience. Which is exactly why we made the move to challenge this antiquated viewpoint, and launch deVere Vault earlier this year.

Our app provides global services in e-money and a single card, multi-currency service. Catering to people who live an international lifestyle, deVere Vault also ensures optimal currency exchange ratios are provided.

A deVere Vault account can be opened in a matter of minutes. Holders can withdraw cash from any ATM worldwide, get real-time notifications on all transactions, spend money using the card wherever Mastercard is accepted, and send and receive money in most major currencies instantly with other deVere Vault users.

People no longer have to endure banks’ high fees for accessing their money abroad. They should not have to be slapped with unnecessary charges for living, working, retiring or travelling outside their country of origin.

In the 21st century, banking should be completely free of borders.

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