Watch out for excessive, unnecessary fees when overseas

As we head towards the summer holiday season, expats, holidaymakers and internationally-transient individuals like myself could, unwittingly, be paying as much as 10 per cent on exchange fees whilst abroad.

Up to 10 per cent on debit or credit card payments overseas! Without even realising it!

If the local currency isn’t used, an additional 6 per cent is usually added on top of goods or services, but can be as much as 10 per cent, and in many circumstances, the customer has no idea of these costs.

People have the right to access and use their money abroad without being slapped with exorbitant exchange rates. Particularly in the increasingly globalised world we now live in.

This is precisely the reason why we set up deVere Vault last year.

Vault is an innovative global currency app, including a single, multi-currency, Mastercard Prepaid card, that automatically pays in the local currency wherever the card is being used.

If you’re travelling in the United States it pays in dollars; making a move to the UK it will pay in Sterling; on business in the Eurozone it pays in Euros; or perhaps enjoying a weekend away in Switzerland, then the card will pay in Swiss Francs.

And no excessive exchange rate fees!

Furthermore, Vault users are able to convert foreign currency in as many as 27 different currencies, execute a payment in any of them, absolutely anywhere within the global banking system, all from within the app, and also withdraw and spend money anywhere across the globe where Mastercard is accepted. There’s now no need to tolerate sky high charges for utilising your own money when you are overseas anymore!

Reiterating my thoughts on these high exchange rate fees whilst abroad, we carried out a survey last year, in which 91 per cent of the people polled stated that fees were “unacceptably high” for using their traditional bank debit card abroad.

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