Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.New research by Which? reveals some banks charge exorbitant fees for overseas transactions with details often hidden away on providers' websites or undisclosed on statements.
Which? compared the amount charged by the country's seven biggest banks and building societies* for the same €5.95 (£4.94) debit card purchase and a €20 ATM withdrawal.
Norwich and Peterborough's (N&P) Gold Light current account came out on top. Account holders aren't charged any fees for overseas use.
In comparison, Halifax charged 33 per cent more than N&P. Halifax's fees also charged 29 per cent more than both HSBC and Barclays. Lloyds TSB charged 15 per cent more than N&P for the ATM withdrawal.
Additional fees can make card purchases incredibly expensive. For example, 10 transactions of £50 made with a Halifax debit card would cost the cardholder £28.75. The same 10 transactions made with N&P would be free.
Which? also found it difficult to calculate how the foreign loading fees had been calculated using the bank statements alone.
HSBC, Halifax and Lloyds TSB included their foreign loading fee as part of the exchange rate. Santander showed only the exchange rate with no mention of the foreign loading fee, even though it had charged one.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments