Credit Card Foreign Transaction/Useage Charges

  • Glewie's Avatar
    Does anyone know if a bank is supposed to list the foreign transaction charges seperately? I was told that by law they must list it as 2 seperate transactions. One for the foreign transaction with the daily exchange rate as is and then show seperately another transaction for the foreign charge levied by the provider (in tesco's case 2.75%) and that they can no longer only show it as one transaction. Does anyone know? Thanks
  • 2 Replies

  • StephenH's Avatar
    Employee
    Hi 

    Not sure that it is to comply with a law, however, to be transparent as possible with the transactions, we show both the transactions separately (the 2.75% and exchange rate of the transaction).

    Hope this helps,

    Stephen - Customer Care
  • Glewie's Avatar
    Thanks Stephen for getting in touch. I think I need to contact Tesco Customer Services direct then as on our statement it is not listed seperately and to be honest we thought that for some reason we were not being charged a transaction fee but the rate is not as good as our other credit card (Halifax Clarity) and the difference appears to be 2.75% so I think they are somehow combining it into one rate. I was notified by my bank some time ago that they legally had to list them as two now which is why I was trying to find out. Thanks again