British Expats - How to avoid rip-off bank fees??

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donnynz

Feb 15th 2011 5:03 am

How to avoid rip-off bank fees??

Hi,

I have a westpac debit/credit card which I used to purchase something from ebay.com (as it is linked to my paypal account). I noticed that I got charged a foreign currency, as the item was listed in US dollars. Is there any way to avoid these types of fees?

Any tips much appreciated. And don't say use trademe :) I use that as well...

Cheers

donnynz

chc4me

Feb 15th 2011 10:41 pm

Re: How to avoid rip-off bank fees??

Did they hit you with the 2.50% foreign currency charge AND the poor exchange rate? I'm not sure of a solution for you, I've checked most of the banks and the charges are similar. For large amounts (+$4,000) contact the currency dealers (HIFX).

simonsi

Feb 15th 2011 11:27 pm

Re: How to avoid rip-off bank fees??

Quote:

Originally Posted by donnynz (Post 9177119)

I have a westpac debit/credit card which I used to purchase something from ebay.com (as it is linked to my paypal account). I noticed that I got charged a foreign currency, as the item was listed in US dollars. Is there any way to avoid these types of fees?

You did a currency exchange so got charged for it, even if you had a US bank account so could Paypal in USD you would still get charged (by someone), when you send funds to the US account (assuming it was still funded from NZ). They'll get you somehow :)

donnynz

Feb 20th 2011 1:43 am

Re: How to avoid rip-off bank fees??

Thanks for the info. Looks like there's no way around it. :(

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