Head of Payments Policy Department Vermont South Reserve Bank of Australia VIC 3133

Head of Payments Policy Department
Reserve Bank of Australia
GPO Box 3947
NSW 2001
Vermont South
VIC 3133
10th March 2015
RE: Review of Card Payments Regulation – Issues Paper – March 2015
Dear Sir/ Madam
If I use my Australian bank issued credit card to obtain money from an overseas ATM, I am subject to
a myriad of charges, well in excess of the cost relating to the transaction. Whilst there is some
competition at the margin, for instance a separate charge to use a specific ATM may or may not
apply, I am slugged by almost everyone a 3% charge to access my money, even if the card account is
pre-loaded and is in credit. In addition, the exchange rate used is often very disadvantageous to the
customer. Over the period of an overseas trip, these charges amount to a significant sum.
Your Issues Paper canvasses the excessive charges applied by airlines and taxi companies. I request
you include the banks and financial institutions in your review specifically in regards to this matter,
as they too are charging an unfair and excessive fee, well above the cost of service.
Thank you.
Yours faithfully
Des Bleakley