Here is a good way to stop paying astronomical charges for using your own money when you are overseas.
A new App designed too avoid Currency Exchange Fees when Abroad has been launched by the deVere Group
Yacht crews, expats and internationally-mobile individuals are often unknowingly adding up to 10 per cent to their costs when abroad.
In a survey carried out last summer, 91 per cent of respondents said that the fees for using their traditional bank debit/credit card overseas were “unacceptably high.
Nigel Green, is the CEO of deVere Group one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. Hesays: “You should expect to have access to and management and use of your money wherever you are in the world with no stress, no hassle and no hidden charges.”
He adds, “When you pay on your debit or credit card abroad – in hotels, airports, bars, restaurants and shops, for example – in anything other than your destination’s local currency, you could be paying excessive exchange fees.
“Merchants typically add an extra 6 per cent on top, but these fees can be up to 10 per cent. All too often the customer is completely unaware of these costs and this is wrong.”
He continues: “We believe that in this increasingly globalised world people have the right to expect hassle-free, borderless access to and use of their money, without excessive exchange rates.
Last year the group launched deVere Vault an innovative global currency app as well as a single, multi-currency, Mastercard Prepaid card.
It automatically pays in Sterling in the UK, U.S. Dollars in the States, Euros in the eurozone, and Swiss Francs in Switzerland.
Users can convert foreign exchange in up to 27 different currencies within the app with the swipe of their finger and make a bank payment in any of these currencies, anywhere within the global banking system from within the app.
The multi-currency account also allows you to withdraw and spend money anywhere in the world where Mastercard is accepted.
The deVere Group has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.