Fool me once

I am a bit out of practice with travelling overseas, so I was shocked to check my credit card statement and see the astronomical fees the bank had charged on all my transactions in Hawaii.

For example, the international transaction fee for our birthday stay and dinner at The Inn at Mama’s Fish House was $56.

Are. You. Freaking. Kidding?

My knowledge of the inner workings of the banking industry is sketchy, but I am pretty certain there wasn’t $56 worth of work involved in NAB processing that payment.

Absolute bloody highway robbery. And most of the banks are doing it. I started researching international transaction fees on credit cards and the majority run to at least 3%, some charge even more than that.

Research from ING has found the average Australian tourist spent $92.62 per overseas trip on transaction fees over the last 12 months.

For those travelling to Europe, ING reckons this equates to 15 Aperol Spritzes, three steak frites or 23 scoops of gelato.

(Or one bowl of spaghetti bolognaise at the Grand Wailea in Maui …)

Actually, I think ING had drunk 15 Aperol Spritzes before writing its media release – Google tells me the average Aperol Spritz will set you back $13 in Italy. But I digress …

Nearly a third (31%) of Aussies paid north of $100 in international fees in the last 12 months.

The research found up to 13% of those who travelled abroad last year didn’t even know that using their Australian debit or credit card in another country would incur fees.

I am one of those clueless 13%.

I think it’s outrageous that they are getting away with it.

Travel is so expensive already without being slammed with transaction costs on top of +20% interest rates.

Bring on the Royal Commission, I say.

My next research project is a new credit card.

Rip me off once, shame on you; rip me off twice, shame on me. 

Song of the day: Adam Ant “Stand and deliver”