Traditional banks are “failing” holidaymakers, expats and internationally-mobile individuals, by charging “scandalous” overseas fees, according to Nigel Green, chief executive and founder of deVere Group.
A new survey from deVere Vault, deVere’s recently-launched e-money’s global app, found that 91% of 856 respondents said that the fees for using their debit card overseas were “unacceptably high”. This is evidence of the international community losing patience with the “archaic” global banking companies, says Green.
Nigel Green, chief executive and founder of deVere Group, said: “As schools break-up for summer, millions of families are looking forward to some quality time together overseas. What they will not be looking forward to are the charges their banks slap on them every time they use their debit cards overseas for purchases or withdrawing cash.
“Nine out of 10 people told us that they found the fees for using their cards overseas were ‘unacceptably high.’ You can see why: 6 per cent [charges] for accessing your own money when outside your country of origin is a scandal.
“In today’s increasingly globalised, connected world, you should be able to access, manage and use your money free of charges, wherever you are in the world.
“Traditional banks are failing holidaymakers, expats and internationally-mobile individuals in this regard,” he said.
Green feels that the banking sector in general is “dragging its feet” when it comes to new technologies and believes that the sector is looking “increasingly archaic” due to what he calls “its failure to adapt to an ever-more mobile population who want, need and expect free, borderless financial solution”.
He points to recent changes by the telecommunications industry that have reduced or scrapped their roaming charges in many countries as an example of embracing a changing global landscape.
“The arrogance of traditional banks is such that they believe that they don’t have to change with the times and meet evolving client expectations so are continuing to impose ridiculously high charges for using your bank card abroad,” said Green.
“As an expat myself and as someone who travels internationally a lot for my work, I am speaking from experience. This is why we decided to challenge this outdated banking mindset with deVere Vault.”
As reported, earlier this year deVere launched its global e-money app, deVere Vault, which provides global services in electronic money and a single card, multi-currency service.
“You will be able to open a deVere Vault account in around five minutes, withdraw money from any cash machine worldwide, get real-time notifications with all your transactions, spend money on the card wherever Mastercard is accepted, and send and receive money in most major currencies instantly with other deVere Vault account holders,” added Green.
“Today’s world is a global one. Our society is increasingly internationally-mobile and people should not be hit with unnecessary charges for choosing to live, work, retire or travel outside their country of origin.
“Access to banking needs to be borderless in the 21st century.”