Invest
Consumers urged to check their bank balance for unexpected fees
Consumers should check for unexpected international fees, even when they are buying from major Australian brands, the consumer watchdog has warned.
Consumers urged to check their bank balance for unexpected fees
Consumers should check for unexpected international fees, even when they are buying from major Australian brands, the consumer watchdog has warned.
The ACCC has said that even websites that end with .com.au, which appear to be Australian, might be processed overseas, leaving the buyer with an international transaction fee.
“It is unclear to many consumers whether a retailer processes transactions overseas, so we expect retailers to make this clear to consumers on their websites,” ACCC chair Rod Sims said.
“Consumers who have been charged an unexpected international transaction fee for a purchase in Australian dollars from a website that appears Australian-based or has an Australian domain name should query the fee with their bank and report it to the ACCC.”
The ACCC says retailers may be engaging in misleading and deceptive conduct if Australian consumers are given the impression that their transaction will occur in Australia.
ACCC noted that businesses should clearly inform consumers when they are likely to be charged an international transaction fee and has issued guidance to retailers about how price information should be presented to consumers.
The warning comes after US clothing manufacturer Nike Inc and the ACCC worked together to change Nike’s page to let customers know that they will be charged an international fee on checkout.
“Consumers who have been charged an unexpected international transaction fee for a purchase in Australian dollars from a website that appears Australian-based or has an Australian domain name should query the fee with their bank and report it to the ACCC,” Mr Sims said.
“If you are making regular purchases with overseas businesses, it may be worth considering a credit or debit card with no international transaction fees or asking your bank to block international transactions for certain cards.”
The ACCC stated it will continue to monitor this issue and encourage consumers to make a complaint to the ACCC if they identify retailers who do not warn consumers about potential fees.
Did you enjoy this article? You might also be interested in:
- $634m loss: Scammers getting smarter
- Your social media account is being watched, ACCC warns
- ACCC wants to hold banks more accountable
About the author
About the author
Spending
You can win free flights for a year, but there’s a major catch
In a bid to keep Australia’s domestic aviation afloat, Qantas is offering free flights for a year for 10 families of four who get the COVID-19 jab, even though the failed vaccine rollout means only ...Read more
Spending
Why you should spend $10 a week on Australian-made products
The pandemic was a wake-up call for Australians, with more looking to shop locally, creating a huge economic boost, new research has revealed. ...Read more
Spending
Consumers set to spend following budget sentiment boost
The announcement of last week’s budget and containment of the COVID-19 threat in Sydney is seeing surging consumer confidence, which is tipped to lead to an increase in spending, according to two ba...Read more
Spending
Aussie mums want a spa day but will get flowers this Mother’s Day
Australians are set to splash the cash for mum this Mother’s Day, albeit on the wrong gift, new consumer spending data has revealed. ...Read more
Spending
Aussie consumers swap credit for BNPL
Shoppers are continuing to swap credit cards for buy now, pay later service, new consumer debt study has revealed. ...Read more
Spending
What did Aussies spend their super on?
Aussies who took advantage of the controversial early access to super scheme spent the majority of their money on mortgages, rent and household bills, with just one in eight saving their super for a r...Read more
Spending
Consumer spending set to boost economic recovery
Australia’s recovery from the COVID-19 downturn looks to be buoyed by a wave of consumer spending, as Aussies increase their spending habits post-lockdown restrictions, new studies have revealed. ...Read more
Spending
Trans-Tasman border open for the first time in nearly 400 days
Quarantine-free travel between Australia and New Zealand has restarted for the first time in over a year, with the Prime Minister pointing to a further expansion of the bubble. ...Read more
Are property prices set to crash? Should you jump on board the fintok craze? And how to prepare for this tax time
Listen now
Dissecting the budget and what it means for your equities, property and super
Listen now
Has the property market reached its peak; Biden’s climate summit and our sharemarket, and the upcoming budget
Listen now
Is the market overheating; should ETFs take your fancy, and what’s happening to the low and middle income tax offset?
Listen now
Spending
You can win free flights for a year, but there’s a major catch
In a bid to keep Australia’s domestic aviation afloat, Qantas is offering free flights for a year for 10 families of four who get the COVID-19 jab, even though the failed vaccine rollout means only ...Read more
Spending
Why you should spend $10 a week on Australian-made products
The pandemic was a wake-up call for Australians, with more looking to shop locally, creating a huge economic boost, new research has revealed. ...Read more
Spending
Consumers set to spend following budget sentiment boost
The announcement of last week’s budget and containment of the COVID-19 threat in Sydney is seeing surging consumer confidence, which is tipped to lead to an increase in spending, according to two ba...Read more
Spending
Aussie mums want a spa day but will get flowers this Mother’s Day
Australians are set to splash the cash for mum this Mother’s Day, albeit on the wrong gift, new consumer spending data has revealed. ...Read more
Spending
Aussie consumers swap credit for BNPL
Shoppers are continuing to swap credit cards for buy now, pay later service, new consumer debt study has revealed. ...Read more
Spending
What did Aussies spend their super on?
Aussies who took advantage of the controversial early access to super scheme spent the majority of their money on mortgages, rent and household bills, with just one in eight saving their super for a r...Read more
Spending
Consumer spending set to boost economic recovery
Australia’s recovery from the COVID-19 downturn looks to be buoyed by a wave of consumer spending, as Aussies increase their spending habits post-lockdown restrictions, new studies have revealed. ...Read more
Spending
Trans-Tasman border open for the first time in nearly 400 days
Quarantine-free travel between Australia and New Zealand has restarted for the first time in over a year, with the Prime Minister pointing to a further expansion of the bubble. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
