Visa should further reduce its fees for cross-border debit card transactions, despite agreeing to a cap of 0.2 per cent.
This call has come from the Travel Retail Fair Payment Alliance, who see the concession by the card firm as a “lost opportunity” in their drive to create a competitive market throughout Europe.
Whilst this cap is just on the fees that retailers need to pay Visa for the use of credit and debit cards, any further reduction could be handed down to consumers.
One way to avoid paying transaction fees when abroad now is to get a prepaid credit card.
A number of these pay-as-you-go cards over a 0 per cent rate on foreign purchases.
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