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HSBC Bermuda to levy card transaction fee on overseas purchases

An increase in some HSBC Bermuda credit card transaction fees has left some bank customers complaining about the added cost of purchasing goods overseas.

One upset customer said: “Starting July 1 2014, HSBC has a new fee for international transactions for debit and credit cards — [a] 0.6 percent charge on all transactions not originating in Bermuda.

“It doesn't matter what the transaction currency is, if the company is not located in Bermuda then there is a 0.6 percent charge.

“Right now, there is no charge.”

She said she had visited the HSBC home website and discovered a link to ‘new fees'. She added: “ ... and one is a comparison of 2013/2014 charges, and the credit card charge is shown.

“I ‘complained' to my banking rep and she said it is a new fee that is ‘industry standard'.”

The customer pointed out: “This will impact airline purchases/Amazon, EVERYTHING.”

An HSBC Bermuda spokesman, responding to the customers concerns, said: “On July 1, HSBC Bermuda will be changing some of our fees.

“These changes will affect personal, commercial and global banking customers.

“HSBC Bermuda considered many factors before deciding on the current fee schedule, including those relating to credit cards. In line with established practice in the global cards industry, these fees are assessed based on the merchant's domicile.

“We continually assess the costs of providing our banking products and services, rates and the current competitive environment. Overall, we are confident that our pricing is competitive and represents fair value for the service we provide to our clients.”

The spokesperson directed customers to the bank's website — www.hsbc.bm — for further details of the changes.

Added fee: An HSBC credit card

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Published June 26, 2014 at 9:00 am (Updated June 26, 2014 at 9:46 am)

HSBC Bermuda to levy card transaction fee on overseas purchases

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