Latest news with #Lopay
North Wales Live
16-05-2025
- Business
- North Wales Live
One 'golden rule' helps you avoid hidden extra costs when on holiday
A card payment expert is warning holidaymakers to be aware of simple yet costly mistakes they can make when using plastic to pay abroad. CEO of Lopay, Richard Carter, urged holidaymakers to plan ahead to avoid extra and often hidden charges that can be imposed on foreign transactions. With a typical debit card charging £11.88 when shoppers withdraw £250 in cash abroad, and some credit cards charging £14.95, it doesn't take long to rack up hefty fees when paying for things. Purchases can be costly too. For a £50 spend, a typical debit card can charge £1.38 and a credit card can charge £1.50. Richard has highlighted five ways Brits can avoid being hit by additional fees when paying their restaurant bills or making purchases when overseas. He says the best and simplest way to keep the costs down is to always pay in the local currency. Always pay for things in the local currency - never convert to GBP Whether using your credit or debit card, overseas customers are always asked whether they would like the transaction to be charged in local currency, or to be calculated in Pounds Sterling. This will usually be an option on the card reader or at an ATM. Richard says it is essential to always choose the local currency to avoid extra fees and save money. This is true whether you're shopping online or using a debit or credit card. When you pay in the local currency you avoid being hit by the vendor or cash machine's mark-up fee for converting the money. These additional charges are often around 3% but can be into the double digits. Richard says: 'This is the one rule I tell my family, friends or anyone who asks - don't throw your money away just for the convenience of seeing the transaction appear in pounds and pence. 'Use a currency converter app on your phone if you're unsure about how much the price will translate to in your more familiar currency. 'One thing that certainly won't look familiar is the charge on your bank or credit card statement, once you've swallowed that hidden fee - and of course they all add up.' Get a fee-free debit or credit card Alongside bringing some local currency with you, you're best off finding a fee-free debit or credit card, that doesn't charge to spend or withdraw cash. Starling and Monzo banks both offer cards that carry no abroad charges. Household banks like Halifax, Lloyds and Barclays will charge you for using your card overseas. Use a credit over a debit card Using a credit card abroad gives you protection under legislation from the Consumer Credit Act, known as Section 75. This hugely increases your chances of a refund, if the worst happens. If goods are faulty, not delivered or a supplier goes bust, you will have the security of getting your money back. Section 75 doesn't only apply to purchases made in the UK, but transactions made abroad too. Section 75 does not apply to debit cards at home or abroad. Avoid withdrawing cash from ATMs abroad It's becoming more common for the actual cash machine to charge you when abroad. There's no way around this, but don't assume all ATMs charge the same, so do your research and choose accordingly. Most debit and credit cards do also come with a cash withdrawal fee, which kicks in every time you use your card abroad. This fee includes the currency conversion charge imposed by card firms like Mastercard, Visa or Amex and the administration fee imposed by the banks. The average foreign transaction fee faced by debit card holders is 2.75 per cent [4], while credit card holders can typically expect a charge of 2.95 per cent. Brits with an HSBC debit card can expect to face a two per cent fee for withdrawals with a minimum charge of £1.75 and maximum charge of £5 for each transaction. They will also face a 2.75 per cent currency conversion fee on top. Someone with HSBC's Rewards Credit Card Mastercard will face a 2.99 per cent transaction fee every time they use their card abroad. No option available bar using an ATM? If needs must, and you have to withdraw cash - always complete the transaction 'without conversion,' if prompted by the selecting 'with conversion' or accepting the rate proposed by the terminal, the ATM provider can apply their own exchange rate, which is not the standard bank rate, and will make a profit on your transaction. You should always choose to be charged in the local currency of the country you're in and not in your own currency. Cash is (sometimes) King Many of us don't bother bringing foreign currency with us on holiday, relying on credit or debit cards, or withdrawing cash via an ATM - which can be costly, as outlined previously. Arranging currency via your local bank is actually one of the most expensive places to change money - so avoid it at all costs. You should also steer clear of using a Money Exchange desk at the airport, the exchange rates at Bureaux de Change in airports is generally very poor. You're best off going to a travel money bureaux at supermarkets and retailers like Sainsburys, Tescos or Asda because they often offer the most competitive exchange rates.
Wales Online
16-05-2025
- Business
- Wales Online
One 'golden rule' helps you avoid hidden extra costs when on holiday
One 'golden rule' helps you avoid hidden extra costs when on holiday A finance expert has explained the simple mistakes holidaymakers make that mean you get a huge bill when you get home Woman on the beach making contactless credit card payment A card payment expert is warning holidaymakers to be aware of simple yet costly mistakes they can make when using plastic to pay abroad. CEO of Lopay, Richard Carter, urged holidaymakers to plan ahead to avoid extra and often hidden charges that can be imposed on foreign transactions. With a typical debit card charging £11.88 when shoppers withdraw £250 in cash abroad, and some credit cards charging £14.95, it doesn't take long to rack up hefty fees when paying for things. Purchases can be costly too. For a £50 spend, a typical debit card can charge £1.38 and a credit card can charge £1.50. Richard has highlighted five ways Brits can avoid being hit by additional fees when paying their restaurant bills or making purchases when overseas. He says the best and simplest way to keep the costs down is to always pay in the local currency. Always pay for things in the local currency - never convert to GBP Whether using your credit or debit card, overseas customers are always asked whether they would like the transaction to be charged in local currency, or to be calculated in Pounds Sterling. This will usually be an option on the card reader or at an ATM. Article continues below Richard says it is essential to always choose the local currency to avoid extra fees and save money. This is true whether you're shopping online or using a debit or credit card. When you pay in the local currency you avoid being hit by the vendor or cash machine's mark-up fee for converting the money. These additional charges are often around 3% but can be into the double digits. Richard says: 'This is the one rule I tell my family, friends or anyone who asks - don't throw your money away just for the convenience of seeing the transaction appear in pounds and pence. 'Use a currency converter app on your phone if you're unsure about how much the price will translate to in your more familiar currency. 'One thing that certainly won't look familiar is the charge on your bank or credit card statement, once you've swallowed that hidden fee - and of course they all add up.' Get a fee-free debit or credit card Alongside bringing some local currency with you, you're best off finding a fee-free debit or credit card, that doesn't charge to spend or withdraw cash. Starling and Monzo banks both offer cards that carry no abroad charges. Household banks like Halifax, Lloyds and Barclays will charge you for using your card overseas. Use a credit over a debit card Using a credit card abroad gives you protection under legislation from the Consumer Credit Act, known as Section 75. This hugely increases your chances of a refund, if the worst happens. If goods are faulty, not delivered or a supplier goes bust, you will have the security of getting your money back. Section 75 doesn't only apply to purchases made in the UK, but transactions made abroad too. Section 75 does not apply to debit cards at home or abroad. Avoid withdrawing cash from ATMs abroad It's becoming more common for the actual cash machine to charge you when abroad. There's no way around this, but don't assume all ATMs charge the same, so do your research and choose accordingly. Most debit and credit cards do also come with a cash withdrawal fee, which kicks in every time you use your card abroad. This fee includes the currency conversion charge imposed by card firms like Mastercard, Visa or Amex and the administration fee imposed by the banks. The average foreign transaction fee faced by debit card holders is 2.75 per cent [4], while credit card holders can typically expect a charge of 2.95 per cent. Brits with an HSBC debit card can expect to face a two per cent fee for withdrawals with a minimum charge of £1.75 and maximum charge of £5 for each transaction. They will also face a 2.75 per cent currency conversion fee on top. Someone with HSBC's Rewards Credit Card Mastercard will face a 2.99 per cent transaction fee every time they use their card abroad. No option available bar using an ATM? If needs must, and you have to withdraw cash - always complete the transaction 'without conversion,' if prompted by the selecting 'with conversion' or accepting the rate proposed by the terminal, the ATM provider can apply their own exchange rate, which is not the standard bank rate, and will make a profit on your transaction. You should always choose to be charged in the local currency of the country you're in and not in your own currency. Cash is (sometimes) King Many of us don't bother bringing foreign currency with us on holiday, relying on credit or debit cards, or withdrawing cash via an ATM - which can be costly, as outlined previously. Arranging currency via your local bank is actually one of the most expensive places to change money - so avoid it at all costs. You should also steer clear of using a Money Exchange desk at the airport, the exchange rates at Bureaux de Change in airports is generally very poor. You're best off going to a travel money bureaux at supermarkets and retailers like Sainsburys, Tescos or Asda because they often offer the most competitive exchange rates. Article continues below Shop around for the best rates Checking on currency converter sites like Money Supermarket, will give you the latest and best currency rates available. Your money can then be delivered to you or picked up before your trip.
Scotsman
22-04-2025
- Business
- Scotsman
Kids money: why I always talk to my children about cash
Watch more of our videos on and on Freeview 262 or Freely 565 Visit Shots! now From pocket money to phone bills, the fintech entrepreneur shares how he's raising financially savvy kids 💸 Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks. Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Fintech entrepreneur Richard Carter says parents must speak openly to kids about finances He teaches daughters Charlie (12) and Sophie (10) about saving, spending, and how money really works Richard ensures his kids understand the difference between debit, credit, and the illusion of 'tap-to-pay' spending From chores to supermarket trips, he believes kids should see money in action to build financial common sense With rising bills, he says children must be part of conversations about household costs and responsibilities One of the UK's top fintech entrepreneurs is urging parents to talk openly about money with their children. Richard Carter, founder of Lopay — the UK's highest-rated, lowest-cost payment app, launched in 2022 — says regular conversations about finances are vital for raising financially savvy kids. Advertisement Hide Ad Advertisement Hide Ad Carter, who lives in Fulham, London, with his wife and two daughters, Charlie (12) and Sophie (10), believes that teaching children about key topics like inflation, the cost of living, saving, and spending helps prepare them for financial independence later in life. Drawing on his experience both as a parent and as a business leader, Richard has shared his top tips for helping children build strong money habits from an early age. L-R - Charlie, Rich, Sophie (Photo: Richard Carter) | Richard Carter Get talking Richard understands that many Brits consider money talk to be a bit taboo, but he firmly believes it's crucial to have open conversations with children so they learn the true value of money. As a father of two, he's more than happy to hand out pocket money in exchange for completed chores around the house. Advertisement Hide Ad Advertisement Hide Ad He says it's a great way to show his daughters that hard work leads to reward — a principle that's just as important in business as it is at home. Richard says: 'We are all far too awkward around money, incredibly it's still considered bad manners to talk about it too much. This has to change. Your children need to understand about money and not shy away from the subject. 'Whether we like it or not, money makes the world go round, and the sooner kids are included in conversations about it, are aware what things cost, how some things are affordable whilst others aren't, and how they can build up their savings, the better.' Advertisement Hide Ad Advertisement Hide Ad Make it age appropriate Richard acknowledges that some money conversations become easier as children get older. As a parent to a pre-teen and a teenager, he knows that certain topics may be more appropriate to discuss with his eldest daughter for now. But above all, he believes money should never be a mystery. Children should grow up with a clear understanding of finances — not left in the dark. After all, he says, family finances should involve the whole family, with everyone aware of the household's financial situation. Richard said: 'There's no reason why you shouldn't start kids young, establishing simple concepts about money which you can build on as they mature. Advertisement Hide Ad Advertisement Hide Ad 'Keeping your language simple, and introducing them to key words like savings, deposit, credit and debit will help them to become financially literate from young. 'Research from Cambridge University has suggested children develop beliefs and attitudes about money from the age of seven, so don't be scared of starting them too early.' Explain where money comes from Working in fintech, Richard is more aware than most of the illusion that money is endless — especially when it's all accessed through a tap of a card. In a world of contactless payments and buy-now-pay-later offers, it can seem like people are spending freely without consequence. He worries this can give children the false impression that money is limitless. Advertisement Hide Ad Advertisement Hide Ad That's why, from early on, Richard made it a priority to help his daughters understand how money really works. They know that when their dad uses a contactless card, it's drawing funds from his bank or credit account — not magic money. He's also taught them the crucial difference between a debit card, which uses your own money, and a credit card, which borrows money you'll eventually have to pay back. Richard said: 'In an increasingly cashless society, kids could be forgiven for thinking that spending money is as simple and easy as the tap it took for you to pay on the card reader at the supermarket, at the shopping centre or in a restaurant. 'Explaining how you work for money and are paid, and how - if appropriate - the beginning of the month might be an easier time to pay for things than at the end, will help kids see there isn't a never-ending pot of money for them to dip into whenever they need.' Advertisement Hide Ad Advertisement Hide Ad Needs vs wants As any parent will tell you, kids can make it seem like the latest must-have item is a life-or-death necessity — but of course, it never is. Richard sees these moments as valuable teaching opportunities. He believes it's essential for children to understand the difference between a need — something essential for life, rarely found on a shop shelf — and a want, which is simply a nice extra. He's taken the time to explain this distinction to his daughters, helping them become more financially aware and teaching them that not all purchases hold the same value. 'An area you could cover when they are young could be explaining to them about needs vs wants' suggests Richard. Advertisement Hide Ad Advertisement Hide Ad 'This will hopefully help them rein in impulsive 'wants' that, however deeply they desire them, are not 'needs'. And, there should be no immediate passport to get them.' Involve them Before launching Lopay, Richard recognised a gap in the market, but he also wanted to ensure that his two children felt involved in financial matters. He believes it's an important part of parenthood to include children in purchases, even something as simple as going on the weekly shopping trip. While the way families handle transactions may differ, Richard made sure his daughters understood the value of money, helping them develop strong financial sense from an early age. Advertisement Hide Ad Advertisement Hide Ad Richard said: 'Whether it's in the supermarket or choosing what car to buy, making your children aware of what is and is not good value will help them to build a strong foundation in financial common sense.' Build on their understanding of the cost of living - talk bills and costs Richard strongly believes that financial decisions shouldn't be kept behind closed doors as children grow up. He points out that many parents cover their children's mobile phone bills — so if that bill suddenly jumps, it's important to sit down together and talk about why. Is your child unintentionally taking advantage of a privilege? If so, it's a valuable opportunity for a family discussion about responsibility and consequences. Children need to learn that money doesn't grow on trees — everything comes at a cost. Advertisement Hide Ad Advertisement Hide Ad While some families can absorb an unexpected bill, others might face real financial strain. And with the cost of living continuing to rise, Richard says it's more important than ever to involve kids in honest conversations about money. He makes a conscious effort to keep his daughters in the loop, helping them understand the reasoning behind the financial choices made at home. He says: 'As your child grows up, so should their understanding of the financial choices you are making along the way. 'Sharing details of running costs of heating, what their mobile phone bill is monthly, will help to ground them and appreciate the efforts that go into making their everyday lives run smoothly,' explains Richard. Advertisement Hide Ad Advertisement Hide Ad Are you struggling to make ends meet as costs continue to rise? You can now send your stories to us online via YourWorld at It's free to use and, once checked, your story will appear on our website and, space allowing, in our newspapers.
Scotsman
22-04-2025
- Business
- Scotsman
Kids money: why I always talk to my children about cash
From pocket money to phone bills, the fintech entrepreneur shares how he's raising financially savvy kids 💸 Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Fintech entrepreneur Richard Carter says parents must speak openly to kids about finances He teaches daughters Charlie (12) and Sophie (10) about saving, spending, and how money really works Richard ensures his kids understand the difference between debit, credit, and the illusion of 'tap-to-pay' spending From chores to supermarket trips, he believes kids should see money in action to build financial common sense With rising bills, he says children must be part of conversations about household costs and responsibilities One of the UK's top fintech entrepreneurs is urging parents to talk openly about money with their children. Richard Carter, founder of Lopay — the UK's highest-rated, lowest-cost payment app, launched in 2022 — says regular conversations about finances are vital for raising financially savvy kids. Advertisement Hide Ad Advertisement Hide Ad Carter, who lives in Fulham, London, with his wife and two daughters, Charlie (12) and Sophie (10), believes that teaching children about key topics like inflation, the cost of living, saving, and spending helps prepare them for financial independence later in life. Drawing on his experience both as a parent and as a business leader, Richard has shared his top tips for helping children build strong money habits from an early age. L-R - Charlie, Rich, Sophie (Photo: Richard Carter) | Richard Carter Get talking Richard understands that many Brits consider money talk to be a bit taboo, but he firmly believes it's crucial to have open conversations with children so they learn the true value of money. As a father of two, he's more than happy to hand out pocket money in exchange for completed chores around the house. Advertisement Hide Ad Advertisement Hide Ad He says it's a great way to show his daughters that hard work leads to reward — a principle that's just as important in business as it is at home. Richard says: 'We are all far too awkward around money, incredibly it's still considered bad manners to talk about it too much. This has to change. Your children need to understand about money and not shy away from the subject. 'Whether we like it or not, money makes the world go round, and the sooner kids are included in conversations about it, are aware what things cost, how some things are affordable whilst others aren't, and how they can build up their savings, the better.' Advertisement Hide Ad Advertisement Hide Ad Make it age appropriate Richard acknowledges that some money conversations become easier as children get older. As a parent to a pre-teen and a teenager, he knows that certain topics may be more appropriate to discuss with his eldest daughter for now. But above all, he believes money should never be a mystery. Children should grow up with a clear understanding of finances — not left in the dark. After all, he says, family finances should involve the whole family, with everyone aware of the household's financial situation. Richard said: 'There's no reason why you shouldn't start kids young, establishing simple concepts about money which you can build on as they mature. Advertisement Hide Ad Advertisement Hide Ad 'Keeping your language simple, and introducing them to key words like savings, deposit, credit and debit will help them to become financially literate from young. 'Research from Cambridge University has suggested children develop beliefs and attitudes about money from the age of seven, so don't be scared of starting them too early.' Explain where money comes from Working in fintech, Richard is more aware than most of the illusion that money is endless — especially when it's all accessed through a tap of a card. In a world of contactless payments and buy-now-pay-later offers, it can seem like people are spending freely without consequence. He worries this can give children the false impression that money is limitless. Advertisement Hide Ad Advertisement Hide Ad That's why, from early on, Richard made it a priority to help his daughters understand how money really works. They know that when their dad uses a contactless card, it's drawing funds from his bank or credit account — not magic money. He's also taught them the crucial difference between a debit card, which uses your own money, and a credit card, which borrows money you'll eventually have to pay back. Richard said: 'In an increasingly cashless society, kids could be forgiven for thinking that spending money is as simple and easy as the tap it took for you to pay on the card reader at the supermarket, at the shopping centre or in a restaurant. 'Explaining how you work for money and are paid, and how - if appropriate - the beginning of the month might be an easier time to pay for things than at the end, will help kids see there isn't a never-ending pot of money for them to dip into whenever they need.' Advertisement Hide Ad Advertisement Hide Ad Needs vs wants As any parent will tell you, kids can make it seem like the latest must-have item is a life-or-death necessity — but of course, it never is. Richard sees these moments as valuable teaching opportunities. He believes it's essential for children to understand the difference between a need — something essential for life, rarely found on a shop shelf — and a want, which is simply a nice extra. He's taken the time to explain this distinction to his daughters, helping them become more financially aware and teaching them that not all purchases hold the same value. 'An area you could cover when they are young could be explaining to them about needs vs wants' suggests Richard. Advertisement Hide Ad Advertisement Hide Ad 'This will hopefully help them rein in impulsive 'wants' that, however deeply they desire them, are not 'needs'. And, there should be no immediate passport to get them.' Involve them Before launching Lopay, Richard recognised a gap in the market, but he also wanted to ensure that his two children felt involved in financial matters. He believes it's an important part of parenthood to include children in purchases, even something as simple as going on the weekly shopping trip. While the way families handle transactions may differ, Richard made sure his daughters understood the value of money, helping them develop strong financial sense from an early age. Advertisement Hide Ad Advertisement Hide Ad Richard said: 'Whether it's in the supermarket or choosing what car to buy, making your children aware of what is and is not good value will help them to build a strong foundation in financial common sense.' Build on their understanding of the cost of living - talk bills and costs Richard strongly believes that financial decisions shouldn't be kept behind closed doors as children grow up. He points out that many parents cover their children's mobile phone bills — so if that bill suddenly jumps, it's important to sit down together and talk about why. Is your child unintentionally taking advantage of a privilege? If so, it's a valuable opportunity for a family discussion about responsibility and consequences. Children need to learn that money doesn't grow on trees — everything comes at a cost. Advertisement Hide Ad Advertisement Hide Ad While some families can absorb an unexpected bill, others might face real financial strain. And with the cost of living continuing to rise, Richard says it's more important than ever to involve kids in honest conversations about money. He makes a conscious effort to keep his daughters in the loop, helping them understand the reasoning behind the financial choices made at home. He says: 'As your child grows up, so should their understanding of the financial choices you are making along the way. 'Sharing details of running costs of heating, what their mobile phone bill is monthly, will help to ground them and appreciate the efforts that go into making their everyday lives run smoothly,' explains Richard. Advertisement Hide Ad Advertisement Hide Ad
Associated Press
26-03-2025
- Business
- Associated Press
Hidden Swipe Fees Costing U.S. Businesses $172 Billion and the Average American Family $1,100
'I was shocked to find that small businesses in the US are being fleeced by the processing giants. I thought this was the Land of the Free?' — Richard Carter, founder and CEO NEW YORK, NY, UNITED STATES, March 26, 2025 / / -- Swipe fees – the charge businesses pay every time a customer swipes, inserts, or taps their card – are the hidden drain on the US economy, says Lopay, a newly-launched payment processing company. For small businesses, these fees are their second biggest operating expense, behind only labor costs – with merchants across the States paying out $172billion on swipe fees in 2023, the highest in the world. Naturally, because SMEs can't afford to always absorb these growing expenses, it is a cost that is often passed on to the consumer, costing the average American family more than $1,100 a year. But it doesn't have to be this way, and the arrival of British fintech innovator Lopay in the US marks an opportunity for huge savings to both the economy and the average consumer. Lopay is the first payments processing solution that enables businesses to have a net free cost on transactions, and therefore spare Americans further price increases. While firms like SumUp, Zettle and Block (formerly known as Square) charge up to 2.99% per transaction, Lopay charges just 0.79% – and offers easily achievable incentives to reduce that to ZERO. Rich Carter, CEO and co-founder of Lopay, said: 'I was shocked to find that small businesses in the US are being fleeced by the processing giants. I thought this was the Land of the Free? 'They are being milked for nearly 3% per transaction. That's probably around 30% of their profit margin. At the moment, small businesses in the US pay around $4billion in processing fees – we can reduce that to nothing. 'If one in four small and medium traders sign up for Lopay, that's $1billion saved every year. The government is actively looking for savings and efficiencies, well, here's an absolute home run straight away.' SMEs and MSMEs make up the backbone of the US economy, accounting for about 44% of GFP. And the entrepreneurial scene across the US is booming, with a surge in new business applications in 2024 – an average of 430,000 per month, up 50% vs 2019 – with almost one in five Americans now a small business owner. Congress recently held a hearing to discuss breaking the Visa and Mastercard 'duopoly', in search of lower fees. The duo control around 90% of payment processing outside of China.
