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RNZ News
7 days ago
- Business
- RNZ News
Midday Report Essentials for Thursday 17th July 2025
In today's episode, retailers are relieved to see a reduction in bank fees for processing card payments, but say it doesn't go far enough; A finance lender is calling for the government to step in and help financially support people fleeing abusive relationships; An academic is warning artificial intelligence is not the silver bullet David Seymour has suggested it will be for reducing the cost of the Regulatory Standards Bill; Butter is now nearly $5 more expensive than it was more than 10 years ago, and helped drive food prices in general up almost 5 percent year-on-year in June.

RNZ News
7 days ago
- Business
- RNZ News
Retailers welcome reduction in bank fees for card payments
Retailers are relieved to see a reduction in bank fees for processing card payments, but say it doesn't go far enough. Retail NZ chief executive Carolyn Young spoke to Charlotte Cook. To embed this content on your own webpage, cut and paste the following: See terms of use.


The Guardian
08-07-2025
- Business
- The Guardian
Holiday spending: eight ways to save money and cut card costs
When packing for your summer holiday, don't forget to pay attention to your plastic. Pick the wrong card to use abroad and you will end up spending more than you need to. Unless your trip is imminent, it is not too late to apply for a card that won't charge you a penny in foreign exchange fees or other bank fees when you are abroad, whether you are spending in a shop, restaurant or hotel or withdrawing cash from an ATM. Often it will take only a few days for your card to arrive. The consumer group Which? has looked at the best debit and credit cards to use abroad. On debit cards, its recommended providers that are 'truly fee-free to use abroad' include First Direct and the app-based Starling Bank. With both of those, you get Mastercard's exchange rate, with no added fees or charges on top. When it comes to credit cards, Which?'s best buys include the Halifax Clarity card and Barclaycard Rewards card, both of which have no foreign transaction or cash withdrawal fees. Both use Visa's exchange rate. Other options worth a look include the travel debit card Currensea. You sign up, connect your existing bank account and pay with the Currensea card, although you are spending directly from your current account. There are three price plans including one called Essential, which has no annual fee but does have a £4.95 delivery charge. If you can't face applying for a new bank account or credit card or are running out of time, don't just do nothing. 'Check what your existing card provider(s) will charge for each purchase and ATM withdrawal,' says Andrew Hagger, the founder of the financial website MoneyComms. 'That way, you can try to spend accordingly to minimise the impact of charges on your holiday budget.' For example, you may want to avoid using your debit card to make lots of small payments or withdrawals if the bank applies a set fee each time, while using a credit card to withdraw currency from overseas cash machines 'can be an extremely costly way of funding your holiday spending', Hagger says. Watch out if you have a TSB debit card, as it is often highlighted as being one of the most expensive to use overseas. If you are paying for something outside Europe, in many cases you will pay a £1 transaction purchase fee plus 2.99% of the price paid. However, TSB points out that you won't pay the purchase fee within Europe or if you have one of its Premier or Platinum accounts. Its Spend & Save Plus account also comes without any overseas charges on debit card use but does have a £3 monthly fee. If you use Apple Pay, Google Wallet or Google Pay and you have multiple cards set up on it, it is worth checking the settings and selecting the right primary card for your holiday, says Alastair Douglas, the chief executive of the website TotallyMoney. 'Otherwise, when you get back, you might find out you've been paying extra, adding to your post-holiday blues,' he says. When using a card overseas, watch out for the dynamic currency conversion trick at restaurants, shops and hotels, and at some ATMs. This is where you are offered the option of paying in sterling rather than the local currency. 'Always remember to select the option to pay [or withdraw cash] in the local currency when you're abroad, and never in pounds and pence,' Douglas says. 'That's because it's likely you'll be charged additional fees for the currency conversion, meaning you'll be paying more money for the same thing.' Some holidaymakers never take any foreign currency with them – they rely on their credit or debit cards and use ATMs to get out cash if necessary. Others like the security of having some local cash in their wallet or purse before they set off. As is the case with the UK, many countries are increasingly cashless, and in some cases you may find that during your whole trip you never once reach for a banknote or coin. In Sweden, for example, only one in 10 purchases are now made with cash. Growing numbers of countries are moving to contactless payment for their local transport systems such as metros, buses and trams, which usually means you can use a UK debit or credit card. However, in many places you will still need some cash for things such as entrance fees to certain sites and attractions, shopping at local markets and paying street food vendors. You may also want some for informal payments, such as gratuities. If you have booked a walking tour or excursion, for example, you will probably want some cash with you for a tip for the guide or driver. Japan is among the countries where locals say visitors definitely need to carry cash. For tourists shopping at smaller businesses or in rural areas or visiting sites such as temples, 'you will still need cash', according to The Tokyo Chapter, a blog. If you do plan to buy some holiday money and don't want to get ripped off, a useful starting point is the Travel Money Max online tool run by which lets you compare exchange rates. Key in a few details including how much you want and how you want to get it – delivery or collection – and it will give you several options and show you what you would get after all charges. We used the site to see who was offering the best deals for £400 of Turkish lira for a trip in a fortnight's time. When we opted for delivery, The Currency Club came top, with Waitrose and John Lewis not too far behind. On collection – we opted for somewhere within five miles of our London King's Cross office – Sterling FX came top, followed by Thomas Exchange Global. The 'walk-up' exchange rates at airport bureaux de change are notoriously poor, so steer well clear unless you are really desperate. Also, don't pop into your local bank to get some currency, as a high street bank is nearly always one of the most expensive places to change money. If you plan to take, or withdraw, large sums of cash on holiday, make sure your travel insurance will cover you for any loss or theft. Some basic policies do not cover cash. Even if yours does, take care to look after your money. Don't leave it in a bag in your room – use a safe if there is one. While preparing for your holiday, you may discover you have foreign currency left over from previous trips – great news if you can use it this time, not so great if it's for another country. Douglas says you should pause before attempting to exchange it for the currency you need. 'If you're in the UK and switching cash from one foreign currency to another foreign currency, then it's likely you'll be charged two sets of fees or commissions,' he says. 'One will be to convert your cash into pounds, and another from pounds into the new currency. So you might be better off waiting until you reach your destination and exchanging there.'


The National
29-06-2025
- Business
- The National
Dubai's biggest lender Emirates NBD to start charging for remittances to certain countries
Emirates NBD, Dubai's largest bank by assets, will start charging fees for international transfers made to certain countries through its app or online banking platform from September 1. The bank will charge a fee of Dh26.25 for remittances, including those made through DirectRemit, it said in an email to customers. DirectRemit is a platform that allows customers to transfer money via online or mobile banking in 60 seconds. However, transfers to India, Pakistan, Egypt, Sri Lanka, the Philippines, and the UK will continue to be offered free of charge to all Emirates NBD customers, a bank representative clarified in a statement. "Additionally, Emirates NBD is expanding its DirectRemit offerings to over 30 new countries ... [and] customers will no longer be charged any correspondent bank fees [in addition to the Dh26.25 fee]," the representative said. The lender will also charge a fee of up to Dh26.25 for recalling and cancelling local and international transfers, it said. The move by the lender may prompt other banks to introduce fees on remittances and may be a boon for exchange houses that offer lower charges, analysts said. 'Introducing a Dh26.25 fee from September 2025 marks a shift, and as the largest local bank sets the tone, it's possible others may follow,' Dhruv Tanna, associate vice president at DIFC-based investment and wealth management firm Phillip Capital, told The National. Some lenders such as RAKBank already impose a fee for international transfers, charging Dh15.75 for the Philippines and Dh26.25 for India, according to its website. Mashreq bank has zero fees for Pakistan and India, but charges a flat fee of Dh26.25 for the Philippines, according to its website. Others such as FAB have zero transfer fees for instant transfers to countries including India, Pakistan, Philippines, Sri Lanka, the UK and the EU, according to its website. International transfers are rarely entirely free as banks recover their costs indirectly, analysts said. "While some digital channels advertise zero fees, most banks have always made money either through transfer charges or by applying a margin to the exchange rate, or both," said Ben Bolger, founder of Squirrel Education, a company that teaches school children financial independence. Opportunity for exchange houses Exchange houses with more competitive fees are likely to benefit as banks impose charges on international transfers. 'For exchange houses, this presents a renewed opportunity to attract price-sensitive customers with lower transfer fees and competitive rates," Mr Tanna said. "Still, many mid-to high-income customers may continue to choose banks for the convenience, even with a nominal charge." Mr Bolger said that as banks adjust their terms, consumers could reconsider their options. "Exchange houses, which tend to offer more competitive rates and transparent pricing, may become increasingly attractive, despite the convenience of transferring money directly through your bank," Mr Bolger said. Emirates NBD's move to charge fees for remittances may prompt other lenders to follow suit, but it also "opens the door wider" for exchange houses and digital apps offering zero fees and better value, Jay Adrian Tolentino, a UAE-based financial coach, said. This will particularly benefit expats sending money to their home countries on a regular basis, he added. Based on World Bank data, remittances to low- and middle-income countries are expected grow by 2.3 per cent in 2024 and 2.8 per cent in 2025, reaching $690 billion in 2025.


The National
28-06-2025
- Business
- The National
Dubai's biggest lender Emirates NBD to start charging for remittances
Emirates NBD, Dubai's biggest bank by assets, will start charging fees for international transfers made via its app or online banking from September 1. The bank will charge a fee of Dh26.25 for remittances, including those made through DirectRemit, it said in an email to customers. DirectRemit is a platform that allows customers to transfer money via online or mobile banking in 60 seconds to countries including India, Pakistan, Sri Lanka, Egypt, the Philippines and the UK. Emirates NBD will also charge a fee of up to Dh26.25 for recalling and cancelling local and international transfers, it said. The move by the lender may prompt other banks to start imposing fees on remittances and may be a boon for exchange houses who offer lower charges, an analyst said. 'Introducing a Dh26.25 fee from September 2025 marks a shift, and as the largest local bank sets the tone, it's possible others may follow,' Dhruv Tanna, associate vice president at DIFC-based investment and wealth management firm PhillipCapital, told The National. Some lenders such as RAK Bank already impose a fee for international transfers, charging Dh15.75 for the Philippines and Dh26.25 for India, according to its website. Mashreq bank has zero fees for Pakistan and India, but charges a flat fee of Dh26.25 for the Philippines, according to its website. Others such as FAB have zero transfer fees for instant transfers to countries including India, Pakistan, Philippines, Sri Lanka, the UK and the EU, according to its website. 'For exchange houses, this presents a renewed opportunity to attract price-sensitive customers with lower transfer fees and competitive rates. Still, many mid- to high-income customers may continue to choose banks for the convenience, even with a nominal charge,' Mr Tanna said. Based on World Bank data, remittances to low- and middle-income countries are expected grow by 2.3 per cent in 2024 and 2.8 per cent in 2025, reaching $690 billion in 2025. Remittances by expatriates in the UAE and wider region to their home countries are a major source of foreign currency inflows for those economies.