A major change is being made by Visa from the 1st of September 2016. As part of removing the 1p (CBDIP) from Visa Debit, they will also be removing the current cap of 50p for large debit card transactions. The whole transaction will be charged at 0.2% (before any fees are applied by the card processors). Whilst this is very good for the big retailers (that lobbied for change due to their low transaction values), it is not good for the foreign exchange companies that experience high volumes but low profit margins. As a member of one of the industries that will particularly suffer from this change, we are actively challenging Visa on their decision (they generated profits of almost £7 billion last year, so it a reasonable challenge to make). So, from the 1st of September, we will need to change the way that we charge for debit cards. Unfortunately, this will inevitably involve an increase in cost to our customers as we will recharge 0.2% for all orders taken over the counter, by telephone or online.
If you have any questions please call us on 0207 6210090 or ask at the counter in our retail outlets.