Exorbitant foreign exchange fees are merely cream for the banks: Creighton

Treasurer Josh Frydenberg has tasked the consumer watchdog with investigating the hefty fees banks charge ordinary people when transferring money into a foreign currency or using a credit card in a foreign denomination. More than 10.5 million Australians travel overseas each year, with many holidaymakers whacked with a three per cent fee on everything bought using a major card. Your Money's Adam Creighton says the fees are not compensation for the bank's costs but rather cream to the tune of around $2 billion annually.