Foreign currency transaction fee
I noticed that Neat has removed the 1.5% foreign currency transaction fee from their Fees page.
Does it mean the fee is no longer charged? Were there any changes or is the fee still 1.5%?
Anton, thank you for your question.
Our commitment is to have the best exchange rate in the market for all card transactions.
From our conversations with our customers we have learned that the 1.5% fee has always been perceived as more expensive than what the bank offers, even though it's not.
"No fees" products offered by banks are more expensive as the actual exchange rates they charge customers include an additional spread they add on top of the market rate.
We have never charged any additional fees from the transactions that go through the MasterCard network from which we don't generate any revenues.
The 1.5% is de facto the adjusted MasterCard exchange rate which we use as is.
Our research and analysis allows us to confidently say that our exchange rate is more competitive than most of other products available in the market.
For this reason we have decided to change the way we communicate our offer and shift the focus on the exchange rates rather than the fees.