3/16/2021, 4:29 PM (Source: TeleTrader)
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Chart for: Visa Inc

Visa to increase fees for UK-EU purchases five-fold - report

Visa, United Kingdom's biggest debit card provider will increase fees for purchases from European companies for UK-based users, Sky News reported on Tuesday. The news spiked the argument of whether Brexit is adding to the cost of trading between Britain and EU.

Later this week over 4,000 British customers will be informed about a five-fold increase in the so-called interchangeable fees to 1.5% for online credit card payments. For debit card payments the increase will be from 0.2% to 1.15%.

The decision will affect online retail, hospitality and travel transactions with EU entities. Visa is the biggest issuer of debit cards in Britain and the increase in rates aligns with a similar move that rivaling MasterCard had already made in January.

Baha Breaking News (BBN) / LH