(Trinidad Express) RBC Royal Bank has withdrawn its proposal to implement a one per cent fee on foreign currency credit card transactions.
The bank had intended to impose the fee from October 22 and had informed customers via a pamphlet inserted with credit card statements in the mail from last month.
But due to the negative customer reaction, RBC, in an advertisement today, said it will not move forward with its plans.
“We have listened closely to all the feedback and recognise the concern,” the bank said.
RBC reiterated that it was not currently charging the fee.
The Express understands that the one per cent fee is what is charged to the bank by international credit card companies for processing, which it already absorbs. This move would have seen the bank passing on that fee to the customer.
