[ianch99]

Originally Posted by Chris

Wrong. Do we believe Martin Lewis speculating, or a BBC reporter who has asked both parties directly and received a consistent answer from both?

It’s simple really.

Oh ..

Visa set to raise fees after removal of EU cap post-Brexit

Visa is to force through a series of post-Brexit fee increases which could place fresh pressure on consumers and small businesses struggling to deal with the financial impact of the coronavirus pandemic.

According to people briefed on the plans, Visa will in October raise its “interchange fees” — a levy it charges on behalf of banks for every debit or credit card payment that uses its network — on cross-border transactions between the UK and EU.

The payment processor also plans to increase so-called scheme fees on UK-EU transactions, as well as charge more for domestic payments using British company credit cards, added the people.

“With the move to cashless and ecommerce accelerating, it’s vital that small business and consumer sentiment isn’t stifled by rising card costs, just as we’re trying to bounce back from a severe recession,” said Craig Beaumont, chief of external affairs at the Federation of Small Businesses.

Although Brussels capped interchange fees for all transactions inside the EU in 2015, the UK’s departure on January 1 means the limit no longer applies to payments between Britain and the bloc.

From October, Visa will charge 1.5 per cent of the transaction value for credit card payments made online or over the phone between the UK and EU, and 1.15 per cent for debit card transactions, up from 0.3 per cent and 0.2 per cent respectively.