HSBC Bermuda is set to charge customers with 0.6% fee on making purchases overseas using their credit and debit cards.
Effective 1 July 2014, the charges will apply for all personal, commercial and global banking customers.
The proposal has raised concerns among some bank customers.
One of the concerned customer told The Royal Gazette that iIt doesn’t matter what the transaction currency is, if the company is not located in Bermuda then there is a 0.6% charge. Right now, there is no charge.
Responding to customers concerns, HSBC Bermuda spokesman said they considered many factors before deciding on the current fee schedule, including those relating to credit cards.
"In line with established practice in the global cards industry, these fees are assessed based on the merchant’s domicile," spokesman added.
"We continually assess the costs of providing our banking products and services, rates and the current competitive environment. Overall, we are confident that our pricing is competitive and represents fair value for the service we provide to our clients."