RACQ Bank: Important Information Foreign Currency Fee Remediation
Following an internal review of our Foreign Currency Conversion Fee, we identified an error in the way the fee was described in our Fees and Charges Schedule, Card Carrier Form and website. As a result, RACQ Bank will refund fees for transactions between 15 July 2024 and 21 November 2024, as this is the period during which the fees were incorrectly described.
The impacted transactions relate to; Transactions made in a foreign currency, regardless of whether you’re in Australia or another country and Transactions processed by overseas merchants, even if the purchase or action takes place within Australia or in Australian Dollars.
We’ve provided the FAQs below for further clarification.
Frequently Asked Questions (FAQs)
Things to note
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.
Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.