The letter from George Tustin touched on an annoyance of mine, and I must echo his frustration regarding the additional charges imposed on non-KYD cards by banks and stores.
None of the banks on the island offer a KYD credit card. This means that for those who rely on credit to manage monthly expenses or savvy shoppers looking to earn points or other benefits, every purchase incurs a surcharge. This surcharge seems to be nothing more than a money grab. Having worked with card charges at a previous employer, I know the fee differences between accepted debit and credit cards are minimal compared to the arbitrary exchange rate of 0.8 that stores use. There is no justification for this poor exchange rate when government services use 0.82.
Allowing consumers to pay in KYD by default would simplify the payment process for tellers and waiters, and it would be cheaper for customers, even those with foreign cards. If an exchange option is offered, it should be the customer’s choice.
Interestingly, RBC machines allow payments in KYD regardless of the card used. This raises the question: is this surcharge issue driven by the banks? Until we get a clear answer, I will take my business to places that offer fair exchange rates.
Marc Williams
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