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Australians lose nearly $1 billion a year to card surcharges as RBA warns banks to stop (www.abc.net.au)

submitted 8 months ago by [email protected] to c/[email protected]

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Unlike in the UK and the European Union where card surcharges are banned, retailers in Australia are allowed to recoup their payment costs through surcharging their customers, as long as they are not making a profit out of it.

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[–] [email protected] 17 points 8 months ago (1 children)

"Australian Banks profit nearly $1 billion a year from card surcharges as RBA does nothing"

[–] [email protected] 4 points 8 months ago* (last edited 8 months ago) (1 children)

I don't think the banks see much of that money. It mostly goes to infrastructure companies such as Visa (who guarantees a refund if your card is stolen) and Telstra (network infrastructure isn't free) and of course the actual card processing hardware itself isn't fee either.

I would be curious to see how much money Australians save by not paying a million people to handle cash (which they generally do poorly).

[–] [email protected] 2 points 8 months ago

In any case, the RBA tut tutting will change precisely nothing.