Proposals may benefit foreign exchange transactions

Guidelines issued by president Barack Obama could have a positive impact on foreign exchange transactions

Britons who use foreign exchanges services when moving their loans and savings abroad could see a reduction in banking costs.

At a recent meeting with Bank of America and American Express, Obama stepped forward to slam costs associated with credit cards, such as late fees.

The president called for an end to expensive charges that firms can issue to their customers, which may benefit those making foreign exchange transactions.

In addition, Obama suggested that banks make their terms and conditions easier to understand so clients are aware of when they may be penalised with high fees.

"The days of any time, any reason rate hikes and late fee traps have to end. No more fine print, no more confusing terms and conditions," he said.

According to the Telegraph, Standard Bank recently revealed that Britons making foreign exchanges may soon benefit from a stronger pound, as it tentatively forecast that sterling may be one of the first currencies to recover from the economic slowdown.

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By Linsey Summers