Banks reintroduce charges on forex accounts amid regulatory changes
Several commercial banks have begun reinstating fees on foreign exchange accounts, after suspending them earlier due to regulatory pressures. Customers have been notified of the changes via text messages and emails, with charges varying depending on the currency type and account balance—some reaching up to $20. Reports indicate that some dollar account holders are now being charged $5 for balances exceeding $100. These new fees come on top of the existing 3% withdrawal charge, adding to the cost for foreign exchange account holders. In July 2024, some banks initiated processes to close personal foreign currency savings accounts, advising clients to...
