{
  "id": 2479014,
  "title": "Are currency conversion charges a rip-off? Ask Susan",
  "url": "https://urgent.news/2026/08/22/are-currency-conversion-charges-a-rip-off-ask-susan",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-22T02:09:25.000Z",
  "source": {
    "name": "RNZ Business",
    "slug": "rnz-business",
    "url": "https://www.rnz.co.nz/news/personal-finance/1080236/are-currency-conversion-charges-a-rip-off-ask-susan"
  },
  "original_language": "en",
  "account": "Currency conversion charges added by banks and credit card companies often raise questions about whether these fees are justified. Susan Edmunds, host of RNZ's No Stupid Questions podcast, sought clarification on the matter. Banking experts and industry professionals explained that while there is a real cost associated with currency conversion transactions, the fees may also contribute to banks' profits.\n\nClaire Matthews, a banking expert at Massey University, noted that banks need to maintain foreign exchange holdings and incur transaction costs. Additionally, there is an exchange rate risk as the market rate may fluctuate between transaction and settlement. This difference between the wholesale and retail rates simply reflects the varying costs at different transaction levels.\n\nNew Zealand does not impose a limit on the amount one can contribute to KiwiSaver, unlike some other countries. However, the suitability of using additional funds for retirement savings depends on individual circumstances. Ana-Marie Lockyer, CEO of Pie Funds, recommended taking on more risk with part of the money, suggesting a diversified investment portfolio that includes shares. This approach would help the couple meet their long-term retirement goals while balancing risk and potential growth.",
  "summary": "Plus RNZ's money correspondent Susan Edmunds answers your burning questions about KiwiSaver limits and retirement investments.",
  "key_points": [
    "Banks and credit card companies charge currency conversion fees.",
    "These fees cover transaction costs and exchange rate risk.",
    "New Zealand has no limit on KiwiSaver contributions."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}