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Brief: Westpac compensates customers over FX charges

Westpac has reached a settlement with the New Zealand Commerce Commission over misrepresentation of foreign exchange charges that resulted in customers being overcharged when withdrawing money from Westpac ATMs in Australia. Between October 2012 and August 2014 the bank charged an exchange rate on withdrawals that was higher than the rate it had indicated to customers. Westpac, which self-reported the potential breach of the NZ Fair Trading Act, agreed to pay NZ$4 million in compensation to more than 100,000 customers.

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