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Australia: ACCC takes its shot at Visa

By  |  February 4, 2013

Soon after a recent settlement with US regulators, credit card giant Visa Inc is reportedly under fire from Australian regulators as well. The Australian Competition and Consumer Commission has apparently accused Visa of an abuse of dominance concerning how the company blocks its customers from choosing which currency they wish to use in transactions. In a statement by ACCC chairman Rod Sims, it was noted that this “misuse of market power” is particularly troubling for customers who are traveling to Australia from abroad and who are not informed of the cost of transactions when converting currency at Australian ATMs.

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