Big foreign transaction fee news out of Canada this week for Canadians.  While US cardholders have been engaged in large class action lawsuits for years, it looks like Canada is now getting on board too.  Here is the gist of a Globe and Mail article explaining the important win for Canadian cardholders:

In a Quebec Superior Court judgment, the Big Six banks and Desjardins Group, Laurentian Bank of Canada, Citibank Canada and Amex Bank were ordered to reimburse tens of thousands of credit card customers more than $200-million.

Mr. Justice Clément Gascon ruled that the financial institutions were in “flagrant violation” of the province’s consumer protection law when they charged a fee for foreign currency transactions on customers’ credit cards. [Read More...]

The bits of feedback I’ve received from Canaidan readers is that foreign transaction fees are as ambiguous on many Canadian credit card statements as they are on US credit card statements.  Are you Canadian — what are your thoughts about foreign transaction fees charged by Canadian banks and credit cards?