Brexit commonwealth bank suspends foreign exchange of british pounds

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AUSTRALIANS overseas were stranded without cash for up to six hours after Commonwealth Bank and NAB suspended foreign exchange of the British pound following the Brexit referendum.

The bank initially announced the temporary suspension would continue until Monday morning, however a spokeswoman told The Courier-Mail the freeze was lifted just before midnight on Friday.

The temporary suspension to retail foreign exchange transactions this evening was lifted as of midnight Sydney time on Friday.

All retail foreign exchange channels including international money transfers, travel money card and foreign currency accounts are operating as normal, said the Commonwealth Bank spokeswoman.

The bank thanked customers for their patience, after many were frustrated at being unable to exchange British pounds.

The freeze was attributed to the volatile currency situation in the UK following the exit referendum result.

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AUSTRALIANS overseas have been stranded without cash after Commonwealth Bank suspended foreign exchange of the British pound following the Brexit referendum.

Commonwealth Bank confirmed on Twitter that they had temporarily suspended the exchange of British pounds and any other exchanges not involving Australian dollars until Monday.

@Mitchy_Minx Due to recent results from the British exit referendum we are temporarily suspending all retail customer foreign exchange (1/2)

@Mitchy_Minx transactions of GBP pounds and transactions that do not include AUD until the morning of Monday, 27 June.(2/2) ^Mike

We are sorry but due to recent results from the British exit referendum we are temporarily suspending all foreign exchange of GBP pounds and transactions that do not include AUD until the morning of Monday, 27 June, tweeted Commbank.

NAB customers were also prevented from exchanging British Pounds in the wake of the plummeting rate of the currency post Brexit result.

There were also reports NAB customers have been unable to exchange US dollars.

The bank has since confirmed they will be maintaining foreign exchange of all currencies.

Hundreds of customers took to social media to express their frustrations at being unable to access money while overseas due to the freeze.

It would be nice if someone told us what is happening with travel money cards. Some of us rely on this to draw our weekly income overseas, wrote Josh Dzarir on Facebook.

Surely you have some duty of care to customers who have informed you they are overseas, this is very stressful for us, wrote another Commbank customer.

The Commbank freeze on exchanging currencies has not been applied to trades for commercial and business purposes.