NCB has started charging customers each time they use their Visa debit card to make a purchase outside of Jamaica. This applies whether shopping online or when visiting another country. The foreign transaction fee took effect September 4 and covers cross-border processing and foreign currency conversion charges. It now costs $438.78 (almost US$3) to make a withdrawal at an international ABM. Shopping online or in apps will attract a transaction conversion fee of 2.25% plus GCT on the total transaction cost. That works out to be about US$1 for every US$40 spent. NCB says the charges will be listed on a customer’s bank statement or as a separate line item in recent transactions on the NCB mobile app or on the NCB Online banking portal.

EDUFOCAL INCHING

Online learning company EduFocal is inching closer to its initial public offering. Sources indicated that the company is expected to submit its draft prospectus to regulators very soon. Kalilah Reynolds Media understands that EduFocal will be seeking to raise somewhere in the range of $150-$200 million (US$1-1.3 million) for 20 per cent of the company. EduFocal is also expected to sign with Mayberry Investments as lead broker and arranger. Earlier this year, Mayberry became a minority shareholder in EduFocal with a 13 percent stake in the company. The partnership was sealed through a private equity arrangement however, the amount paid was not disclosed.

PAYPAL EXPLORING STOCK TRADING PLATFORM

Over in the United States, PayPal is reportedly exploring launching its own stock trading platform for its US customers. The online payment operator has reportedly hired brokerage industry veteran Rich Hagen as part of the move. Hagen was the co-founder of online brokerage TradeKing, which was bought by Ally Invest. According to CNBC, sources close to the matter say PayPal will cooperate with a brokerage or purchase a broker-dealer. They also say the firm is in talks with potential partners, however the trading service is not likely to be rolled out this year. The move comes amid a retail trading boom that reportedly brought over 10 million new individual investors into the US stock market in the first six months of 2021.