In the wake of the Brexit polling results -- that saw the British pound slump to its lowest level in 31 years -- Commonwealth Bank temporarily suspended all foreign exchange of the British pound, leaving many Australians overseas without cash.
The major Australian bank confirmed the freeze on Twitter on Friday night that would extend to the foreign exchange of GPB pounds and any other exchanges that do not involve Australian dollars until Monday.
It later made a statement after normal services resumed.
"The temporary suspension to retail foreign exchange transactions this evening was lifted as of midnight Sydney time [on Friday, June 24, 2016]," the bank said.
"All retail foreign exchange channels including international money transfers, travel money card and foreign currency accounts are operating as normal. We thank our customers for their patience."
@JoannaFarmer Due to recent results from the British exit referendum we are temporarily suspending all foreign exchange (1/2)— CommBank (@CommBank) June 24, 2016
@JoannaFarmer of GBP pounds and transactions that do not include AUD until further notice (2/2). ^Mike— CommBank (@CommBank) June 24, 2016
Earlier, hoards of customers took to social media to express their anger and frustration over the move that has impacted both those using travel cards and those making overseas transfers.
Many have been left stranded in foreign countries.
.@CommBank you better let me transfer some pounds onto my travel card right now or I'm gonna brexit outta your bank real quick— Roy Molloy (@MarvelousCrane) June 24, 2016
@CommBank What is your reasoning behind stopping currency conversion for GBP, and do you care about those that are now stranded...— Stephen Kung (@Stephen_Kung) June 24, 2016
The decision by @CommBank to block currency transfers has real life consequences for people. I can't pay my rental bond in the UK— Christine Gallagher (@mechrissyg) June 24, 2016
And the major bank has remained quiet.
@CommBank Hey guys, do you have a statement on the decision to suspend currency exchanges?— Mark Di Stefano (@MarkDiStef) June 24, 2016
There are early reports on Twitter that the freeze is also impacting National Australia Bank customers.
The National Australia Bank follows Commonweath Bank... and frozen pound and US dollar exchange. Unprecedented? https://t.co/eMOyFoQecI— Mark Di Stefano (@MarkDiStef) June 24, 2016
The bank later released a statement confirming foreign exchange was available for all currencies.
Suggest a correction
We can confirm FX currently available for all our currencies. 24hr Travel Card team avail if you're o/s & need help https://t.co/vGxVJAl6w1— NAB (@NAB) June 24, 2016