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Change the law: tell the European Commission what you think

Magali Van Bulck
Magali Van Bulck
19.05.22 (updated more than 1 year ago)
Read time 1 minute

Help change the law!

Financial providers hide fees whenever people send money abroad. They can continue to rip people off because the rules are too vague. If you're European or based in the EU, you now have the chance to tell the European Commission that they need to put an end to this. Help us make price transparency the norm and stop providers from ripping people off by responding to the Payment Services Directive (PSD2) consultation. You can read more about that here.

👉 Respond to the European Commission’s consultation 👈

You can give feedback in any European language. The deadline is 2 August. We know the process is tricky to navigate, so we broke it down for you:

  1. Click here and sign up (or login if you already have an account)

  2. In the text box, tell them why transparency in international payments is important to you. Below are some examples of what you can write:

  • Explain the problem and how you're being affected. Please personalise your reply.

For example: I send money to abroad and got overcharged because my provider hides fees in bad exchange rates. It is essential that all Europeans know the total cost of making a foreign exchange transaction, including any upfront fees and charges in the exchange rate.

  • Say what needs to change. Please personalise your reply.

For example: All Europeans should know the total cost of making a foreign exchange transaction, including any upfront fees and charges in the exchange rate. We shouldn’t have to do complicated calculations to understand the total cost of sending or receiving money. Providers must be required to show the total cost of making a transaction - including any exchange rate mark up.
It’s crucial that Article 45 includes a mid-market exchange rate, so exchange rate mark-ups are no longer hidden from consumers like me.

  1. Select you’re giving feedback as a EU citizen and click on your country of origin

  2. You can choose whether you would prefer to remain anonymous when your comments are published

  3. Agree to the personal data protection provisions and click submit

A bit of background on our campaign

Since Wise started over a decade ago, we've campaigned to make finance fairer and put an end to hidden fees. Wise has nothing to hide and we believe other providers shouldn't either. Nothing To Hide is how we tell the policymakers, banks and other providers to take action and make cross-border payments transparent. So you, and other like you, can know exactly how much you're being charged. Join the fight and help change the law!

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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