€12.5 billion. That's how much Europeans lose in hidden fees.
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. 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.
Respond to the European Commission’s consultation. The deadline is 2 August. We know the process is tricky to navigate, so we broke it down:
Click here and sign up (or login if you already have an account)
What's PSD2 again?
The second Payment Services Directive (PSD2), designed by the countries of the European Union is a law that sets requirements for financial service providers. It came into effect in 2018. It’s done great things for consumers, like allowing you to pay online in a more secure way or paying via bank transfer for an online service without having to manually type in all the information in your banking app.
Despite PSD2 saying that consumers should know the ‘real costs and charges’ of a payment, foreign exchange providers continue ripping you off because loopholes in the law enable them to hide fees in inflated exchange rates. You would think it would have led to more transparency, and make hidden fees - or exchange rate markups - a thing of the past. If only!
Join us in calling on the European commission to put an end to hidden fees when sending money abroad. Respond to the consultation now.
