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Junk fees are eroding trust, changing behavior and creating financial stress

The junk fees experience is widespread

Americans are feeling the strain of junk fees in many areas of their lives. While the focus has been on travel, hospitality and events, this research found that Americans noted they are most impacted by a junk or hidden fee being included when using a credit card or in financial services.

As Americans become further educated on junk fees, they are changing how they budget, where they spend their money and what they purchase. Trust and consumer choice are shifting — especially in financial services.

Junk fees impact all aspects of Americans’ everyday lives — including international payments.

Many Americans who have experienced a junk fee in a financial transaction have noted negative impacts from:


Sending a payment to someone in another country


Receiving a payment from another country


Using a credit / debit card in a foreign country and ATMs

Action must be taken against junk fees in financial tractions and international payments

In looking at international transactions, 81% of Americans agree that a hidden fee included in a currency exchange transfer (i.e. currency exchange markup) is a junk fee. This makes sense when you take into account that Americans lost $5.8 billion in hidden exchange rate markups during 2023.

To help Americans, we need to include financial transactions, including international payments / remittances, as part of junk fees initiatives by regulators and policymakers. 2x-1000x1000-a006145.png

Help us make a change

Ask your member of congress to show their support by asking the U.S. consumer finance watchdog (CFPB) to end junk fees in international payments / remittances. The more personalized your email, the more it will encourage policymakers to take action.

Is your bank not being transparent?

International money transfer providers often hide junk fees in exchange rate mark-ups. Compare your bank's rate to Google's to see the difference.
Send the money from your online banking

Hidden fees story

"I spend a lot of time in Canada, and it is expensive to use my USD with these markups and fees." *Kate, Massachusetts


Junk fees impact all aspects of Americans’ everyday lives — including international payments.

Read the report