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The British public are owed £5.6 Billion.
Yes, you read that right.
Research shows that in 2015, the UK public lost over £5.6 Billion to hidden bank and broker fees - including more than £1 billion in holiday money, overseas cash withdrawals and card purchases.
That's over £200 per UK household.
These hidden fees are on top of the stated charge, which is sometimes advertised as ‘free’ or ‘0% commission’. Most people have no idea how much they’ve paid to access their own money.
Harry Wallop, consumer journalist and Stop Hidden Fees spokesperson, said:
“It’s impossible to know how much your foreign currency is costing you. Whether you’re buying holiday money at the bureau de change or sending money overseas via your bank account, the pricing structure is designed to confuse you and obscure the real costs.
So the banks and brokers have been able to overcharge us without us knowing. It’s time the Government took action on behalf of the consumer and deliver on their pledge to Stop Hidden Fees.”
How can I help?
Simple. Make your voice heard.
Last year, in response to our Stop Hidden Fees campaign, the Government made an election pledge to stop banks and brokers from using misleading pricing in foreign exchange.
So far, we’ve seen no concrete action.
Sign the Stop Hidden Fees petition and help us make a difference.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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