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.
How a chance encounter between the Managing Director of Direct2Florist and a Wiser on the train led to a great use of our API for automating payouts. Uses...
Saved $10K annually on international banking fees Invested savings into annual team retreat Who are Electric8? Electric8 is a digital consultancy...
Adrenaline Hunter is the leading marketplace in adventure activities with a wide range of bookings available. Mesmerizing experiences with the highest of...
Wondering how a company like Wolt got started, and how they make their international payments? Read this article to find out more
If you want to find out more about Sofar Sounds, and how they pay their artists through Wise, than read this article.
If you want to find out more about TRVL and how they use TransferWise, read this article.