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Brits lost £5.6 Billion in hidden fees in 2015
####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.
*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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