Europeans have a €30 billion problem
From holidaymakers, students funding their student loans, people sending money to support loved ones back home, to small businesses working with overseas...
We'll lose £215 billion to hidden fees unless we act
We’re set to lose £215 billion to hidden fees this year alone.
That's because today, banks and other providers are able to tell you your transfer is free, has a low upfront fee or is “0% commission”. In reality, they hide the real cost in inflated exchange rates. That’s when your provider adds a markup to the mid-market rate you’d see on Google, giving you a worse deal.
Those hidden fees are costing us all a fortune. In 2024, we’re expected to lose over £215 billion in inflated exchange rates. Unless we act now.
Call on the authorities in your country to stop hidden fees.
Below is a list of countries and the relevant authorities. Ask them to stop this dishonest practice and hold banks and other providers accountable.
United States
Who? Consumer Financial Protection Bureau.
How? Submit a complaint about remittance payments by visiting the CFPB’s website or by calling (855) 411-CFPB (2372).
Read more here.
European Union
Who? Find your national competent authority here.
How? Submit a complaint to your national competent authority by using the link on the webpage above.
Read more here.
United Kingdom
Who? Financial Conduct Authority.
How? Tell the FCA that they should crack down on hidden fees by using the contact form.
Read more here
Canada
Who? The Financial Consumer Agency
How? Submit a complaint about your bank to the FCAC.
Read more here
Brazil
Who? The Central Bank of Brazil.
How? Tell the Central Bank to close loopholes within the Total Effective Value (VET) rules to eliminate hidden FX markups by submitting a complaint.
Read more here.
Australia
Who? Minister Stephen Jones, Assistant Treasurer and Minister for Financial Services
How? Let Minister Jones know that you’re concerned about the lack of transparency in costs for international payments by emailing him here.
Read more here.
New Zealand
Who? The Commerce Commission
How? Tell the Commerce Commission that they need to take hidden exchange rate mark-ups seriously by making a complaint.
Philippines
Who? The Bangko Sentral ng Pilipinas
How? Make a complaint to the Consumer Affairs section that banks aren’t compliant with the Manual for Regulation of Banks Circular #298.
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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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