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


Who? The Financial Consumer Agency
How? Submit a complaint about your bank to the FCAC.
Read more here


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.


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.


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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