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Calling for more transparency in the UK: Take action now!

Joshua Contreras
Joshua Contreras
20.03.23 (updated more than 1 year ago)
Read time 1 minute

Help change the law!

Last year, when sending money abroad, British consumers and businesses lost £5.6 billion in fees. Is it bonkers? Yes! Is it surprising? No.

Financial providers continue to rip people off by hiding fees in inflated exchange rates. They’re able to do this because the rules are too vague. You now have the chance to tell the UK Treasury to put an end to this and make hidden fees a thing of the past. That’s why we need you to tell the Treasury why price transparency matters to you and to millions of people who send, spend, or receive money internationally.

Help us ban hidden fees and make transparency in international payments the norm by responding to the Payment Services Regulations’ Call for Evidence.

Explain how you or someone you know was ripped off by hidden fees and what needs to change. Here is an email template you can use, but please personalise your message to be even more powerful:

Email the Treasury to stop hidden fees

To: PaymentServicesCfE@hmtreasury.gov.uk
Subject: PSRs consultation response from a consumer
Bcc: nothingtohide@wise.com

Dear Treasury,

My name is [enter your name here]

I regularly send money internationally and get overcharged because my provider hides fees in bad exchange rates. It is essential that all British consumers know the total cost of making a foreign exchange transaction, including any upfront fees and charges in the exchange rate when sending money to any currency in the world.

We shouldn’t have to do complicated calculations to understand the total cost of sending money. Providers must be required to show the total cost of making a transaction - including any exchange rate mark-up. It’s crucial that the language is strong enough in Part 6, Sections 44(d) and 45(d) of the law, and includes a mid-market exchange rate as a benchmark, so exchange rate mark-ups are no longer hidden from consumers like me.

I hope you make international payments transparent to stop consumers like me being ripped off.

Kind regards,

[Your name]

Let them hear directly from you. Personalise your comments in your email to the Treasury, explain why it’s important for providers to be transparent about transfer costs before consumers decide to complete a transaction. They should provide easy-to-find, fee breakdowns without concealing them in exchange rates or login requirements so people can easily compare costs between different providers and choose the most affordable option.

Learn more about the state of transparency in the U.K.

Sources used:

  1. Research by Public First, 2022
  2. [Payment Services Regulations Review and Call for Evidence])(https://www.gov.uk/government/consultations/payment-services-regulations-review-and-call-for-evidence

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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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