Finance FAQs

Update on the European Union’s fairer finance proposals

Wise

10.10.18 (updated more than 1 year ago)

Read time 1 minute

A few months ago, we wrote about the European Union’s proposals for cheaper and fairer cross border payments in the EU.

As part of their regulations, the EU pledged to create a fully transparent currency conversion market for anyone who sends or spends their money abroad.

However, these were just a draft.

Last week the European Parliament published additional amendments that made it absolutely clear – the cost of bank transfers must be more transparent. If passed, consumers and businesses will see the actual cost of a transfer when they send money from their banks account internationally.

It’s great news. And combined with better information about the cost to pay with a card abroad or take money out of a foreign ATM, we’ll see a huge difference.

But nothing is certain yet.

We’re still waiting for the three institutions – Parliament, Commission, and Council – to come to a joint decision on what these changes will look like. And industry has been lobbying hard. They don’t want to be required to be honest about the total cost of fees and the exchange rate mark up.

That’s where you come in.

The national capitals in the Council have shown some opposition. But that’s where you come in. We need people from every member state in the union to join us. Sign up below and help us make hidden fees in foreign exchange a thing of the past.

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