There should be nothing to hide Sending money abroad is a big deal for many Brazilians living international lives. You might be supporting your family,...
Wise was founded in 2010 with the belief that international finance should be more fair and transparent. A decade later, the movement for transparency in international payments is much bigger than Wise.
We're proud to launch Nothing To Hide, a global grassroots campaign striving to bring transparent pricing to international payments to help achieve the United Nations Sustainable Development Goal of reducing remittance prices below 3% by 2030.
There should be nothing to hide.
Remittances are a lifeline to hundreds of millions of people around the world, but most people are unaware of what they’re actually paying to send, spend, or receive money internationally. That’s because banks intentionally mislead consumers on exchange rates. They often advertise “$0 fee” or “no fee”, while setting their own currency conversion rates and pocketing huge profits.
Last year, people and businesses around the world lost $187 billions due to hidden inflated exchange rates. The average cost of sending remittances abroad is 6.04%, a long way from the UN Sustainable Development Goal of less than 3% average remittance costs by 2030.
The World Bank agrees “the single most important factor leading to high remittance prices is a lack of transparency in the market”. Without transparency, there isn’t enough competition to drive down fees and markups.
The answer is simple: What you see should be what you pay.
Most people are unaware of what they’re actually paying to send, spend, or receive money internationally. That’s because providers intentionally mislead consumers on exchange rates. They often advertise "$0 fee" or "no fee", while setting their own currency conversion rates and pocketing huge profits. And then can legally get away with it. This needs to change.
Help us change the law — join Nothing To Hide.
Change is coming — we now have a chance to end hidden fees in international payments around the world by sharing your experience and calling on policymakers to end hidden fees. We need policymakers to address these misleading practices, close the loopholes in the law and make it possible for consumers and businesses to accurately compare prices. By joining you will receive regular updates, and different ways to get involved.
A campaign by Wise to make finance fairer.
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.
Hidden costs in international payments: The overlooked junk fee that’s burning a hole in Americans’ pockets
“Junk fees” were certainly a buzz word of 2023, as the Biden Administration announced a crackdown across industries to protect American consumers. The White...
In a year, US military service members spent more than $455 million on foreign exchange fees. Of that, $301 million was lost in hidden fees.
Wise was founded by immigrants, built by immigrants, and is used by immigrants.
£187 billion! That’s how much people and businesses lost to hidden fees in a single year.
We are here to protect your privacy and are always striving to ensure we remain transparent on how we handle your personal data. We have simplified the layout...