Started 1 petition
Stop companies using hidden fees to make unfair profits in foreign exchange
For decades, banks and brokers have overcharged consumers wanting to use their money abroad. Whether for a holiday or to transfer money to friends and family overseas, millions of consumers are being ripped off every year. In 2015 the Government backed TransferWise's campaign to put an end to hidden fees and pledged to stop banks and brokers from using misleading pricing in foreign exchange. We’re closer than ever to making finance fairer for everyone who needs to send money abroad - but we still need your support. We’re calling on you to sign our petition today to tell the Government, regulators and banks that you think hidden fees should be history. Banks and brokers conceal the true cost of transactions by hiding their fees in exchange rate markups. Consumers and SMEs lose over £500,000,000 a year to hidden fees in the UK alone. The system is loaded against consumers. Unaware of the real costs of foreign exchange, and unable to compare the true prices, they are being ripped off. This needs to change. It’s time to stop hidden fees in foreign exchange. You deserve to know what you are paying. International money transfer fees and foreign exchange can and should be transparent. That means: • For every transaction, a clear breakdown of the cost of the service, upfront. • Fair exchange rates - the mid-market rate or at least the publication of the difference between the offered rate and the mid-market rate. • A crackdown on the use of misleading terms such as "free" and "0% commission". Sign our petition today to call upon the Government to deliver their pledge and help us stop hidden fees for good.