This time we have turned our focus to foreign exchange fees and partnered up with our buddies at Transferwise and Resolver to Fight Overseas Fees.
Independent research by YouGov and Consumer Intelligence reveals the average Brit stands to lose £16,796 to bad exchange rates when spending money abroad over their lifetime. That's money the average person could be putting to much better use.
The problem is most people still use their bank or a bureau de change to exchange their money, and get hit by bad exchange rate as a result. While the odd charge might seem small, being caught out every time you go abroad means they can really add up in the long-term. On family holidays alone, over a lifetime, most Brits will lose £845 to unnecessary exchange fees!
Banks and travel money providers continue to make it difficult for consumers to understand the true cost of spending overseas. We want to bring much needed transparency to these financial services.
Traditionally, foreign currency is either advertised as ‘free’ or with just a small upfront fee - eg. ‘buy your holiday money for £2.99’.
Banks, the bureau de change, and other brokers will then make most of their profit by adding the bulk of their fee to a poor exchange rate - a hidden fee. If you’re sending money abroad with your bank, there may also be hidden receiving fees that aren’t advertised.
Independent research from HMT’s Behavioural Intelligence Unit shows that consumers are unable to figure out the true costs of the transaction when it’s priced in this way. That’s not fair.
Fight Overseas Fees is a calculator which links to your online banking and works out your losses on foreign currency over the past 12 months. For the first time, you can easily take matters into your own hands and check if you’ve been overcharged.
Not only that, thanks to complaints service Resolver, you can easily complain about your bank or holiday money provider and help to put an end to this practice of untransparent pricing. You can also sign our petition and say no to bad exchange rates once and for all.
Give it a go yourself, head to fightoverseasfees.org and help fight the fees!
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