Even worse, they were totally unaware of it.
That’s because banks intentionally mislead on exchange rates. They often advertise “€0 fee” or “no fee”, while setting their own currency conversion rates and pocketing huge profits.
So we launched a campaign to stop these confusing practices. And they listened. Earlier this year, the European Union introduced a new law designed to crack down on hidden fees.
It's due to be implemented in 2020 but we still need your support. For now, the new rules are limited to online, intra-EU payments only. And that's not fair.
Join us and help ask the government to end hidden exchange rate markups for all Europeans.
Even your “no foreign transaction fees” credit cards and bank transfers contain inflated exchange rates
Small businesses can be penalised for being 'unsophisticated' and unaware of the impact of an exchange rate margin
8 out of 9 Europeans who have made a foreign currency transaction still can't work out the cost of a transaction
We believe in transparent pricing. In fact, that's the whole reason TransferWise exists.
Our fight for fair pricing in the EU has gone well so far, and it's now best practice for banks and providers to show their true costs upfront within the EU. But we've still got a long way to go, to make sure all Europeans know what they pay to send and spend their money abroad.
Sign our petition to ask the government end the hidden fees on international payments.
And share the petition with your friends—let's make sure they know what they pay, too.