HSBC to refund fees days after petition launch

TransferWise
07.12.16
1 minute read

On Nov 19 we launched the #StopHiddenFees petition. Our aim? To change the law and end decades of hidden bank fees. Days later HSBC promise refunds.

Within 24 hours of launch 15,000 of you had signed the petition. UK MPs Chi Onwurah and Stephen Lloyd had given the petition their backing in Westminster. Social media was buzzing. Soon after, Reuters reported that HSBC will be refunding some customers after charging them excessive foreign currency fees. The revolution has begun. Sign the petition: stophiddenfees.co.uk

The Reuters report has unveiled that “HSBC will refund customers across five countries in the Middle East and North Africa for charging them excessive foreign currency fees on debit and credit card transactions.” An HSBC spokeswoman said:

“We found we could have better explained how we charged fees for foreign currency transactions, especially if more than one fee was applicable. HSBC believed the right thing to do was to refund customers any amount that was not entirely clear in the terms and conditions."

This admission of guilt from the banks is just the first step. We’re calling for complete transparency in the market. To get there we need your support. Onwards!

Sign the petition and help us change the law: stophiddenfees.co.uk

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