How much do you know about what your bank really charges?

A couple of months ago, we teamed up with The Simple Dollar to create a financial literacy quiz that tested people’s knowledge of personal finance and international payments. Check out the results!

Our mission at TransferWise is to build the best, most transparent way of sending money abroad for our customers, so we’re always excited to collaborate with others who share our vision of fairer finance.

Recently, we teamed up with our friends at personal finance blog The Simple Dollar to create a quiz aimed at uncovering where we and other providers need to provide more transparency and education around how financial services really work.

What did we learn?

While people seemed to know more than expected, the survey revealed that consumers still feel like there is too little transparency and clarity when it comes to the true costs of sending and spending money abroad.

These were some of the most revealing results:

• 85% of Americans have paid hidden fees for a service they used
• Nearly half of the respondents didn’t know money transfers aren’t processed on Saturday in the US
• Only 31% of people knew there’s no federal law requiring providers to disclose how much they charge for international transfers
• Most Americans don’t know how much to expect in fees for a payment between the US and the UK

To learn more about the results of the quiz, check out The Simple Dollar’s write-up.