CFPB warns providers to stop junk fees on international money transfers
- junk fees
- CFPB
Last year, people and businesses around the world paid £215 billion in hidden inflated exchange rates.
We are asking business, government and civil society to demand an end to the lack of transparency that keeps remittance prices artificially high. We believe there should be nothing to hide.
Stop misleading consumers
Make hiding charges illegal
Show the true cost of international payments today
Together, we can achieve this.
Let's reach our goal 25,000
“Nearly all of my work payments are from overseas in Euros, and I hate to think how much money I have lost through unfavourable exchange rates and hidden charges.”
“Having made or received money transfers to and from family and friends in Sweden I have been directly affected by hidden fees. With my bank, not only is their exchange rate appalling but you also get charged an extra fee for each transaction that you make.”
We want to help achieve the United Nations Sustainable Development Goal to reduce the cost of remittances below 3% by 2030. We can help achieve this goal by making international payments transparent. Hidden fees keep prices artificially high.
What does this mean?
Transparency means that banks and providers will show the real costs of sending or spending money abroad.
How will we do this?
We’ll be honest with our prices. And, we will inform and empower consumers to ask their politicians and policymakers to act to make sure everyone else is honest too.
