Calling for more action: The state of transparency in the UK
Did you know that British consumers and businesses paid a staggering £5.6 billion in 2022 alone just by sending and spending money abroad? The main culprit? Hidden fees in exchange rates. But here's the good news: we're fighting to change that. Let's help make price transparency the norm and change the law.
The Cross Border Payments Regulation (CBPR2) aims to end hidden fees and finally force banks and other providers to disclose exactly what it costs for you to send money cross-border in the EU.
But Belgian banks still aren’t playing by the rules. And most consumers aren’t aware of their rights to transparent fees, so the law isn’t being enforced.
Do you have a Belgian bank account? Or know someone who does? Follow these next steps:
Click here to submit a complaint to Meldpunt
The British public lost £5.6 billion in a single year when sending or spending money abroad.
UN Sustainable Development Goal
The British public lost £5.6 billion in a single year when sending or spending money abroad. Even worse, they were totally unaware of it.
The problem is simple: banks and foreign exchange providers can currently bury hidden costs in the exchange rate offered to individuals and small businesses. They do this by offering their customers a significantly inferior exchange rate than the ‘real’ exchange rate at the time - the so-called ‘mid market rate’ - and pocketing the difference, all the while advertising their service as ‘no fee’ or ‘0% commission’.
New EU initiative to reduce the cost of remittances announced
The European Union proposed action to cut the cost of remittances and deliver on the United Nations Sustainable Development Goals in their Consultation on a retail payments strategy for the EU. This must be delivered, and the Nothing to Hide Foundation community will make sure that this happens.
Just before Christmas you may have been sent a message from your bank saying they won’t be charging you for making euro payments from non-euro countries like the UK. That there’s no longer a fee for making a payment in Europe. (They’re still planning on charging you for non-euro payments outside the EU…)