CFPB warns providers to stop junk fees on international money transfers
- junk fees
- CFPB
If you’ve ever sent money abroad, you’ll probably have seen ‘low’ or ‘no fees’ advertised, but then paid more and / or received less than what you expected. That’s because banks and providers often hide fees. One sneaky way they do this is by giving you a worse exchange rate than the one you find on Google and making good money off the margin. This has been common industry practice, and hardworking Americans have paid the price: U.S. consumers lost $15.4 billion in exchange rate markups over the last three years alone.