We want banks and remittance providers to show the full cost of international payments.
People sending money to friends and family back home, students paying for overseas student loans, pensioners receiving their monthly payments and many many more - with no hidden fees, and no misleading pricing.
Transparency should apply across the board and not discriminate based on country or currency route. The UN Sustainable Development Goals are clear: by 2030, the cost of remittances needs to be below 3%. It currently hovers around 7%, so we have a long way to go. What’s keeping prices so high? You guessed it: a lack of cost transparency.
Together we can fix that.
We will tell our customers the full price of an international payment: the estimated* total cost of any fees and the exchange rate mark-up (the difference between the exchange rate offered to the customer and an independent mid-market rate like the one you see on Google). This needs to be communicated to consumers clearly as a total cost of fees (e.g. £3.14 or whatever the currency used) and may additionally be expressed as a percentage.
Governments around the world are starting to take notice of the problem of hidden fees. But we’re not waiting for government action. We commit to showing the true cost of an international transfer, wherever you are transferring money, whether you are using the service online or offline, whether you are a small business or a consumer: exchange rate mark-ups and all!
*only estimated as the total cost may vary if the exchange rate is not guaranteed to the customer through a rate 'lock' or 'guarantee'
Phrases like ‘no hidden fees’ and ‘0% commission’ are misleading when there are charges that haven’t been clearly explained. We will not use misleading terminology or imply that there is no charge for our service when there is a cost, such as inflated exchange rates.
Many services only tell their customers how much a transaction costs if people register or even after their payment is confirmed. We believe in being upfront about our costs. We make our pricing available in at least one of the following ways:
- A calculator that allows non-users to work out the cost of making a payment on every route, with all of our pay-in and pay-out methods available, relying on our live rates to calculate the total cost based on the mid-market rate and any fees we apply.
- A live pricing page that sets out the total cost of our service for reasonable hypothetical payment amounts (e.g. €100, €500, €1000, €10000 or source currency equivalent), for all the routes that we offer.
- An open API that gives our current rates and fees for all the route combinations that we offer.
We will use an independent mid-market rate that is publicly available to calculate the cost of converting currency. This rate will be disclosed to the consumer so that they can review the calculation. Independent and verifiable sources include:
- New Change FX
We will not wait until governments impose new price transparency rules, but we will routinely test our user interface to make it even easier for customers to understand the service and the costs associated with it. We’re leading by example and not making empty promises.
This text will appear at the bottom of the page. This tells users how the pledge is kept up to date, and how they can submit queries and request updates.