For decades, banks and foreign exchange services have used hidden fees to overcharge consumers on international transfers and travel money.
The EU are currently debating a new law that would force all foreign exchange providers in Europe to be upfront about the cost of making international payments – and put an end to hidden fees for good. If passed, more than €4bn could be returned to consumers’ pockets.
But banking lobbyists are trying to get the proposals watered down. And if they succeed, they would continue to rip off the millions of pensioners, retirees, expats, students, and businesses who need to convert their money or make overseas payments.
On the 8th October, Members of the European Parliament will debate the new law. There will be a vote on 5th November, and then it will go into behind the scenes discussions called ‘trilogues’. After that, we should have an answer.
But there’s still time for you to influence the debate. Sign up here – it’s time to #knowwhatyoupay when you send and spend your money abroad.