Know what you pay.

Help us change the law.

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.

World Bank


The single most important factor leading to high remittance prices is a lack of transparency in the market.

European Commission


The Commission is aware of practices that make it difficult for consumers to make an informed decision when using currency conversion services. It is therefore analysing the possible options to either increase transparency and/or ensure that the fees that are charges are reasonable.

BEUC


Consumers need to have access to simple, transparent and cost-effective financial products, irrespective of where they live in the EU.