For decades, banks and foreign exchange services have used hidden fees to overcharge consumers on international transfers and travel money.
The EU have passed a new law that will 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.
This is only the first step. This new law is good news for millions of pensioners, retirees, expats, students, and businesses who need to convert their money or make overseas payments within the European Union, but they will still get ripped off when they send, spend or receive money outside the European Union.
The fight is not over. Banks and other international payments providers have over a year to make these changes. It’s only a few tweaks, so there is no reason for them to wait that long. Hold them to account. Sign up here and demand to #knowwhatyoupay when you send and spend your money abroad.