Fifteen of London’s biggest fintech companies, including Wise, Revolut and Monzo, have come together to demand an urgent review of legislation regarding hidden bank fees for international payments. according to Finextra.
In an open letter to the Chancellor Jeremy Hunt, the fifteen signatories claim that consumers and SMEs in the UK lost a total of £5.6 billion in mostly hidden foreign exchange fees in 2022, and current ambiguous legislation allows major providers to keep earning profits through these hidden fees.
„There is widespread practice of firms showing currency conversion services as have ‘zero fees’ or ‘0% commission’,” the letter continues. „This is highly misleading when a much larger charge is embedded in the exchange rate, ranging from 2.5% – 3.7% over the mid-market rate for a transfer to EUR or USD with a UK highstreet bank, but this is never communicated to the customer.”
The letter urges the Chancellor to address the issue in its ongoing Payment Services Regulation review.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
