A few weeks ago we reported how international money transfer innovator, TransferWise was taking to the streets of London on the eve of Halloween to protest hidden fees in the money transfer industry.
Today, we’re back to report that the fight is still on.
On Thursday, TransferWise launched the next stage in its offensive to bring greater transparency to bank and brokerage fees. The company hosted an event at Westminster, unveiled an online petition calling for the end of hidden fees, and earned a statement of support from Chi Onwurah MP, Shadow Cabinet Minister for Digital Government:
“After the Libor and forex scandals, public confidence in foreign exchange transactions is at an all time low. So I welcome TransferWise’s campaign for greater transparency. I want UK holiday makers to get the best deal possible – and know what they are being charged.”
TransferWise issued a three-point manifesto calling on banks and brokers to:
- Provide a clear breakdown of the costs associated with every transaction
- Publish the difference between the exchange rate offered by the provider and the true, mid-market rate
- Put an end to the use of misleading terms such as “free” and “0% commission” where hidden charges are applied.
Co-Founder of TransferWise Taavet Hinrikus said, “In fact, hidden fees are so pervasive in the industry, we sometimes struggle to convince potential customers that ‘free’ or ‘0% commission’ services aren’t free at all.”
“Our polling shows that 58% of Brits would consider shopping around for their financial services if they could compare prices more easily,” he added.
Based in London and founded in 2010, TransferWise was last on the Finovate stage for the London conference in 2013. See a video of the company’s demonstration from FinovateEurope here.