La Línea de la Concepción, Spain -- (SBWIRE) -- 11/27/2014 -- TransferWise has launched a campaign to petition the UK government to abolish hidden fees that banks charge customers when transferring money. Members of Parliament and change.org back the petition dubbed #StopHiddenFees. It is expected to gain support from scores of people around the country and abroad.
For many years, banks have been charging hidden charges, and it is time to put that malpractice to an end. TransferWise (according to thousands of positive reviews) has led by example. It has already abolished its own malpractice of hidden charges and unfair exchange rates.
It has consequently launched this petition to urge industry regulators and lawmakers to make it illegal for institutions to profit from unfair financial practices. stophiddendfees.co.uk is a website fully dedicated to the petition. It takes less than a minute to join the online campaign.
People can sign in and click on the link as show of support for the lobby. There are icons on the website where individuals can spread the message to their friends. One can send the page via email or share it on Facebook and Twitter.
While some financial services are advertised as free, a careful spot check reveals they are not free after all. Similarly, banks and brokers claim to charge a small fee, but it turns out to be exorbitant. Here is how several companies dupe their clients when transferring £1000 to Euros:
Lloyds International says its service is free, but you actually pay £26.48
HSBC says it charges £4, but it has a hidden fee of £34.09
NatWest says it charges £10.00, but the fee is actually £50.66
The UK government has been reluctant in making the action illegal. Now, it is time to urge it to stop hidden fees. The lobby will be heavily advertised throughout and is geared at getting the approval of thousands of customers.
There is perhaps no other effective way of stopping the misconduct than staging a diplomatic expression. While it might be tricky organizing a physical assembly, collecting signatures is expensive and time-consuming. Therefore, the internet is the only useful platform.
According to a report by World Bank, 64% of customers believe the fees that banks and brokers state for money transfers. Only 36% know that other components are included in the stated cost. When revealing these statistics, World Bank said, “This fact confirms that the transparency of pricing is an issue of serious concern for remittance of services.” The figures speak for themselves:
In 2013, customers in the UK paid hidden bank fees totaling £1.3 billion in holiday money
In the opinion poll, 80% of small business people were ignorant of the actual cost of sending money overseas
Out of the UK customers contacted, 91% suppose that services advertised with 0% commission should be actually free.
Evidently, banks and money brokers are very shrewd in concealing their real bank exchange rates. Customers lose tens of billions each year to unscrupulous traders. TransferWise hopes that its partnership with MPs and change.org will eliminate the vice once and for all.
Support the petition same as we do here at Transferwise review. If successful, the rates of money exchange at airports, banking halls and online will greatly reduce. However, if the fete is to be accomplished, its needs tens of thousands of signatures from likeminded individuals.
About Transferwise Review
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