Calling for more action: The state of transparency in the UK
Did you know that British consumers and businesses paid a staggering £5.6 billion in 2022 alone just by sending and spending money abroad? The main culprit? Hidden fees in exchange rates. But here's the good news: we're fighting to change that. Let's help make price transparency the norm and change the law.
Wise was founded in 2010 with the belief that international finance should be more fair and transparent. A decade later, we’re expanding the movement, with Nothing To Hide, a global grassroots campaign striving to bring transparent pricing to international payments to help achieve the United Nations Sustainable Development Goal of reducing remittance prices below 3% by 2030.
New EU initiative to reduce the cost of remittances announced
The European Union proposed action to cut the cost of remittances and deliver on the United Nations Sustainable Development Goals in their Consultation on a retail payments strategy for the EU. This must be delivered, and the Nothing to Hide Foundation community will make sure that this happens.
Just before Christmas you may have been sent a message from your bank saying they won’t be charging you for making euro payments from non-euro countries like the UK. That there’s no longer a fee for making a payment in Europe. (They’re still planning on charging you for non-euro payments outside the EU…)