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Plenty of
consumers will be all too familiar with the historically laborious and costly
task of sending money abroad.
The outbound UK
retail FX transfer market is worth around £60 billion a year, according to a
survey carried out by FXCintel on behalf of the Financial Conduct Authority (FCA)
in 2018.
Where
traditionally, high street banks and traditional providers were the primary way
consumers transferred money internationally, recently, online exchange
providers have gained significant traction among consumers, by leveraging lower
infrastructure costs and new technologies.
The shift to online
platforms should in theory have increased transparency for consumers. However, with
many providers overcharging customers through hidden charges, inflated exchange
rates and even using personal customers to subsidise their business custom,
that’s simply not the case. What’s worse, it’s likely thousands of customers
are losing money on their transfers without even realising.
The Advertising Standards Authority (ASA) and the FCA have been aware of companies potentially misleading customers with false advertising or incorrect rates. This has led to a handful of well-known firms having complaints upheld against them.
In 2015 the ASA
ruled that the widespread use of website “currency converters” by online FX
providers, including many of the largest ones, was potentially misleading. This
was because the interbank rate they returned could not be achieved. The FCA
agreed, it stepped in and by 2018 they were all but gone.
However, instead of replacing the potentially misleading prices
with meaningful information, many firms have chosen not to give any upfront pricing at all. They often
advertise their services as having ‘no fees’ or even as ‘free int… Read More
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