January 14, 2016
- 96% of bank revenues from foreign currency transactions are hidden from small business customers
- The worst offender is Barclays which makes an average of 3.68% on transfers
- Study ranks the best and worst banks across different transaction sizes
Cambridge,UK [Press Release] - A new study has found that UK banks charge small and medium sized enterprises (SMEs) nearly £4bn in hidden transfer fees each year to make international payments. 96% of these fees are hidden from the customer using the exchange rate offered. This is the first time that a study into the actual rates charged by banks has been conducted.
International trade is worth over £700bn to UK SMEs according to McKinsey&Co and recent figures from Oxford Economics show that the number of SMEs ...