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Study: UK Banks Charge SMEs £4bn in Hidden International Money Transfer Costs Per Year

- 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 ...

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