Lloyds hidden FX fees – Update

By on May 24th, 2016 in Editorial

In other words, anybody not considered to be a global powerhouse or conglomerate ie: SMEs, is fair game – at least as far as Lloyds are concerned. Luckily, there is an alternative to being overcharged, as Kiki Loizou has pointed out in The Sunday Times again this week.

In her article, Kiki quotes from our 2015 study ‘Breaking out of the FX status quo’ , where more than 80% of participants still used banks for foreign-exchange deals.  We found they were being charged an average fee of 0.8% – that they know of. Ouch.

Kiki spoke with our CEO Alex Hunn to delve into the nitty gritty of bank fees and he told her – “They give you an overall cost so the customer has no idea what the bank has made out of them… it’s a murky world.” You’re not wrong there Alex.

Experts believe the hidden charges are not exclusive to Lloyds, something that we here at freemarket have highlighted previously. So now that it’s not just little ol’ us, listen to Kiki’s (and our) advice, and switch to a provider who won’t discriminate against the size of your business and who will charge you a fair, flat and transparent fee of 0.2%. Hint, we’re talking about ourselves.

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James is freemarket’s Chief Commercial Officer. He has a history of finding new ways to solve age-old financial challenges and was responsible for launching some of the first online money transfer and prepaid card initiatives in Europe.

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