Transparency in foreign exchange rates

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Transparency in foreign exchange rates

Additional Information

A lot of people are not aware about the extra costs hidden in the exchange rates used by providers of foreign exchange services (banks, exchange offices, etc). Often people are attracted by the words: 'NO COMMISSION TO BE PAID'. A lot of people don’t realize that the extra costs are hidden in the exchange rate provided. In many occasions more than 10% of the amount exchanged.

For example instead of 1.155 (ECB & BOE) a rate of 1.0395 is used. It means you pay EUR 11.55 in costs, being 10%!! of the base amount.

The action I would like the government to take: Exchange rate providers will be obligated by law to use 2 figures:
1) spot rate as a basis (so for everyone the same)
2) costs charged by the provider on top of the basis

This way there will be full transparency improving life for the Big Society.

Please forward the link of this E petition to your contacts. It will most likely help the people in you direct environment too!

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