“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 doing business in more than six countries will increase 129% in the next three years. 50% of all UK SME international trade is with Europe.”
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