UK banks charge SMEs £4bn in hidden international money transfer costs per year – Study

From Bobs Guide –

“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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ANZ class action suit set to begin in Australia

From BBC

“A class action suit filed against Australia and New Zealand Banking Group (ANZ), one of Australia's big four banks, is set to begin on Monday.

Some 38,000 customers have taken the bank to court over claims that it charged them "exorbitant fees".

These include 'dishonour' fees on bank accounts, as well as over- limit fees and late payment fees on credit cards.

A lawyer representing the customers estimated the total fees charged by ANZ to be around A$50m ($46m).”

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