TransferWise targets ‘fake rate’ currency transfers offered by banks

August 28, 2017 3:07

Money exchange service TransferWise has launched a campaign aimed at highlighting the high hidden commissions taken by big banks in overseas transfers.

The campaign against “fake rates” sees individuals working on behalf of TransferWise tweeting the major institutions to ask about charges to transfer money.

After the banks responded by sharing details of the transfer fee, but not revealing the big difference between the rates they buy and sell currency for, the TransferWise tweeters then followed up with messages suggesting the banks were “dodgy” or hiding things.

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Abigail Dawson

Abigail Dawson was Mumbrella's senior content journalist covering event content. She left Mumbrella to move into an agency role in 2020.

Topics

Advertising Ban Fake Rates banking TransferWise

2 COMMENTS

Duncan 28 Aug 17

I like Transferwise and I agree the markups on FX/ transfers by the big banks is a ripoff – but calling them fake is a step too far and may well see the company end up in court. Those rates, bad as they may be, are called a profit margin, there’s nothing actually “fake” about them.

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Steve 13 Sep 17

I agree, ask TW what their fee is and they can’t tell you since they’ll need to know how much you are transferring as the fee is actually a % of the amount (a profit margin) same stuff different name

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