Thread by @Wise

So @NatWestGroup has not only kept on hiding fees despite a new regulation forcing them to disclose costs of international transfers…

They’ve also increased during a global pandemic. #banksaresneaky 👇

Under CBPR2, banks finally have to be transparent about what and how they’re charging you for your transfer between European currencies.

But look at the exchange rate offered by @NatWestGroup, and the one on Google. 🤷‍♀️🤷‍♂️

Why so different?

And it doesn’t stop there.

At the height of the pandemic, @NatWestGroup almost doubled its markup to 4.57% on GBP-EUR transfers.

And more than double on other currencies.

This is a prime example of why we’re concerned about legislation like CBPR2.

Without clear rules or clear deadlines, banks will continue to hide the total cost and pocket the profits. Sometimes, they’ll even do it overnight in the middle of a global crisis.

Help make transparency the new norm by making others aware:

- Check whether your bank or provider is being sneaky.
- Then spread the word on social media: share a screengrab of the rate they provided you for your international transfer vs the mid-market rate.

Tag the bank and TransferWise. And add #banksaresneaky to your post if you can fit the characters in.

This is so we can compile evidence and let them know there’s more of us wanting transparency.