Nearly half of Brits thought that fees and terms were often in very small print, with 24% finding it difficult to understand
Brits are letting their cash run away, with almost a quarter admitting that the small print has made it difficult to understand what they are really paying, with billions of pounds lost in the confusion.
24% of people in the UK who have sent or spent money internationally in the last 12 months believe financial institutions are making it difficult to understand the true cost of their services, according to research. A separate study by Wise found that Brits had lost £3.1 billions, something likely exacerbated by small print confusion.
Nearly half (45%) of people thought that banks and financial providers print fees and terms very small, with 24% finding it difficult to understand.
The survey, conducted by international money app Wise, also uncovered widespread dissatisfaction with hidden fees and confusing terms and conditions when sending money abroad.
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More than half (52%) felt that international payment fees are hidden and unclear and over a third (34%) said they were surprised about unexpected costs.
Three in ten believe the international payments service offered by their bank falls below modern financial apps they use in other areas.
Wise conducted the ‘Smallest Small Print Challenge’ in London this month to help passers-by to understand how difficult it can be to understand fees.
Passersby were invited to try their luck at finding hidden fees and terms by using a microscope to examine a petri dish filled with rice.
The challenge demonstrated how information was often buried in the tiniest of details, making banks and financial institutions a frustrating and difficult experience for consumers.
Aaron Wilson, Product Lead at Wise said: “We know that people struggle to make sense of the small print, which hinders transparency, so consumers can’t find the best rates from providers.
“While some banks and other financial providers have made some strides towards greater transparency by calculating and displaying their foreign exchange margins, there is still much more to be done.
“At Wise, we’re all about giving people more for their money with transparent, mid-market exchange rates, so they never have to squint to find the real cost of their transfer or international transaction.”
In 2023,one woman who thought she had won a £2million house in a competition was left ‘heartbroken’ after receiving only £5,000.
Loretta, from Radford, Nottinghamshire, was declared the winner of the Win My Home competition for a luxurious property in Nottingham’s Park Estate. The announcement was made in a 55-second video on the competition organiser’s website. A woman is seen bearing flowers as she approaches Loretta’s home and declares her the winner of their prize draw, without specifying what the prize was.
The 35-year-old teacher expressed her heartbreak upon learning that instead of the house, she would be receiving a mere £5,000. “It was heartbreaking because my property at the moment is a death-trap, that’s why I entered it,” Loretta said. She claims she was unaware of a term listed on the website stating that if net sales did not reach £2.5m, the winner would instead receive 50 percent of the net proceeds.