It’s nearly impossible to figure out what the cost of sending money is, and what current charges cover. That’s why it’s important that all providers in the industry communicate fees in a clear and understandable manner. Those fees need to be disclosed before the payment is confirmed and need to be presented in one upfront amount, so consumers know exactly how much it is going to cost them to send that money. Crucially, it needs to be separated from the sending amount. This means that if someone sends €250 to another country, the total cost of that payment is €8.5. Importantly, this should include both the upfront fee (e.g. €5) and the exchange rate mark-up, e.g. €3.5 when we compare the provider’s rate to the mid-market rate). Doing this will help people understand exactly what they’re paying for.