SMBs across the UK are losing nearly £3bn each year to hidden banking fees. Last year, UK SMBs lost £2.8bn to hidden international banking fees according to research by Wise, the international money app - and the problem is being made worse by weak legislation that could be fixed without costing taxpayers a penny.
While much attention is paid to the barriers facing SMBs looking to expand abroad, relatively little is given to that posed by international payments, yet it’s a barrier created by the expensive, complicated and slow services that currently dominate the market. The situation is made worse by poor regulation. Time-strapped SMBs are unable to easily compare the market.
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