Bureaux de Change: Exchange Rates and Fees and Charges
The question
To ask the Chancellor of the Exchequer, whether she plans to require currency exchange services for consumers to display the (a) live exchange rates and (b) commission charged to consumers.
Answered by Emma Reynolds
The Payment Services Regulations 2017 outline requirements on UK payment service providers regarding disclosure of fees and charges to the payer where currency conversion is provided as part of a payment transaction. Provisions under the Cross Border Payments Regulation also contribute to price transparency, with further requirements regarding how foreign exchange costs are communicated before a payment is made.
The Government recognises the importance of transparency of fees and charges in ensuring effective competition between payment service providers. These regulations, amongst other things, are intended to enable consumers to make informed decisions when making use of payment services, including where currency conversion is offered as part of a payment transaction.
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