Two out of three Belgians do not fully understand how international transactions work or their actual costs, including fees for card payments and foreign currency withdrawals, according to a study by international payments platform Wise in collaboration with research institute iVOX.
Additionally, more then a half of respondents are unaware that banks and payment service providers often apply unfavourable exchange rates.
“Hidden fees can quickly increase costs for travellers, making their dream holidays more expensive than anticipated,” Wise explained, estimating that Belgian consumers could lose up to €955 million in hidden fees by 2025 from using bank cards or making international payments without realising their actual costs.
Wise also highlighted that 42% of Belgians reported being surprised by unexpected fees during international transactions.
Moreover, 47% said their financial institutions rarely or never use clear and transparent language to detail international transaction costs.
“Consequently, they are often overwhelmed by this jargon and give up trying to understand the charged fees,” the company concluded.
