WAs Brexit slowly approaches, its consequences become noticeable bit by bit. According to a study by market research firm Consumer Intelligence on behalf of the payment provider Transferwise, the cost of a referral to the United Kingdom over the past three months has risen by an average of 17 percent for the five largest financial institutions in Germany.
Postbank customers need to do the most. Compared to July of this year, the transfer of funds to the British Isles at 19.79 euros today costs 25 percent more than at the time. The price increase at Deutsche Bank is not significantly lower at 23 percent. There, the transfer cost today already 21.55 euros.
The most expensive is this with 30.71 euros at the Commerzbank. However, that was already longer, because in July the institute demanded 29.90 euros. Also at the savings bank and the payment service Western Union fees rose by 21 and still 11 percent. Despite high price increases, Postbank remains the cheapest with less than 20 euros.
Western Union is getting more expensive
Remarkable, so Transferwise, that the basic charges remained unchanged. Rather, the costs rose due to less favorable exchange rates due to higher surcharges. The savings bank, which put 85 cents in July, now requires 5.29 euros. Postbank and Deutscher Bank also increased their premium several times over.
While the costs for Great Britain rose in the case of German banks, Western Union increased prices for a larger number of countries. On average, these costs 37 percent more than in July. Poland has 85 percent more, the United States 41 percent, Turkey 37 percent.
By contrast, Commerzbank's costs fell by just under one percent on average. Deutsche Bank demands just under seven percent more, Sparkasse 4.5 percent.
Kristo Käärmann, co-founder and managing director of Transferwise, says banks and financial service providers want their price increases to go undetected. "While the official fee remains unchanged, they are secretly screwing up the exchange rate and striking up considerable additional costs. Instead of taking advantage of the good price, consumers now pay even more. "
Transferwise claims to facilitate international transfers at the true exchange rate and communicate all costs transparently. On average, a transfer costs 5.75 euros.
Consumer Intelligence has analyzed for five currencies how much consumers pay for a transfer of 1,000 euros from the various providers. The analyzed costs are composed of the official transfer fees and the hidden surcharge on the exchange rate.