In a recent survey published on Facebook, 1075 UK consumers answered whether or not they felt that travel money companies should be able to advertise ‘0% commission’ without disclosing that additional charges are built into exchange rates. A total of 1000 people – 93% of respondents agreed that “this leading form of advertising should be banned.”
In the UK, many big name travel money companies like Travelex, Marks & Spencer and the Post Office commonly use “0% commission” as a strapline to advertise their services. However, as this doesn’t reflect the true cost to the consumer, many travellers are now calling for this practice to be banned.
Some of the Facebook comments from participants included…
John Carter: “Why is there no regulator for this 0% commission claim? Especially with the Olympics coming up there is a great opportunity for UK Government to set a Kite Mark standard.”
Phil Higham: “Companies should be prepared to be open about ALL their charges so customers can make an informed decision.”
David Edwards: “Misleading advertising is wrong in any circumstances. With particular regard to foreign exchange it highlights our nation as ‘rip-off Britain’. It is perfectly acceptable for a service provider to charge a fee but that fee should be completely transparent and fair comparisons should be accessible in plain simple English.”
Stephen Heath, CEO of travel money card provider FairFX.com added: “It seems that the lack of transparency in this marketplace has hit a nerve with consumers, and that a campaign needs to be started to come up a better way of comparing the overall cost of travel money.”
The survey results and consumer feedback can be viewed at http://www.facebook.com/home.php?sk=question&id=10150234362257164.
