Press Release FCA deadline

15.10.18

FCA deadline looms over money transfer industry!

Consumer confidence in money transfer firms given
helping hand by new service

As the Financial Conduct Authority’s consultation into the promotion of rates and fees in the money transfer markets nears it’s deadline for comments*, Xompare.com has launched a comparison service using real-time data feeds from market leading money transfer providers. Consumers can now compare ‘actual’ rates available from providers alongside a full breakdown of all fees.

David Noble, Founder said, “Regulators have forsome time been concerned that consumrers are not always in charge of all the facts when transfering money overseas. Often people don’t realise that ‘no fee’ doesn't always mean there’s no fee. Likewise there are other unforeseen fees that consumers can incur when moving money abroad that may not be apparent upfront."

Using direct data feeds, Xompare.com gives confidence to consumers looking for fee transparency to ensure they have all the facts before committing to sending their money overseas. The website shines a bright light on all of the potential costs involved in transferring money abroad. Xompare has been built on a core set of values and principles underpinning all of the information presented on the site: 

  • Xompare only obtains information in a live or real time manner
  • Xompare collects all costs and data which can affect a decision to transfer money
  • Information is presented in a manner that is clear and transparent to consumers and allows for
    a fair comparison of payment service providers

About Xompare: Xompare.com is a money transfer comparison website, using real-time data feeds, to enable consumers and businesses to save money and time by choosing the best provider to suit their needs.

* https://www.fca.org.uk/news/press-releases/fca-consults-rules-and-guidance-improve-conduct-and-communications-payment-services-and-e-money