Have you ever seen an advertisement that said it contained something for free? We have all probably bought a dodgy product or service one time or another only to find out later that it wasn’t exactly what we were promised. In our recent blog article (31,298 Complaints In One Year? (No, Not CurrencyFair!), we shared a quote from the UK Advertising Standards Authority (ASA) after it had received 31,298 complaints about 18,990 ads (none about us, that’s for sure!). Here’s how the ASA’s recent annual report described the problem of dodgy pricing:
We’ve all experienced it – you respond to an advertised price only to ﬁnd that by the time you make the ﬁnal purchase there are extra costs involved. Whether it’s booking fees, credit card charges or admin costs, they can all add up to an unpleasant surprise. So-called ‘bait-pricing’, ‘drip-pricing’ or ‘partition pricing’ are unclear pricing structures that are of real concern to consumers, honest businesses and us.The big danger area for any person or business owner sending money abroad is the claim of ‘zero commission’ or ‘free currency transfer.’ There are many companies which claim to offer ‘free currency transfer’ – banks and post offices are notorious for this. They are, of course, charging you money in other, hidden, ways. (We’re still not quite sure how they’re allowed to get away with it).