Latest news with #Edgar
Techday NZ
20 hours ago
- Business
- Techday NZ
Wise urges New Zealand MPs to end NZD $667m FX fee losses
Wise has urged Parliament to address what it describes as misleading bank fees on foreign transactions, claiming these are costing New Zealanders hundreds of millions of New Zealand dollars each year. The call was made as part of Wise's submission to Parliament's Finance and Expenditure Select Committee on the Financial Markets Conduct Amendment Bill 2025, which is currently under consideration. Wise contends that changes are needed to protect both consumers and businesses who are affected each time a currency conversion takes place, whether through sending money overseas, shopping online, travelling abroad, or operating businesses internationally. Hidden costs Research commissioned by Wise from Edgar, Dunn & Company indicated that New Zealanders lost a total of NZD $667 million to hidden foreign exchange (FX) payment fees in 2023. According to projections, this figure is set to increase to NZD $991 million by 2029 if current practices continue. Wise argues that these losses are primarily due to banks advertising "fee-free" international transactions while actual costs are concealed via inflated exchange rates. Tristan Dakin, Country Manager ANZ at Wise, stated: "New Zealanders think they're getting a good deal because they see 'no fees' or 'zero commission'. But the real cost is hidden in the exchange rate mark-up, which can be vastly different to the rate you find on Google. By ensuring more transparency, parliament can put millions back into the wallets of consumers, while removing barriers for small businesses that want to expand internationally." Regulatory context New Zealand currently has no specific legal requirements in place to tackle the problem of hidden FX costs in cross-border banking and payments. However, Wise's submission follows growing discussions in both local and international contexts about the need to enhance competition and transparency. Last year, the New Zealand Commerce Commission noted there "appears to be room to improve competition" in this area, and the G20 is already working towards making international payments more affordable, faster, and more transparent worldwide. Dakin also commented: "What the banks are doing right now is unfair, misleading, and is somehow perfectly legal. That needs to change, or they will continue to take an unfair share from Kiwi consumers and businesses. With the Financial Markets Conduct Amendment Bill 2025 and the growing international calls for reform, it's only a matter of time before governments all around the world take action on misleading FX fees." He added: "New Zealand has an incredible opportunity to set an example for the rest of the world. These proposed reforms offer a practical, low-cost solution that would help Kiwis make better choices and save money, while driving competition and innovation in the space." Proposed measures Wise's submission recommends several changes be included in the Bill. First, they suggest that all banks and financial service providers should be required to display the full cost of a transfer upfront, showing both fixed fees and exchange rate mark-ups. Wise also calls for a ban on advertising that implies transfers are "fee-free" when costs are actually embedded in the exchange rate. It believes that standardising how prices are displayed would make it easier for consumers and businesses to compare service providers effectively, and that key terms like "mid-market exchange rate" should be clearly defined to maintain consistency across the sector. The G20 has also cited the importance of enhancing cross-border payments, arguing that faster, cheaper, more transparent and more inclusive services would benefit citizens and economies worldwide by supporting economic growth, trade, development, and financial inclusion. Wise referenced this international perspective to highlight the relevance of its recommendations in the New Zealand context. Committee consideration The Financial Markets Conduct Amendment Bill 2025 remains before the Finance and Expenditure Select Committee, which is expected to report later in the year. Wise, supported by the data from its commissioned research, is urging policymakers to act in order to address what it sees as a lack of transparency and competition in cross-border payments. The company's submission is part of a wider movement across several jurisdictions to regulate and clarify the costs of international money transfers and currency exchanges, amid projections of growing sums lost to hidden fees in the years ahead.
Scoop
21 hours ago
- Business
- Scoop
Wise Urges Parliament To Act On Misleading Foreign Transaction Fees That Cost Kiwis Hundreds Of Millions Each Year
As the Financial Markets Conduct Amendment Bill 2025 moves through parliament, Wise highlights the full scale of the problem to MPs Wellington: Wise is calling for more transparency and fairness on foreign transactions, as New Zealand consumers and businesses continue to be ripped off by hidden fees. In a submission to Parliament's Finance and Expenditure Select Committee on the Financial Markets Conduct Amendment Bill 2025, Wise explains how banks claim to provide 'fee-free' cross currency services while hiding true costs behind inflated transfer rates. According to research by Edgar, Dunn & Company, commissioned by Wise, New Zealand consumers lost a total of NZD 667 million due to hidden FX payment fees in 2023, with this figure projected to increase to NZD 991 million by 2029.1 Tristan Dakin, Country Manager ANZ at Wise says: 'New Zealanders think they're getting a good deal because they see 'no fees' or 'zero commission'. But the real cost is hidden in the exchange rate mark-up, which can be vastly different to the rate you find on Google. By ensuring more transparency, parliament can put millions back into the wallets of consumers, while removing barriers for small businesses that want to expand internationally.' Growing push to tackle hidden FX While there are no current laws in place in New Zealand to address the issue, momentum for change is growing. Last year, the NZ Commerce Commission said there 'appears to be room to improve competition' in the space. And internationally, the G20 is acting on its roadmap for making international payments cheaper, faster, and more transparent. Dakin adds: 'What the banks are doing right now is unfair, misleading, and is somehow perfectly legal. That needs to change, or they will continue to take an unfair share from Kiwi consumers and businesses. With the Financial Markets Conduct Amendment Bill 2025 and the growing international calls for reform, it's only a matter of time before governments all around the world take action on misleading FX fees. New Zealand has an incredible opportunity to set an example for the rest of the world. These proposed reforms offer a practical, low-cost solution that would help Kiwis make better choices and save money, while driving competition and innovation in the space', says Dakin. The Bill is currently before Parliament's Finance and Expenditure Committee which is due to report on 19 October. Wise is calling for the following changes: Require banks and financial service providers to show the full cost of a transfer upfront, including both fixed fees and exchange rate markups. Ban advertising that claims transfers are 'fee-free' when a fee is hidden in the exchange rate. Standardise how pricing is shown, so people can compare providers easily. Define key terms like 'mid-market exchange rate' to ensure consistency. 1 The 2023 hidden fee data from Edgar, Dunn, and Company (EDC) were calculated based on the exchange rate margin offered by the largest banks in New Zealand when their customers move money from the country. Fee data from 2024 to 2029 are projected based on expected GDP growth of New Zealand. About Wise: Wise is a global technology company, building the best way to move and manage the world's money. Wise has more than 400,000 active New Zealand customers. With Wise Account and Wise Business, people and businesses can hold 40 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new network for the world's money. One of the world's fastest growing, profitable tech companies, Wise launched in 2011 and is listed on the London Stock Exchange under the ticker, WISE. In fiscal year 2025, Wise supported around 14.8 million personal customers and 700,000 business customers, processing approximately £145.2 billion in cross-border transactions, and saving customers an estimated £2 billion.
The Irish Sun
6 days ago
- Entertainment
- The Irish Sun
I'm 25 & my man is 76 – trolls say our ‘disturbing' relationship ‘should be illegal' & ‘his grandkids need a Pre-nup'
A YOUNG woman has found herself on the receiving end of a barrage of abuse after showing off her age gap relationship. Diana Montano, 25, is dating an older man 51 years 2 A 25-year-old has shared an insight into her relationship with her partner who is 51 years her senior Credit: tiktok/@diana_edgar7 2 But Diana Montano, 25, has received a harsh reaction from nasty trolls who think her relationship with Edgar, 76, "should be illegal" Credit: tiktok/@diana_edgar7 Not only this, but haters have criticised Diana and 76-year-old Edgar's relationship, with many saying it 'should be illegal.' And that's not all, as keyboard warriors have gone as far to accuse the 25-year-old of being a ' Posting on social media, Diana, who often shares As they stood in front of Edgar's car collection, which includes a silver Porsche, the couple danced together and shared a sweet kiss. Read more on relationships Diana, who moved out of her family home at the age of 18 and is now incredibly 'independent,' flicked her hair and pouted for the camera, whilst Edgar confidently smiled. Alongside the short video, Diana penned: 'Date night ❤️.' In other clips, Diana has opened up about her However, after hearing about how 'how he treats' Diana, her mother has now met him and 'is accepting' of their pairing. Most read in Fabulous Diana explained that her parents have given her the 'freedom' to make her own decisions and while her father hasn't yet met Edgar in person, he doesn't have 'too much of a judgement' and 'trusts' Diana's decision. Diana's short but sweet TikTok clip, which was posted under the username @ I'm 20 and my man is 63 - people say he looks like Shrek and I must be in it for the money, but I'd still love him if he was a cleaner Not only this, but it's also amassed 902,200 likes, 7,825 comments and 260,200 shares. But social media users were left totally divided by Diana and Edgar's A-list age gap relationships that have stood the test of time Kris Jenner & Corey Gamble - 25 years The Kardashian matriarch, 69, met her younger man, 44, at a mutual friend's 40th birthday party in Ibiza. They've been together since August 2014. Sam & Aaron Taylor-Johnson - 23 years The director, 57, and actor, 34, reportedly met at a film audition in 2009, and were married by 2012. The pair share two daughters and Sam has two children from a previous marriage. Rosie-Huntington-Whiteley & Jason Statham - 20 years The model, 37, started dating actor Jason, 57, in 2010. They were wed in 2016 and have since welcomed a son and a daughter together. Catherine Zeta-Jones & Michael Douglas - 25 years Catherine, 55, was introduced to Michael, 80, a film festival in 1996 and engaged three years later. Shortly after their engagement, the couple welcomed a son and married in 2000. While some thought their relationship was 'beautiful,' at the same time, keyboard warriors were out in full force and didn't hold back from expressing their thoughts. One user beamed: 'Such a beautiful couple!' A second chimed in: 'Love this for you! My best relationship was with a much older man.' His grandkids gotta talk to him about a Pre-nup TikTok user Whilst someone else gushed: 'He probably treats her better than anyone her age.. do you queen.' However, not everyone was as kind, as one person said: 'This is low key disturbing.' Another added: 'His grandkids gotta talk to him about a Pre-nup.' Not only did many say the age gap 'feels illegal,' but someone else commented: 'It Whilst one user claimed: '110% in it for the money.' Unlock even more award-winning articles as The Sun launches brand new membership programme - Sun Club
Scottish Sun
6 days ago
- Entertainment
- Scottish Sun
I'm 25 & my man is 76 – trolls say our ‘disturbing' relationship ‘should be illegal' & ‘his grandkids need a Pre-nup'
Trolls believed Diana was "110% in it for the money" DATE DEBATE I'm 25 & my man is 76 – trolls say our 'disturbing' relationship 'should be illegal' & 'his grandkids need a Pre-nup' Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A YOUNG woman has found herself on the receiving end of a barrage of abuse after showing off her age gap relationship. Diana Montano, 25, is dating an older man 51 years her senior and trolls have described their relationship as 'disturbing.' Sign up for Scottish Sun newsletter Sign up 2 A 25-year-old has shared an insight into her relationship with her partner who is 51 years her senior Credit: tiktok/@diana_edgar7 2 But Diana Montano, 25, has received a harsh reaction from nasty trolls who think her relationship with Edgar, 76, "should be illegal" Credit: tiktok/@diana_edgar7 Not only this, but haters have criticised Diana and 76-year-old Edgar's relationship, with many saying it 'should be illegal.' And that's not all, as keyboard warriors have gone as far to accuse the 25-year-old of being a 'gold digger' and even suggested that Edgar's grandchildren 'need a Pre-nup.' Posting on social media, Diana, who often shares age gap relationship content online, uploaded a short clip of her and her silver fox, leaving many open-mouthed. As they stood in front of Edgar's car collection, which includes a silver Porsche, the couple danced together and shared a sweet kiss. Diana, who moved out of her family home at the age of 18 and is now incredibly 'independent,' flicked her hair and pouted for the camera, whilst Edgar confidently smiled. Alongside the short video, Diana penned: 'Date night ❤️.' In other clips, Diana has opened up about her age gap relationship and revealed that when she first met Edgar, her parents 'did not accept'. However, after hearing about how 'how he treats' Diana, her mother has now met him and 'is accepting' of their pairing. Diana explained that her parents have given her the 'freedom' to make her own decisions and while her father hasn't yet met Edgar in person, he doesn't have 'too much of a judgement' and 'trusts' Diana's decision. Diana's short but sweet TikTok clip, which was posted under the username @diana_edgar7, has clearly left many open-mouthed, as it has quickly gone viral and racked up 9.2 million views. I'm 20 and my man is 63 - people say he looks like Shrek and I must be in it for the money, but I'd still love him if he was a cleaner Not only this, but it's also amassed 902,200 likes, 7,825 comments and 260,200 shares. But social media users were left totally divided by Diana and Edgar's age gap relationship. A-list age gap relationships that have stood the test of time Kris Jenner & Corey Gamble - 25 years The Kardashian matriarch, 69, met her younger man, 44, at a mutual friend's 40th birthday party in Ibiza. They've been together since August 2014. Sam & Aaron Taylor-Johnson - 23 years The director, 57, and actor, 34, reportedly met at a film audition in 2009, and were married by 2012. The pair share two daughters and Sam has two children from a previous marriage. Rosie-Huntington-Whiteley & Jason Statham - 20 years The model, 37, started dating actor Jason, 57, in 2010. They were wed in 2016 and have since welcomed a son and a daughter together. Catherine Zeta-Jones & Michael Douglas - 25 years Catherine, 55, was introduced to Michael, 80, a film festival in 1996 and engaged three years later. Shortly after their engagement, the couple welcomed a son and married in 2000. While some thought their relationship was 'beautiful,' at the same time, keyboard warriors were out in full force and didn't hold back from expressing their thoughts. One user beamed: 'Such a beautiful couple!' A second chimed in: 'Love this for you! My best relationship was with a much older man.' His grandkids gotta talk to him about a Pre-nup TikTok user Whilst someone else gushed: 'He probably treats her better than anyone her age.. do you queen.' However, not everyone was as kind, as one person said: 'This is low key disturbing.' Another added: 'His grandkids gotta talk to him about a Pre-nup.' Not only did many say the age gap 'feels illegal,' but someone else commented: 'It should be illegal.' Whilst one user claimed: '110% in it for the money.' Unlock even more award-winning articles as The Sun launches brand new membership programme - Sun Club
The Sun
6 days ago
- Entertainment
- The Sun
I'm 25 & my man is 76 – trolls say our ‘disturbing' relationship ‘should be illegal' & ‘his grandkids need a Pre-nup'
A YOUNG woman has found herself on the receiving end of a barrage of abuse after showing off her age gap relationship. Diana Montano, 25, is dating an older man 51 years her senior and trolls have described their relationship as 'disturbing.' 2 Not only this, but haters have criticised Diana and 76-year-old Edgar's relationship, with many saying it 'should be illegal.' And that's not all, as keyboard warriors have gone as far to accuse the 25-year-old of being a ' gold digger ' and even suggested that Edgar's grandchildren 'need a Pre-nup.' Posting on social media, Diana, who often shares age gap relationship content online, uploaded a short clip of her and her silver fox, leaving many open-mouthed. As they stood in front of Edgar's car collection, which includes a silver Porsche, the couple danced together and shared a sweet kiss. Diana, who moved out of her family home at the age of 18 and is now incredibly 'independent,' flicked her hair and pouted for the camera, whilst Edgar confidently smiled. Alongside the short video, Diana penned: 'Date night ❤️.' In other clips, Diana has opened up about her age gap relationship and revealed that when she first met Edgar, her parents 'did not accept'. However, after hearing about how 'how he treats' Diana, her mother has now met him and 'is accepting' of their pairing. Diana explained that her parents have given her the 'freedom' to make her own decisions and while her father hasn't yet met Edgar in person, he doesn't have 'too much of a judgement' and 'trusts' Diana's decision. Diana's short but sweet TikTok clip, which was posted under the username @ diana_edgar7, has clearly left many open-mouthed, as it has quickly gone viral and racked up 9.2 million views. I'm 20 and my man is 63 - people say he looks like Shrek and I must be in it for the money, but I'd still love him if he was a cleaner Not only this, but it's also amassed 902,200 likes, 7,825 comments and 260,200 shares. But social media users were left totally divided by Diana and Edgar's age gap relationship. A-list age gap relationships that have stood the test of time Kris Jenner & Corey Gamble - 25 years The Kardashian matriarch, 69, met her younger man, 44, at a mutual friend's 40th birthday party in Ibiza. They've been together since August 2014. Sam & Aaron Taylor-Johnson - 23 years The director, 57, and actor, 34, reportedly met at a film audition in 2009, and were married by 2012. The pair share two daughters and Sam has two children from a previous marriage. Rosie-Huntington-Whiteley & Jason Statham - 20 years The model, 37, started dating actor Jason, 57, in 2010. They were wed in 2016 and have since welcomed a son and a daughter together. Catherine Zeta-Jones & Michael Douglas - 25 years Catherine, 55, was introduced to Michael, 80, a film festival in 1996 and engaged three years later. Shortly after their engagement, the couple welcomed a son and married in 2000. While some thought their relationship was 'beautiful,' at the same time, keyboard warriors were out in full force and didn't hold back from expressing their thoughts. One user beamed: 'Such a beautiful couple!' A second chimed in: 'Love this for you! My best relationship was with a much older man.' Whilst someone else gushed: 'He probably treats her better than anyone her age.. do you queen.' However, not everyone was as kind, as one person said: 'This is low key disturbing.' Another added: 'His grandkids gotta talk to him about a Pre-nup.' Not only did many say the age gap 'feels illegal,' but someone else commented: 'It should be illegal.'
