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Almost a quarter (24%) of people in the UK who have sent or spent money internationally in the last 12 months believe financial institutions are making it difficult to understand the true cost of their services, new research reveals. Separate research by Wise has found that Brits are set to lose a staggering £3.1 billion in hidden fees this year alone, likely exacerbated by confusion over small print.

Nearly half (45%) of respondents thought that banks and financial providers print fees and terms very small, with 24% finding it difficult to understand. The survey, conducted by international money app Wise, also revealed widespread dissatisfaction with hidden fees and confusing terms and conditions when sending money abroad. More than half (52%) felt that international payment fees are hidden and unclear, and over a third (34%) said they were surprised about unexpected costs.

Three in ten believe the international payments service offered by their bank falls short of modern financial apps they use in other areas.

Wise conducted the 'Smallest Small Print Challenge' in London this month to help passers-by understand how difficult it can be to comprehend fees.

Passersby were invited to try their luck at finding hidden fees and terms by using a microscope to examine a petri dish filled with rice.

The challenge demonstrated how information is often buried in the tiniest of details, making banks and financial institutions a frustrating and difficult experience for consumers.

Aaron Wilson, Product Lead at Wise, commented: "We know that people struggle to make sense of the small print, which hinders transparency, so consumers can't find the best rates from providers. While some banks and other financial providers have made some strides towards greater transparency by calculating and displaying their foreign exchange margins, there is still much more to be done.

"At Wise, we're all about giving people more for their money with transparent, mid-market exchange rates, so they never have to squint to find the real cost of their transfer or international transaction."