Nearly 200,000 members of the U.S. Armed Forces are stationed worldwide. Many live off base with their families, making everyday purchases like cars, utilities, and groceries in foreign currency. Others send money home to their families in the U.S. However, many service members are unknowingly overpaying due to hidden fees embedded in exchange rates, particularly when using on-base ATMs that falsely claim to have no conversion fees.
Financial service providers must prioritize transparency for those converting or sending money while serving overseas. By eliminating hidden foreign exchange markups, we can significantly reduce the $300 million lost in unnecessary fees each year—putting more money back into the pockets of those who need it most: service members and their families.
