Almost a quarter (24%) of people in the UK who have sent or spent money internationally in the last 12 months believe banks are making it difficult to understand the true cost of their services, according to new research.

A separate study by Wise (wise.com) found that Brits are to lose a shocking £3.1 billion in hidden fees this year alone, something likely exacerbated by small print confusion.

Nearly half (45%) of people thought that banks print fees and terms very small, with 24% finding it difficult to understand.

The survey, conducted by international money app Wise, also uncovered 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 below modern financial apps they use in other areas.

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

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

The challenge demonstrated how information was often buried in the tiniest of details, making banking a frustrating and difficult experience for consumers.

Aaron Wilson, Product Lead at Wise said: "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."