Premier League clubs got stung for more than £22 million in hidden foreign exchange (FX) fees during this summer's transfer window, according to new analysis that exposes how currency brokers quietly skim millions from European player deals.

The data from financial platform Glyde tracked 71 permanent transfers between June 16 and September 1, focusing on moves where English clubs had to convert pounds to euros to sign players from leagues like the Bundesliga, La Liga and Serie A. What they found was a systematic pattern of brokers adding hidden markups that clubs likely never noticed.

Liverpool Leads Premier League in Hidden FX Transfer Costs

Liverpool took the biggest hit, losing over £3.6 million to inflated exchange rates after spending nearly £280 million on players from Germany, Italy and Spain. But it wasn't just the traditional big six getting burned. Sunderland, fresh off promotion, ranked second with more than £2.2 million in hidden costs – a significant chunk for a club without the financial muscle of Manchester City or Chelsea.

“Football transfers are negotiated down to the last detail, but what clubs don't see is the hidden cost eating away at their budgets when they move money across borders,” said Ellis Taylor, CEO and Co-Founder of Glyde. “That is money that should be going into performance on the pitch, not lining the pockets of brokers.”

The worst individual transfer for hidden fees was Liverpool's £116 million capture of Florian Wirtz from Bayer Leverkusen, which cost an extra £1.5 million in FX markups. Hugo Ekitike's £79 million move from Eintracht Frankfurt to Liverpool added another £1 million in hidden costs.

The practice, known as “skimming” in financial circles, works by brokers adding small percentage markups to exchange rates. A 1.3% fee might sound trivial, but when applied to a £100 million transfer, it quickly becomes serious money. The analysis shows brokers consistently added these hidden costs across deals involving British pounds, which got hit harder than euro-based transactions.

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FX Costs Affect Clubs Across the League

The top 10 worst-affected clubs collectively lost nearly £17 million, with Arsenal (£1.7 million), Chelsea (£1.6 million) and Tottenham (£1.4 million) all taking substantial hits. Even smaller spenders like Nottingham Forest and Wolves lost over £1 million each to currency markups they probably didn't know they were paying.

Manchester United's £73.7 million signing of Benjamin Šeško from RB Leipzig generated £958,000 in hidden fees, while Newcastle's capture of Nick Woltemade from VfB Stuttgart cost an extra £897,000. These amounts represent money that could have been invested in squad development or infrastructure instead of disappearing into broker profits.

The analysis used Glyde's exchange rate calculator, which has examined over 3,400 global transactions over three years to identify how brokers add undisclosed markups. The tool reveals costs that often exceed what organizations expect to pay for currency conversion services.

Forex Industry Practices Under Scrutiny

The Financial Conduct Authority (FCA) has previously criticized hidden FX markups by traditional brokers as poor practice, yet the analysis shows the problem persists across different industries and transaction sizes. Transfers involving British pounds face average hidden costs of 1.3% compared to 0.9% for euro-based deals, despite the euro being Europe's most actively traded currency.

With Premier League spending significantly outpacing other European leagues, English clubs face particular exposure to these practices. Currency fluctuations and opaque broker methods compound costs without clubs necessarily understanding the full impact. For example, the summer 2024 transfer window saw record Premier League spending exceed £1.7 billion on European players alone.