You set up a foreign currency transfer. The money leaves your account. It disappears for days. And then it turns up (significantly reduced) in the recipient’s account.
That’s just how it works right?
But have you ever wondered what happens to your money in that in-between period? Where it goes? Why so much of the money disappears?
Most banks pass your money around a complex and opaque global relationship network to get it from point A to point B - with every hand that touches the money taking (more than) a few dollars.
Of course, it’s all lumped together and listed as one fee on your statement.
It’s an easy fix, right? Take the banks out of the equation. And we’ve done just that - so you can send your money directly, which is much faster and much more cost-effective (with the same level of security). Here’s the thing, though - other people are doing that too. But they haven’t learnt the right lesson. They’re still making exactly the same mistake that the banks are making: