Money is information. Using, storing, moving money should be as cheap and instant as exchanging information. As cheap as sending an email. And certainly it shouldn’t be more expensive or slower if the information crosses country or currency borders.
That’s not the reality. World Bank calculates that people lose 7% on average on cross border, others triangulate the total fees banks charge be $200bn. With TransferWise we’ve brought the fees down to 0.3% on some routes, but we believe it can and should be much cheaper. We have made 27 price drops in the last 9 months and plan many many more. Here’s how we do it.