The BBC has hailed the rise of FinTech companies taking on the banks.
In today's article the BBC praises streamlined new money transfer services, including TransferWise:
"Banks and independent money transfer giants such as Western Union and MoneyGram, charge about 5-8% in fees when transferring money abroad, and these fees are often concealed within the exchange rate. TransferWise charges just 0.5% of the amount being converted. This can equate to a £100-£150 saving on a £5,000 international money transfer."
TransferWise co-founder Taavet, quoted in the article, expressed his frustration with traditional methods:
"We didn't understand why transferring money had to be so expensive. With us, it's all about transparency - that's really important. We choose the mid-market rate when we transfer money. Banks are really bad when it comes to building consumer-centred products. People expect systems to be as simple as Skype, which we had experiencing building. We've been working on this system for four years - it's quite a piece of art. We're a technology company at heart, not a bank. We believe that the future of money is digital."