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I think the article is missing an important point. Why are there foreign transaction fees in the first place? Also I think that any large service is semi doomed
by jtchang 10y ago
I think the article is missing an important point. Why are there foreign transaction fees in the first place? Also I think that any large service is semi doomed because of the governments in each of the countries you plan to do business in. They want to protect their own banks.
- schappim 10y agoYou're right, however there is a possibility it will play out like Uber. I.E. Many of the states across the globe initially fought hand and tooth to protect their own taxi license systems, only to loosen up later...
- notahacker 10y agoThe financial stability of their economies wasn't dependent on taxi firms.
- brickcap 10y agoYou are right about the countries wanting to protect their own banks. We're not suggesting a "savings account" in the sense that you keep your money in a foreign bank. This is more like an efficient "bank proxy". Does "nginx for banks" explain what I'm trying to say? The money at the end of the day will be kept in your own banks. Your point about foreign transaction fees is also correct in part. There are many layers of fees in a foreign transaction, many portions of which are directly controllable by the parent bank as is already proven by services like Revolut and centtrip. Not much can be done about the remaining charges but even the savings that can be done with the help of a parent bank are very substantial and within the bounds of regulation.