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Next step should be regulating currency exchange rates. Not sure about rest of Europe, but banks here have such a high spread they effectively add 2 to 4 % fee
by glogla 8y ago
Next step should be regulating currency exchange rates. Not sure about rest of Europe, but banks here have such a high spread they effectively add 2 to 4 % fee to every transaction. And it's even worse than normal fees, because it's hidden from the clients.
If you know about it, you can do something about it (like using Revolut or some credit cards with better exchange rates), but most people just get stolen from.
- pas 8y agoRevolut. I'm not saying they will forever offer interbank-rate exchange, but currently they do. And this is a very simply commodified service, so it should be solved by new entrants to the market.
- charlesdm 8y agoI ask my bank for an 80% discount on their official rate to exchange USD <-> EUR. They comply. There are alternative brokers, such as Interactive Brokers, that will also offer great rates. A magnitude better than Transferwise when dealing with larger amounts.
- miohtama 8y agoAccording to new regulation, these fees must now be displayed upfront, so that the customer may compare options transparently.