We're operating a hub-and-spoke model. Our spokes are domestic bank transfers in and out of the currencies we support. And our hub is a centralized counterparty

We're operating a hub-and-spoke model. Our spokes are domestic bank transfers in and out of the currencies we support. And our hub is a centralized counterparty where we convert currency. Then we receive the converted currency in our local bank accounts. That currency conversion counterparty is world-leading in the services they offer to institutions, and we're excited to offer it to consumers for the first time. We support the fastest possible domestic rails (GBP Faster Payments, EUR SEPA Inst, USD ACH Same Day, etc). Unfortunately most domestic rails aren't instant (like USD) - and we can't make them any faster - but for those that are (like EUR) we support instant transfers. Our default delivery speed is two business days - this incurs no cost of capital to the business. But we know customers are sometimes transferring money urgently, so we offer an Express delivery. This is instant for EUR and as fast as the schemes support for other currencies. Express incurs a cost of capital equal to the currency forward rate, which is a true uncapped variable cost. So we have to pass that on to customers through a separate fee (0.05%), as it's something our signature fixed fee just can't cover. But it's always optional - and customers can always make a transfer regardless of size for just £3.