SENDING money abroad isn't exactly sexy. Important, yes - thrilling, not so much. However,
While apps that enable users to spend, send and change money are nothing new, Zing's commitment to 'radical transparency' makes it distinctive. Zing's customers know exactly what they're paying for the service, with Zing giving its customers the 'real' exchange rate (the one you see on Google) and charging an upfront fee. At Wise, we welcome this. Since we were founded thirteen years ago, we've done the same - and called for others to follow suit.
Allowing customers to compare the market and encouraging competition shouldn't be exceptional. Yet it is. Every single major high street bank continues to mark up the exchange rate given to customers, thereby hiding their own fee.
This may sound like a niche problem, but it isn't. Millions of Brits have international money needs, with 42 per cent of the country sending or receiving remittances each year. These remittances are crucial. Of those that send or receive money across borders, 52 per cent say the money they send is vital to their overseas family and community's wellbeing - while 15 per cent rely on receiving remittances to support their day-to-day life in the
In total, tens of millions are lost to hidden fees each year in the
Last month, the great and the good met at
Opacity across banks' services only erodes trust. It convinces people that banks exist to make as much money as possible, at whatever cost. It's part of the reason why only 22 per cent of Brits think banks give them a 'fair deal'. It needs to change, people should be able to trust their bank.
Zing's launch is a good thing, but it barely scratches the surface. If
(c) 2024 City A.M., source