Wise

In 2011, Taovette Henricus and Christo Kairman sat in London frustrated. Banks offered to convert his pounds to euros and take a cut. They quoted exchange rates worse than Google. Nobody questioned it. The banking industry kept rates secret, buried under hidden fees. The money moved eventually and banks profited. Nobody saw how much they lost through the spread. A thousand pound transfer meant receiving 700 euros instead of 750. The bank showed one rate on their website then applied another. The spread generated $200 on every 10,000 pound transfer. Customers paid 5% in hidden costs. Losses stayed hidden from all users completely and permanently.