According to McKinsey $10 trillion is sent across borders by consumers and small businesses every year; however it is an industry which is known for charging customers very high rates; the World Bank estimates that the average cost of a remittance is 6.94% of the transfer value; TransferWise has been one of the leaders in driving down costs for many years; Taavet Hinrikus, co-founder and chairman of TransferWise writes in Wired how 2020 is the year that the banks wake up to transparency; one of the big changes is the new landmark ruling from the EU’s Cross-Border Payments Regulations which will require banks to disclose the full costs of international transactions up front. Wired
