That is not to deprecate the achievement of Wise. It has taken a traditional financial activity, the remittances of money from richer countries to generally less well-off destinations, and revolutionised it by using modern technology.
Because it operates entirely online and uses modern data processing, it chews away at traditional money transfer outfits such as Western Union with vast networks of offices. Moreover, it has exposed what amounts to profiteering by banks.
It conducts transfers at about a tenth of the price when the exchange rate turn made by traditional banks is taken into account.
The opportunity is vast. At their peak in 2019, remittances from the G20 most wealthy nations to the developing world reached £400billion, according to World Bank data. Covid led to a 20 per cent dip last year but the scale is obvious.
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