[asfasfo]

None of the above. They are actually cheaper than most alternatives. I believe their "trick" is to maintain accounts in each country such that a cross country remittance doesn't actual involve money movement which saves on fees.

[axlee]

Can't any random international bank propose the same service for cheaper? Or are they already making more money than Wise ever would by taking larger fees?

[mchusma]

I heard an interview from Wise where they just talked about all the random things they did to just drive down costs. They know people care mostly about speed and cost, so they focus there. It seems to not really be 1 thing, but a million small optimizations.

[Scoundreller]

They could, but, yes, it's too profitable to charge extra margin to unsophisticated customers.

Maybe one day.

Banks probably charge a lot less to those moving hundreds of millions around. But the people/businesses occasionally moving around $1000-$1m have been getting shafted for an eternity.