The $582bn Industry Thriving on Hidden Fees

In recent years, the introduction of modern technology has powered the rate at which our lives became globalised. Inventions that we now take for granted, such as the commercial airliner, have changed the way we see the world; bringing distant communities closer together. The arrival of the mobile phone, for example, has changed the way we communicate, dismissing distance as an obstruction. These technologies, and many more, have spurred the development of a truly global community. Borders have become more open as people from all backgrounds are free to relocate to practically anywhere. While many industries have evolved quickly in order to assist globalisation, a fundamental industry has remained outdated, and it’s a big one.

Whether you’re supporting a family member who’s studying abroad; living abroad as an expat; or an employee working abroad to support a family back home; transferring money is likely to be a frequent occurrence for you. While the money transfer industry is very established, with household names such as Western Union, Lebara and TransferWise, the services available have quickly fallen behind the times.

With so many providers to choose from, each offering different rates, choosing one require significant time and research. In fact, it would take you over 5 and a half hours to individually search through the 100+ money transfer providers in the UK, and by the time you’ve finally compared the often concealed rates of all the available providers the rate is likely to have changed and your son or daughter has spent the last of their money at the student nightclub and is now waiting for your transfer in order to secure a greasy breakfast. You’ll then have to send Know Your Customer (KYC) forms, and other personal info, to your chosen transfer company for review. Tied in with handling the Anti Money Laundering (AML) requirements, this could take 2–26 days to review. At which point your son/daughter has started selling their school books and living on meal deals. Combine this lengthy process with the high transfer costs, low transparency, poor customer service and frustrating an user experience, and it becomes clear just how outdated the industry truly is.

So what can be done to bring the $582bn¹ industry up to speed? One UK based start-up has a convincing solution, and it’s turning the heads of users and investors across the globe. Find.Exchange, founded in 2015, has spotted the pitfalls of the current services available in the money transfer industry and have developed a convenient solution, which is evolving quickly. Founder and start-up wizard, Ricky Lee, responsible for creating ‘Revolut’ (now worth £300m), spotted an opportunity to save people time and money on their transfers.

Having spotted the potential of the rapidly growing comparison market, often used for insurance and travel, Find.Exchange brought the comparison services to the money transfer industry. This has provided users with a number of advantages. Not only can users compare the rates of transfer providers in real time, they can also check the live exchange rates, compare the estimated transfer time of each provider and have KYC and AML handled by Find.Exchange, enabling users to quickly transfer with any desired provider. Users can now use Western Union in the morning, Lebara in the afternoon, and Transferwise in the evening without the hassle of having to be KYC’d by each company!

The Find.Exchange solution is looking to lead the way for the future of the transfer industry. Find more information at https://find.exchange.

Find.Exchange 2015

¹https://www.forbes.com/sites/rogeraitken/2017/01/14/remitly-shaking-up-billion-dollar-digital-remittances-market-adds-massachusetts-to-network/#5c0ef52f49b5

The $582bn Industry Thriving on Hidden Fees was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.