Fintech still beats banks on money-transfer value

Latest figures show banks' fees for global payments are three times higher than those of fintech specialist brokers

Technology
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While the charges levied by UK banks on international money transfers have seen a sharp fall over the past year, they continue to offer poor value for businesses and individuals sending foreign currency abroad, says FXcompared.com in its latest International Money Transfer Index (IMTI).

In the past four months alone, the cost charged by banks to transfer money abroad has dropped by as much as 22%. Despite this substantial decrease, banks' fees are still three times higher than those of their

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