Banks are not the only option for foreign exchange and international remittance. Most consumers don’t know this. It makes the illuminal impression that Banks hold a facade monopoly position in the Foreign exchange and remittance markets, whereby they continue to offer sub-standard service at exorbitant prices to an unknowing public. Very often you have to pay high exchange and transfer fees.
According to Sable FX, an independent Foreign exchange and Remittance provider, it is estimated that 300 million per year is lost to these monopolies. The anomaly would occur because a huge number of consumers of Foreign exchange and remittance services would not aware that there are better options in the market. Continue reading