This episode offer an extensive analysis of the international money transfer industry, primarily contrasting traditional banks with online money transfer service providers (MTOs). One source highlights that banks use the costly SWIFT network, charging multiple fees and less favorable exchange rates, whereas MTOs like Wise utilize clever local account networks to offer faster, cheaper, and more transparent transactions by avoiding the SWIFT system. Complementing this, the World Bank's Remittance Prices Worldwide report monitors global remittance costs across different service provider types and regions, confirming that banks are the most expensive service providers, averaging 14.55 percent, compared to lower costs for MTOs and mobile operators. Furthermore, the Wo ...