Transferwise suggest that that the old, traditional banks don’t fare so well when it comes to price. But customers now have far better alternatives — fintechs, challenger banks and digital providers — who are setting far better standards for international transfers.
Transferwise ask whether these new dogs are up to old tricks when it comes to being transparent with their pricing?
After a trawl of Starling’s site Transferwise conclude that Starling Bank are pretty transparent when it comes to their pricing.
Here’s what they found:
- Their exchange rate and fees for sending abroad are crystal clear
- Starling’s Euro account is free if you’re topping up and cashing out in euros
- Their “no fees overseas” claims is mostly true
Transferwise verdict:
Starling is setting a great standard for the rest of fintech. They are cheap and they stand by their word. They pass our transparency exam with flying colours (purple and turquoise). But as they add more offerings, they might need to take a second look at earlier “free” claims. And it’s ok to charge for some things — if the prices are easy for customers to find.
More: Starling x transparency.