KOHO, Canada’s main challenger bank, is proud to announce it has partnered with TransferWise, the worldwide funds firm to assist Canadians uncover the true value (charges) of sending cash abroad.
By including the flexibility to scan for remittance charges to their What the Payment calculator, KOHO has made it even simpler for shoppers to grasp the hidden charges they pay for conventional banking. These pricey, secret remittance charges can add up, usually surpassing 5% and affecting immigrants who’re sending cash residence to their households overseas.
“We started this company to bring awareness to issues like this. We believe financial products should default to transparency, simplicity and affordability,” shared Daniel Eberhard, Founder and CEO of KOHO. “We’re honoured to team up with TransferWise to help bring awareness to the financial clarity Canadians should demand,” he added.
To provide Canadians the chance to raised perceive the place their cash goes, KOHO initially launched What The Payment in April 2019. The info gathered over the summer time tells a transparent story of these incomes the bottom incomes are in the end paying the very best charges on this nation, usually from banks that invoice themselves because the no or low-fee possibility.
“For too long now, Canadians have not been fully informed about hidden fees when they send or spend money abroad. KOHO’s fee tracker will now allow consumers to calculate exactly how much they lose from inflated foreign exchange rates,” mentioned Nick Catino, Head of Public Coverage at TransferWise (Americas). “We are really excited that KOHO has joined TransferWise in raising awareness on the lack of transparency in international payments.”
New analysis from KOHO has discovered some eye-opening information that reveals simply how a lot Canadians are paying in undisclosed charges.
- The common Canadian pays round $159 in bank charges per yr, a few of the highest on the earth (that’s greater than what most financial savings accounts with a $12,000 stability would earn in annual curiosity)
- People who find themselves within the backside 10th percentile of account balances are paying virtually 13% of their earnings in charges, whereas the highest 10th percentile are paying .33%
- Customers of smaller monetary establishments spend 50% much less in plan charges (i.e. common account fees) and 10x much less in curiosity charges on a month-to-month foundation than customers of the large 5 banks
With the purpose of serving to to steer the business in direction of Open Banking, KOHO continues to push for extra transparency throughout the Canadian monetary system. From their no hidden price construction to spending insights in real-time, transparency is ingrained in all elements of the corporate.
Uncover your hidden bank charges utilizing What The Payment and see how your account compares to the common Canadian’s.
KOHO offers a smart spending account with no-fees. The complete-service account comes with a reloadable Visa card that earns cashback on each buy, and an built-in app that helps customers spend sensible and save extra. Rooted within the perception that the monetary system ought to be open and intuitive, KOHO goals to take away friction from the banking expertise via a extra human and clear method.
TransferWise is a world expertise firm that’s constructing one of the simplest ways to maneuver cash all over the world. Whether or not you’re sending cash to a different nation, spending cash overseas, or making and receiving worldwide enterprise funds, TransferWise is on a mission to make your life simpler and prevent cash.
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