Bye bye bank fees, as tech cuts out costly foreign exchange pain
Banks will hate it, but tourists and expat workers will be cheering as new tech lowers FX fees across SE Asia, while fintechs compete to transform the world’s largest financial market.
A future where travellers pay next to nothing to switch between currencies is on the horizon, as a fight for market share in fintech’s next disruptive frontier promises to erase costly foreign exchange (FX) fees.
Just as big tech players such as WhatsApp in messaging spaces put paid to telecommunications companies’ revenue from charging for text messages and international calls, similar disruption is coming to the world’s largest financial market by daily cash volume.
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Tom Richardson was a journalist at The Australian Financial Review
