

Banks admit to ripping you off in these secret recordings [video] - dannystar
https://transferwise.com/blog/2014-04/watch-as-banks-admit-to-ripping-you-off-in-these-secret-recordings-video/

======
jc636
I can't believe this is what banks are doing to people's money. We need people
to expose this kind of stuff, it shouldn't exist in the 21st century.

------
dllthomas
_" There is only one real exchange rate – it’s called the mid-market rate"_

Well no, there are two "real exchange rates" \- how many X people will offer
you for one Y, and how many Y people will offer you for one X. The mid-market
rate is a fiction derived from these at which no one is transacting.

------
lupinglade
What's new here? Did anyone not know that banks make money on currency
exchange? The wire transfer is free, but the currency transaction is not. The
two are combined in a process like this but are actually handled independently
by the bank.

------
krixie333
The rapacious forces of bad banking is an issue tiptoed around by the
compliant and blissfully ignorant masses. I applaud any attempt to make a
stand and expose this scandalous behaviour, however risky it may be.

------
Mithaldu
As funny as it is to see this kind of thing online and spread as common
knowledge, i'd much rather see someone take a legal stand and take banks to
court on charges of fraud.

------
arethuza
Isn't this exactly the same as "commission free" foreign currency exchanges -
you don't pay a explicit commission but you get a worse rate?

