Banks admit to ripping you off in these secret recordings [video] (transferwise.com)

It's great to see someone standing up to banks at last! Nice to see them forced to admit their shameful shortcomings.

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.

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.

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.

Banks have been getting away with murder for decades. This video really does capture the ridiculousness of what is going on daily. Exposing 'daylight robbery' is one brave step. But this is just the tip of the iceberg.

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?

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.