Picture this: You just land a great job, but it’s in a different country. You make the necessary arrangements, and you move there. Problem is, you need to send money back to your country regularly, maybe to pay for a mortgage, a phone bill or your family’s expenses.
Come payday, you calculate your budget and come up with the money you need to send before visiting the bank, only to find out that you lose a significant chunk of money to the bank by sending it. This is because banks do not follow the mid-market rate.