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Banks in 'best position' for keeping current accounts

Taavet Hinrikus, of transfer service Transferwise, says "keeping your balance is something banks are in the best position to do", but on everything else, they are being challenged.

The BBC found changing currencies with a newer online firm was less than half the price of an average bank transaction.

And there are opportunities for firms like his to grow. Only about a third of consumers have used non-banks for financial services, he says.

  • 28 Mar 2016