If you’ve ever travelled abroad or tried to send money across international borders, hidden fees and unfair exchange rates have no doubt been a massive and expensive headache.

In this week’s episode of the 7investing podcast, Lead Advisors Luke Hallard & Krzysztof Piekarski sit down with Rina Wulfing, Senior Manager for the North American policy team at Wise ($WIZEY) to discuss the company’s original founding story and mission: to empower its users with a transparent system that sends money cost effectively and instantly across borders.

We discuss junk fees — what they are and how Wise is working with regulatory agencies to limit their adverse impact on customers.

We also discuss why direct access to US banking systems is limited to certain types of financial institution, and why this hits US consumers and businesses (and visitors!) in the pocket.If you ever travel internationally, or are looking to upgrade your legacy banking arrangements, today’s episode is a must listen conversation that will give you better insight into the finance industry, and will save you money!