I just got off the phone with Citibank after noticing a bunch of “Foreign Transaction Fees” on my bank statement — turns out that when you use your credit or debit card outside of the US, Visa and Mastercard charge 3% in transaction fees on the spend. It doesn’t matter if you use an ATM, buy over the Internet/phone, or walk into a store — the credit-card companies always dip their beaks.

the financial industry is totally ripe for disruptive innovation.

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