TransferWise, for example, charges six times less for international cash transfers than Santander, a high-street bank.
—The Economist in ‘The great foreign exchange rip-off is coming to an end‘
I’ve never understood using multiples for discounts. What does charging ‘six times less’ even mean?
I understand what charging ‘a sixth’ means – ⅙ times the original.
I understand what charging ‘six times’ (more) means – 6 times the original.
I do not understand what ‘six times less’ means. It’s a ridiculously ambiguous term, and I’m sad that even the Economist used it.
P.S.: I love Transferwise. I cannot comprehend how people transferred money internationally before it came around – it’s fast, it’s cheap, and it’s transparent. Everything that the banking system is not. I really love it.