Banks are losing their customers, as customers now prefer to send money through various payment services. TransferWise’s online service owner, Taavet Hinrikus, quoted as saying “due to rate mark ups losses up to 5.6Billion pounds in the UK per year”. Employees of the Bank Santander Group has tried to refute this statement, drafting a response, stating that banks do not receive such profits, because it does not take into account the banking costs. Also stating customers of these online services actually are not protected by the financial services compensation scheme in the case of virtual money theft. Consumers and businesses are losing £5.6bn a year in the UK because of rate mark-ups.