Money Reimagined: Ending Money’s Distance Trap

Money Reimagined: Ending Money’s Distance Trap

For Australians of my generation, historian Geoffrey Blainey’s phrase the “tyranny of distance” was the defining descriptor of our place in the world, a place that seemed awfully far from everyone else. 

In September of 2020, with hundreds of millions of broadband-connected homes using global video-conferencing services like Zoom and with remote work the norm for white-collar workers everywhere, we might believe distance is now a non-issue – not just for Aussies but for anyone. In the COVID-19 era, geography seems irrelevant. 

But while the internet has removed location as a constraint on communication and leveled the playing field for building human and business connections, we can’t say the same for how we exchange value with each other – at least not yet. The cost of using money and the capacity for middlemen to charge transfer fees very much depends on where you are. 

Location will determine how much it costs you to move money around the world: 1% transaction fees for sending to London from New York, for example, versus 19% from Botswana to

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