TransferWise is a London based start-up that could revolutionize the banking world. After Skype for telecommunications, Airbnb for tourism hosting, TransferWise is bringing about a profound revolution and shaking up banking codes.
While banks charge their clients up to 5% (often hidden fees) for international transfers and payments, and PayPal takes 2% in addition to the exchange rate just for the currency conversion, TransferWise shows clearly its color with a commission of 0.5% on average and informs the payer of what he will have to spend before the transaction is made.
Sorry Banks !
With TransferWise, money does not cross borders. You transfer your money to a start-up account in the country where you are. And the TransferWise system credits you in the country where you send your money and where it has an account by spotting customers who want to transfer money in the other direction. This allows Transferwise to use the middle rate of the buying and selling range, while a bank would pocket the difference. The costs incurred by this start-up are limited to 0.5%, compared with 3% to 5% for a traditional bank.
- Real exchange rate
- Send money abroad
- Less cost
- 8x cheaper
TransferWise is regulated by the UK Financial Services Authority (FSA), and is present in 34 countries and is developing a global network.
For individuals, businesses and freelancers who want to get free of banking fee, this service is for you!