Transferwise is probably causing more disruption to the status quo than any other fintech company.
Transferwise is changing the way international payments are made. The company has grown massively in a short space of time. Transferwise was founded in 2010 and had over 3 million customers by 2018.
It offers a much cheaper and faster alternative to traditional banks, and saves its customers over £2million every day in transfer fees.
How does it work?
If you live (or if your company is incorporated) in one of the countries that Transferwise operate in, then opening an account is extremely fast and easy. It can all be done online in a matter of minutes.
The Transferwise Borderless account is a bit like having multiple local accounts around the world. Sort codes and account numbers are available for bank transfers in GBP, EUR, USD, AUD and NZD. You can send money to and from these accounts just like a normal bank account.
What currencies are available?
For a full list of what currencies are available, visit here
What countries is Transferwise available in?
You can send money to these countries
Does it have a limit?
The only currency that is limited in any way is USD, which has both daily transaction limits and yearly limits. The limits vary for personal and business use.
Is it safe?
It’s as safe as any alternative. Transferwise is regulated by the same authorities.
How fast is Transferwise?
Lightning fast. Transferring money from a UK bank to Transferwise is practically instant. Converting the money to another currency is just as quick. Transferring to another European bank usually takes less than a day.
Is it cheaper than Paypal?
Yes. Currency transfers are much cheaper than Paypal and up to 8 times cheaper than banks.
Fees: how much do transfers cost?
From GBP to EUR, the fee is £0.80 plus 0.35 percent of the amount being transferred. On a transfer of £100, the total fee would be £1.15.
How much is Transferwise worth?
Transferwise is a private company, which makes it difficult to value. However, funding rounds have valued the company at over £1bn.