25 Jul

Transferwise

Transferwise

URL: www.transferwise.com

 

Description:

 

Founded in 2011, Transferwise uses a model of transferring money whereby you pay into their bank in your country and they pay your recipient from their account in their country, using the real exchange rate. Customers are updated via email at each stage of the transfer, receive human customer support, and get all fee information before the transfer is made. It also offers the option of borderless accounts.

 

Payments can be made via online platform, mobile application, chat or email.

 

Free to open an account? Yes

 

Payment structure: Commission, but Transferwise charges £2 fees on transfers lower than £400.

 

Same Day Payments? Not guaranteed

 

Minimum Transfer Amount: £1, $1

 

Where You Can Transfer To: Transferwise offers payment to 59 countries

 

Special Features/Benefits: They offer a ‘borderless account’ which includes: instant local bank details, easy multicurrency exchange, real exchange rates, and bank-level security.

 

Particular Tech: Transferwise enables you to pay lots of people in one go by updating and uploading a spreadsheet.

 

Accreditation:

 

UK: FCA

 

Offices In:

 

UK, Australia, Brazil, Canada, Switzerland, Germany, Spain, France, United Kingdom, Hong Kong, Italy, Japan, New Zealand, Singapore, United States.

 

Awards:

WEF Tech Pioneer in 2015

 

EY Entrepreneur Of The Year UK 2015

 

FT’s Boldness in Business Award, 2014

 

Best European Startup, Europas European Tech Startup Awards, 2013

 

Recent Headlines:

 

The Motley Fool Australia, June 2016: Why OFX Group Ltd is facing big competition from Transferwise

 

The Local Fr, June 2017: Why you are paying too much to send money abroad

 

Crowdfund Insider, June 2017: Transferwise Updates on US Business Progress

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