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