Sending money abroad is deceptively expensive, thanks to the hidden fees we’ve all been forced to pay. The banks claim “free money transfers”, “0% commission.” Sounds like money’s already flowing freely, but far from it. It’s pure propaganda.
TransferWise removes all the wrongness, letting people send money abroad at the lowest possible true cost. Using only real exchange rates and tiny not-hidden-fees. Headaches averted, and a revolution sparked.
How it happened
Taavet Hinrikus and Kristo Käärmann are two friends who believe that money is meant to flow freely. But in the absence of a global currency, it doesn’t. An epiphany saved them thousands of pounds.
Taavet had worked for Skype in Estonia, so was paid in euros, but lived in London. Kristo worked in London, but had a mortgage in euros back in Estonia. They devised a simple scheme. Each month the pair checked that day’s mid-market rate on Reuters to find a fair exchange rate. Kristo put pounds into Taavet’s UK bank account, and Taavet topped up his friend’s euro account with euros. Both got the currency they needed, and neither paid a cent in hidden bank fees.
“There must be others like us," the epiphany went.
And the rest is TransferWise.
The revolution is made of people. Incredibly satisfied people, in fact. Find out why they love TransferWise
Brynne H, moveguides.com
Lives in London, makes personal and business transfers
Damien A, Entrepreneur
Transfers money between the UK and France
Happily retired, with a 2nd home in France
Celso Pinto, gosimpletax.com
Lives in London, sends money to Portugal and the US
Lives in London, sends money back to France
The world’s media is onside. The awards are a nice little extra. Read the coverage.
We’re not a bank. Not even close. In fact, we’re pretty much the opposite. We’re flipping a gazillion dollar industry on its head. And we’re looking for revolutionaries. See open postions