The TransferWise story

We were founded in 2011 with a vision to make moving money around the world fast, fair, transparent and eventually, free.

Like a lot of good stories, this one starts with two friends.

TransferWise was founded by two friends, Taavet and Kristo. Taavet was the first employee at Skype, so he was paid in euros, but lived in London. Kristo worked for Deloitte in London so was paid in pounds, but had a mortgage to pay in euros back in Estonia.

They realised that transferring money with the banks meant wasting time and money on bank fees and exchange rate markups. So instead, each month, they looked up the actual exchange rate on Reuters, Taavet put his euros into Kristo’s Estonian bank account, and Kristo topped up Taavet’s UK bank account with pounds. Both got the currency they needed almost instantly, and neither paid an extra cent on hidden bank fees.

They thought, ‘There must be others like us…’ and started building a platform to help people all over the world move money across borders without the bank fees. It would become the billion-dollar business that is TransferWise.

First, it was money transfer.

TransferWise started as a smart new way to transfer money abroad without the crazy bank fees. By building a global network of international accounts, now we can send your money in over 60 different currencies up to 8x cheaper than a bank.

How? TransferWise guarantees the mid-market rate on every transfer. Instead of using your bank and paying transfer fees plus exchange rate markups - when you use TransferWise, you send money to our account in your country and tell us who you're sending it to. Then we send the converted amount to your recipient from our account in their country. The money never actually crosses any borders, which means we can charge the smallest possible fee to convert your money and ensure it arrives safely.

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Then, a multi-currency account and debit card.

Having made it 8x cheaper to send money abroad, we thought, let's fix this problem for every kind of international transaction - getting paid from other countries and spending money in other currencies.

In 2017 we launched the TransferWise borderless account. A multi-currency account to hold and convert 40+ currencies, get paid from countries around the world and spend money on a debit card with the real exchange rate.

Now our customers can get paid into their TransferWise account and convert to other currencies when it suits them - with the real exchange rate and low conversion fees they know us for. Then send it abroad or spend it on their debit card. Find out more

And a world-class business account.

We quickly realised how much businesses could save by doing business at the real exchange rate. So we built the TransferWise business account with instant international bank details to get paid from countries around the world with zero fees, plus an easy to integrate API and payroll tool to save you time and money around the world.

Now we help thousands of companies of all shapes and sizes save time and money on all their international transactions, freeing them up to get back to business.

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Now, we're 3 million customers and counting.

We're proud to say that since we launched we've helped over 3 million customers save money every time they move their money around the world.

Now we help customers move over £2 billion pounds every single month, saving them time and money. And, with an account that helps give them the freedom to live and work around the world that little bit easier.

Another key to their success - TransferWise has shifted more than £3bn of customers' money since 2011 - is the simplicity of design

Another key to their success - TransferWise has shifted more than £3bn of customers' money since 2011 - is the simplicity of design

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TransferWise takes a machete to the hefty fees that banks levy to send money across borders.

TransferWise takes a machete to the hefty fees that banks levy to send money across borders.

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And voilà , 90 minutes later 250 euros showed up in a European account. There was no spread, just a $3 fee.

And voilà , 90 minutes later 250 euros showed up in a European account. There was no spread, just a $3 fee.

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Bye bye bank fees, hello world.

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