The Asia team is one of TransferWise’s largest regional tribes. We look after 15 currencies and focus on making sending money to and from Asia as cheap, fast, and convenient as possible.
We’re also one of the fastest growing teams at TransferWise. We opened an office in Singapore last year and it’s now home to more than 50 of our employees. We’re always looking for more people to help us so if you’re interested to join our revolution, check out our open roles in Singapore.
Our team has been working on a number of projects recently to deliver on our mission of money without borders for all our customers in Asia. As part of that, we wanted to share with you a few updates about what we’ve been up to in the past few months.
We’re working hard to eventually make sending money free for our customers in Asia.
In Singapore, we dropped prices for the second time in under 7 months. For 90% of our customers it was a price drop of roughly 20%. For customers in Japan, we dropped prices to make it cheaper than ever – almost 80% of senders will experience a lower price than before.
For customers sending money to Vietnam, we’re dropping prices by over 25% for 60% of customers and for customers sending to the Philippines about a third of our customers we’re getting about 25% cheaper.
To help provide certainty for customers sending money to India, we recently enabled fixed exchange rate transfers when sending money to India, where the rate is locked for anywhere from 24 to 72 hours depending where you’re sending from.
In addition, we’ve improved the speed of transfers to India. Close to 80% of transfers will now reach a recipient’s account within 5 minutes after we’ve received the money from the sender.
We recently launched the ability to send money from Hong Kong for individuals as well as businesses. Hong Kong has long been a highly requested currency at TransferWise, so we’re happy to be able to open this to everyone.
We’ve also been able to drop our prices and offer fixed rates for those sending money from Hong Kong. We dropped prices by more than 20% for more than 70% of our customers – it’s part of our goal to eventually make transfers free, so we’re excited to take another step on this journey.
Customers in Singapore have been asking us to help them send money to China. We heard you and have now opened this route. For customers sending money from Singapore to China the cost is $ 5.00 SGD, plus a 1.5% fee. Transfers should also be instant during Chinese banking hours.
After some time in waiting, we’ve also recently launched the ability to send money to Nepal. We’re excited that we’re able to offer our customers a product that is significantly cheaper and faster than many existing alternatives.
We’re very excited about the future for our customers sending money to and from Asia. We hope we can help bring down the cost of sending money by implementing more innovative technology and help make money transfers instant, convenient, transparent, and eventually free.
We have some big things brewing, and hope to be able to share them with you soon. Remember – we’re always looking for help – if you want to join our revolution, check out our jobs page.
The TransferWise Asia Team
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