Press Release: Peer-to-peer currency exchange TransferWise opens for business customers
Peer-to-peer currency exchange TransferWise opens for business customers
Transferwise has been operating a consumer oriented peer-to-peer currency exchange service for three months, now it is opening the innovative service for business customers.
London, United Kingdom May 04, 2011 – Three months after opening its online bankless currency exchange service for individuals, TransfeWise opens its service to business customers. Now business customers too can enjoy the same mid-market exchange rates that banks get on their interbank market.
Kristo Käärmann, CEO and co-founder of TransferWise says "Our service has been really well received by individuals, with more than 1M USD processed in the first three months, and with 70% of transactions coming from repeat customers". He added that business-to-business currency transfers have been the most popular customer request to date.
Traditionally customers pay between 3-6% for foreign currency payments at their bank, made up from margins between buy and sell prices plus fixed fees. Using TransferWise, businesses can make currency transfers at mid-market rates and without paying bank fees, except for a flat fee of £1 for a single transaction regardless of the amount exchanged.
TransferWise currently offers currency transfers between British Pound and Euro, with plans to offer a wider range of currencies in the future. According to Käärmann transactions have been made by customers in all of the 17 Eurozone countries but two, as well as countries outside of the Eurozone such as the UK, Poland and Latvia.
TransferWise was founded in London in March 2010 by Taavet Hinrikus and Kristo Kaarmann. Taavet was part of the small team that started Skype in 2003 and has recently worked with a number of startups as an angel investor and advisor. Kristo had financial services background from Deloitte and PricewaterhouseCoopers. TransferWise is registered as Exchange Solutions Ltd and is licensed by the UK Financial Services Authority. For more information about TransferWise, please visit www.transferwise.com