We’re excited to announce the launch of TransferWise for Business.
TransferWise for Business is something we’ve been working hard to build for some time. In fact, to date, our existing business users have sent over £1 billion using the platform as we’ve developed it. Now, after working closely with businesses to create a product that meets their needs, we’re excited to share TransferWise for Business with you all.
It’s the new low cost, easy and fair way for businesses to transfer money internationally. With no sign-up costs or monthly fees, we use our network of bank accounts around the world to swap money between local accounts so that as little cash as possible crosses borders. This local approach makes sending money abroad up to 7x cheaper compared to using a business bank account.
Built out of necessity
Our mission to make finance fairer started five years ago - a million customers later, we’re proud to be able to extend our services to business users. Our research shows that small and medium sized enterprises (SMEs) stand to make significant savings avoiding their banks.
Nearly half (44%) of UK SMEs send or receive international money transfers at least once every six months, yet many don’t know how much they’re charged for the service:
- 1 in 5 of those who transfer money overseas at least every fortnight admit they have no idea how their bank charges them for these transfers
- 28% of SMEs transferring money abroad think they get a good deal - either getting the transfer for free or being charged a flat fee with a reasonable exchange rate
- More than half of SMEs who transfer money internationally only use their business bank account to do so
Businesses can now use TransferWise to pay suppliers or employees overseas, request payments from customers and transfer funds between their own accounts in different countries.
SMEs make-up 99% of all UK businesses - they’re the engine of the UK economy. Despite the banks saying that they support these companies and their growth, the reality is that behind the scenes they’re happy to give SMEs a poor deal with hidden exchange rate charges. In fact, Lloyds Bank recently admitted adding undisclosed charges to overseas transfers made by its ‘less sophisticated’ SME clients.
That just isn’t fair and we wanted to do something about it. We’ve listened to what businesses want, and created a tailored, easy-to-use product for businesses with fast registration, easy reporting and dedicated business customer support teams. We’re excited to be able to offer SMEs a fairer, cheaper, faster alternative for international money transfer.
Hackney Brewery, founded by friends Jon and Pete, was founded in 2011. 5 year laters they're expanding fast. Read more about their journey.
Since Louise started Danish Island Weddings in 2008, the number of international weddings on the island has ballooned from 200 to over 3000 each year. Find out more about Danish Island Wedding's story here.
Old-world bank accounts only work properly in one country. They hold money only in one currency. And it gets expensive when you try to use them across borders. TransferWise's new Borderless accounts solve all of this.
Now you can send, receive and organise your money internationally, without crazy fees or even-crazier exchange rates – just a small, fair charge when your money moves between currencies.
Planning to retire to Europe this autumn?TransferWise is giving one lucky winner the chance to win an amazing start to their life abroad.From finding the home...
To the TransferWise communityWhen my co-founder and I launched TransferWise 7 years ago, we set out to irreversibly fix how money doesn’t work across...
Yep, you read that right. Taavi Rõivas, Estonian Prime Minister, joined us for a jog.Every Thursday lunchtime, runners from TransferWise's offices globally...
A massive merci to all our French friends who joined us on Bastille Day for the 1st annual Pétanque Contre Les Banques. A lot of fun was had, though to be...
The folks at Bloomberg got Taavet into their newsroom to talk about the future of money transfers and everything TransferWiseLife as a financial entrepreneur,...
The search for a peer-to-peer international money transfer app is finally over.Previous sightings in the app store turned out to be clever hoaxes – a bunch of...