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.
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