The BBC has hailed the rise of FinTech companies taking on the banks.
In today's article the BBC praises streamlined new money transfer services, including TransferWise:
"Banks and independent money transfer giants such as Western Union and MoneyGram, charge about 5-8% in fees when transferring money abroad, and these fees are often concealed within the exchange rate. TransferWise charges just 0.5% of the amount being converted. This can equate to a £100-£150 saving on a £5,000 international money transfer."
TransferWise co-founder Taavet, quoted in the article, expressed his frustration with traditional methods:
"We didn't understand why transferring money had to be so expensive. With us, it's all about transparency - that's really important. We choose the mid-market rate when we transfer money. Banks are really bad when it comes to building consumer-centred products. People expect systems to be as simple as Skype, which we had experiencing building. We've been working on this system for four years - it's quite a piece of art. We're a technology company at heart, not a bank. We believe that the future of money is digital."
Just before Christmas you may have been sent a message from your bank saying they won’t be charging you for making euro payments from non-euro countries like...
TL;DR To the TransferWise community, We’ve just finished Q4 and have headed into a new year and new decade. It’s time for an update on how much closer we’ve...
This article summarizes some of the results from the report that experts at TÜV Süd wrote about TransferWise.
Announcing the partnership of Xero and TransferWise, which gives SMBs in the UK an easy bill payment solution through Xero
We’ve just finished Q3. It’s time for an update on how much closer we’ve got to making our mission of Money Without Borders a reality.
Our mission has become irreversible, the company financially independent, and adoption continues to accelerate. Thank you - TransferWise customers - for...