BBC hails the rise of FinTech in international money transfer

Wise

24.03.15 (updated more than 1 year ago)

1 minute read

###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 Wise:

"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. Wise charges just 0.5% of the amount being converted. This can equate to a £100-£150 saving on a £5,000 international money transfer."

Wise 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."

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