Building TransferWise for Business  – September 2018 updates

3 minute read

By: Francis Sloan, business product designer

The TransferWise business product has come a long way since its launch a few years ago. Since then, we’ve been working hard to make it faster, cheaper and easier for businesses to move money around the world.

Our success so far has been down to our amazing customers. It’s their feedback (positive and negative) that helps us decide what problems we should be focusing on next. Here’s a sneak peek at a few we’re working on right now.

Launching the business debit Mastercard®

Since we launched the borderless account, the number one thing our customers have asked for is a debit card. Good news…we’ve started beta testing, and hope to launch it in the UK and Europe in the coming months. With the card, businesses will be able to pay bills, set up subscriptions, and spend money abroad in multiple currencies. We’ll keep you updated on our progress.

Above: Our personal account card which launched earlier this year. Watch the video

Better accounting integrations

As a business, tracking and managing your finances across different platforms can be a nightmare. That’s why we’re working with Xero on an integration that will automatically sync your balance activity each day. Saving you lots of time and keeping everything neat and tidy.

We’re in development mode right now but hope to release the beta in October. In the meantime, you can manually export your activity from the account page, and then import it to Xero or any other accounting software.

Connecting your accounts will only take a few clicks.

Allowing multiple people to use one account

We know that many businesses require multiple people, such as employees, contractors or external accountants to have access to their TransferWise account. We’re working hard to make that happen, and have an especially passionate team working on it. We’re still in the early stages –  we’ve been testing UX designs with customers to get feedback  –  and are hoping to have more of an update by the end of this year.

A concept we’re currently testing. If you’re interested in helping test designs, get in touch with the product manager,

Opening our API to everyone

We already have banks such as Monzo using our API, and we’re excited to now open it up to businesses looking to automate their payment processes. We’ll also release a new sandbox environment and refreshed docs to make implementing our API even easier.

In the coming weeks, we’ll be inviting customers to start testing the API and expect to release to everyone soon after. We’re very excited to see what people will build.

Concepts for API personal tokens and new documentation.

Revamping batch payments

Since launching batch payments a year ago, businesses have made over one million transfers with the feature. With such incredible volume, we’ve gotten some great suggestions on how to make it work even better. We’ve released an updated version to a small number of customers and we’ll be rolling it out to everyone in the coming weeks. Get ready for things like on-screen errors, template instructions, and the ability to review transfers before finalising a payment!

Adding a little emotion to our asynchronous processing within batch payments.

Improving our mobile experience

There’s a new team at TransferWise that’s all about improving the mobile experience for business customers. You may have noticed we’ve already fixed a bunch of bugs and launched a new onboarding experience. The next time you use the app, let us know if you have feedback to make it even better.

Concepts we’re testing to make it easier to switch between accounts. Get in touch if you’re someone who needs this and has thoughts on how to make the experience better.

Sending USD to accounts outside the US

Now businesses can use our desktop calculator to send US dollars to accounts around the world. So if you have vendors in countries like China and Hong Kong that want you to pay them in USD, you can – as long as their account is USD-denominated.

Use the calculator as you normally would when sending USD. Just make sure to update the country of your recipient in the next step – it'll default to the US.

Launching direct debit

Soon you'll be able to make direct debits with your account. This means you could give your bank details to utility or credit card companies to pay recurring bills electronically. We want to make TransferWise the best possible alternative to international banking, so we know this is a big one.

That’s all the updates for now  –  thanks for reading.

Want to join TransferWise? Check out our open positions here.

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