Speaking live on BBC Radio 4's Today programme, TransferWise founder Taavet announced that TransferWise users now move over £500 million a month on the platform.
Saving over £22 million in the process compared to their banks.
TransferWise co-founder Taavet Hinrikus:
“Exceeding the £500m a month milestone is important as it shows a fundamental shift in people’s awareness of how banks, brokers and others take advantage of customers by hiding the real cost of international transactions.
We transfer tens of millions of customer money everyday and we have approximately two per cent UK market share of the international money transfer business. This figure is only going to grow as customers become fed up with the traditional banking sector and look for fairer alternatives like TransferWise”.
Earlier this year TransferWise received $58m in a series C funding round led by US venture capital firm Andreessen Horowitz.
What is TransferWise?
TransferWise is the clever new way to convert money to send abroad. The idea is very simple.
Banks charge you huge fees when you send your money abroad. Then they hide more fees in unfair exchange rates. TransferWise has found a simple way to bypass the banks and make international money transfers transparent and fair. Like they should be. The pricing is transparent. The exchange rate is the real one. The small fee is easy to spot.
Try out TransferWise's new BIC/SWIFT Toolkit here.