How is TransferWise up to 5x cheaper than banks in Singapore?
We believe in fairness and transparency. It’s at the heart of everything we do.
So, to be sure we’re building a product that is truly better for our customers, we asked an independent research company to run a study to compare whether TransferWise is cheaper than other major banks in Singapore.
In November 2017, we commissioned a third-party research company Consumer Intelligence to run an independent study. They researched the cost of sending Singapore dollars (SGD) abroad through major banks in Singapore. Specifically, they studied sending 250, 1,000, 5,000, and 10,000 SGD to EUR, GBP, USD, AUD, INR, HKD, and MYR.
The study compared TransferWise to the online banking offerings from these banks.
In the end, Consumer Intelligence found that TransferWise is up to 5x cheaper than the banks included in study.