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How is TransferWise 8x cheaper than a bank?

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 our borderless account is quicker, cheaper and easier to use than high street banks.
 
In January 2018, we commissioned the 3rd party research company Consumer Intelligence to run an independent study comparing our borderless account to 21 bank accounts around the world. 
 
The study compare us to:
Country Banks 
Australia
ANZ Bank, Commonwealth Bank
France
BNP Paribas, HSBC, Société Générale
Germany
Deutsche Bank, Postbank, Sparkasse
Ireland
Allied Irish, Bank of Ireland, Ulster Bank
Spain
BBVA, Caixa, Santander
UK
Barclays, HSBC, Lloyds, NatWest, Santander
US
Bank of America, Citibank, HSBC, JP Morgan Chase
 
They researched factors like:
  • Ease: Requirements to open the account
  • Speed: Process to open the account
  • Cost: to open / maintain the account
  • Cost: to send money abroad using the account
  • Cost: to convert currencies in the account
  • Cost: to spend money abroad using the account debit card

The report found that the TransferWise borderless account is cheaper, quicker and easier than all 21 banks in the study, across the board. 

Here are some examples of their findings.
When you send GBP to... it's this much cheaper with us.
AUD
9.53x
EUR
9.44x
USD
11.47x


If you'd like to read the full report from Consumer Intelligence please get in touch.

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