Who is Transferwise?
Growing at an astonishing pace, Transferwise is taking on the world’s financial institutions in style.
Turning an industry on its head, with an innovative approach to global transactions, the brand is wooing customers with its low charges and speedy money transfers. The brainchild of two Estonians, Taavet Hinrikus and Kristo Käärmann, Transferwise has attracted the investment from two household names. Richard Branson (Virgin founder) and Peter Thiel (Paypal founder) have backed the brand with some big bucks, helping Transferwise grow exponentially. 2 million customers and 700 employees later, and the brand is sending around $500m around the world every month.
Transferwise hit the headlines in December 2017, when the brand was named as Britain’s fastest-growing privately owned company.
Is Transferwise reliable?
Trusting a new start up can be tricky – especially when you’re handing over your money. But with big name investors backing Transferwise, you’re already going to feel in safe hands. Knowing it is regulated and authorised by the Financial Conduct Authority in the UK adds another level of safety for wary consumers.
It may have only been trading for 6 years, but in that time Transferwise has grown large enough to take on established players in the market place. And largely, they’ve done that by being a trusted and reliable service.
How much does Transferwise charge?
Prices at Transferwise will vary depending on a number of factors, including the amount you’re sending, how you’re paying, and the exchange rate/currency. One thing to note is that there are no set fees, Transferwise currently takes a percentage of the amount you’re sending. As an example, if you wanted to send £100 to the US, Transferwise take 0.4% plus £0.80. That totals a fee of £1.20. Each currency is different. Sounds complicated? Thankfully there’s a handy conversion and fee tool on the website, which shows you all the fees, currency conversion amounts, and what the recipient will receive.