TransferWise launches FX business product
(17 August 2016 – United Kingdom) London-based money transfer provider TransferWise is looking beyond consumer payments with the launch of a platform specifically designed for businesses.
In a statement, the company claimed that the new service will not have sign-up costs or monthly fees, thus making TransferWise for Business “a simple and cheap way to move money internationally by using its network of bank accounts around the world to swap money between local accounts so that as little cash as possible crosses borders, making sending money abroad up to seven times cheaper compared to using a business bank account.”
According to the firm, the platform has already been used to send over £1 billion (A$1.7 billion) while in development, and it is confident that it can now tap into a potentially huge market. Nearly half of SMEs send or receive international money transfers at least once every six months. Yet one in five of those who transfer funds across borders at least every fortnight admit they have no idea how their bank charges them for the privilege.
Nilan Peiris, VP, growth, TransferWise, says: "SMEs make-up 99 percent of all UK businesses - they’re the engine of the UK economy. Despite the banks saying that they support these companies and their growth, the reality is that behind the scenes they’re happy to give SMEs a poor deal with hidden exchange rate charges.
"That just isn’t fair and we wanted to do something about it. We’ve listened to what businesses want, and created a tailored, easy-to-use product for businesses with fast registration, easy reporting and dedicated business customer support teams. We’re excited to be able to offer SMEs a fairer, cheaper, faster alternative for international money transfer."
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