TransferWise Disrupts Bank Industry, Lowers Your International Transfer Fees

Here is a company to watch and certainly try if you’re sending money to international markets (not all available yet).  TransferWise is an award winning, Richard Branson backed company, aiming to disrupt the banking industry by offering lower transfer fees and more favorable exchange rates.  

What’s the Secret Sauce?  TransferWise tracks all transactions coming and going to match money coming in the other direction so that money never actually leaves the country.  For example if someone is sending $500 from US to someone in Germany it’s matched to someone (not the recipient) sending $500 from Germany to the US.  Your recipient receives the $500 from the 3rd party and the 3rd party recipient receives your $500 US.  Make sense?  If not just understand money never leaves the country of origin for the transfer avoiding costly exchange and transfer fees.  A true peer to peer money exchange.


Categories:   Money, Tips