TransferWise launches money transfer app

TransferWise launches money transfer app

UK-based international money transfer start-up TransferWise has launched a free iOS app, enabling users to send money overseas from their phones.

The firm says that its app - which works with the iPhone, iPad, and iPod touch - lets users bypass banks and their 'hidden fees' for transferring money abroad.

To set up a payment, users select currencies, import contact/payment details and upload the amount they wish to send. TransferWise then processes the money - taking a 0.5% cut - and sends a notification when the payment has been completed.

Taavet Hinrikus, co-founder, TransferWise, says: "This new app has been designed to take the hassle out of transferring money overseas, by saving users both time and money."

Founded by former Skype director Hinrikus and Kristo Käärmann in 2010, TransferWise has proved a hit with users, and now claims to be processing up to £1 million a day for consumers and small businesses.

The service bypasses the traditional international bank payments system and directly matches consumers and companies in different countries who want the opposite currency, enabling TransferWise to undercut the banks.

Over the summer it secured $6 million investment from PayPal co-founder Peter Thiel and has been busy doubling the number of currencies it offers, adding the likes of the Indian Rupee, South African Rand.

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