TransferWise for Business launches

TransferWise for Business launches

London-based money transfer outfit TransferWise is looking beyond consumer payments with the launch of a platform specifically designed for businesses.

The company says that, with no sign-up costs or monthly fees, TransferWise for Business is 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.

The new platform has already been used to send over £1 billion while in development, and TransferWise 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% 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."

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 18 August, 2016, 14:43Be the first to give this comment the thumbs up 0 likes

After having tried PayPal and banks for several years, I sometimes tend to believe that paper cheque is the most effective instrument for cross-border business fund transfers! Kudos to TransferWise for launching this much-awaited product. If it doesn't arbitrarily freeze merchant accounts and suck at customer service, I see a bright future for this product - even if it charges nearly as much fees as PayPal or banks.