TransferWise revamps Android app

Source: TransferWise

TransferWise has released a redesign of its Android app to give users the fastest and easiest mobile experience of sending money abroad, at a fraction of the cost of using a bank.

The new release, featured on the Google Play Store as a recommended financial services app, offers users one-tap payments across 360 currency routes at a 0.5% charge - typically ten times cheaper than a high street bank. Using TransferWise’s peer-to-peer technology, the free app lets people send money abroad at the real mid-market rate, rather than the inflated rates that banks use.

With 25% of all transactions now made through TransferWise’s Android and iOS devices, the company expects its strong mobile growth to continue.

Commenting on the new release Gregory Talon, Product manager, said:
“Following the jump in the value of the pound triggered by the results of the UK General Election we saw our mobile usage double. This indicates people are increasingly quick to make transactions via mobile to take advantage of FX gains. Our aim is to help them do this as efficiently and at the lowest cost possible. With mobile payments expected to increase 1,000% globally in 2015, we expect to see strong mobile growth continue”.

Comments: (2)

A Finextra member
A Finextra member 22 May, 2015, 06:59Be the first to give this comment the thumbs up 0 likes

Really agreat featur app..this will helps alot to the users to transfer their money form one country to unother country...

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 22 May, 2015, 19:43Be the first to give this comment the thumbs up 0 likes

Banks may charge more but TransferWise transfers take many more days than bank transfers. I notice how TransferWise very conveniently forgets to mention this crucial difference. There's a different market for TransferWise's slower but cheaper transfers but that doesn't take away the crucial difference in TransferWise's product.