Stockholm fintech Betalo promises cheap money transfers

Source: Betalo

Betalo, a Stockholm FinTech startup has launched an international money transfer service that is up to eight times cheaper compared to other financial services.

The company has expanded its product portfolio this month with an upgrade to their iOS and Android apps, in response to growing customer demand for sending money abroad. The upgrade supports 35 countries in 10 different currencies with new countries being added continuously through the year.

Betalo charges a 0.5% transfer fee for the service and uses a transparent exchange rate with zero markup that is guaranteed during the entire transfer process.

- Each year Swedes transfer billions of SEK abroad. Until today, international transfers have meant high fees, often higher than 4% of the transfer amount. There are also frequent hidden fees and the exchange rate is sometimes not known until 1-2 days after the transfer is complete, says Stefan Salomonsson, CEO at Betalo.
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