Fresh off being crowned 1st place at Singapore Fintech Festival’s Fintech Awards under the global category, TransferWise announced today it will give away that money to Singaporean individuals and small businesses hit by hidden bank fees at home and abroad.
According to their media statement, The money will be paid to those who can show they have suffered from hidden exchange rate markups by a bank in a cross-border transaction over the past year.
Qualifying participants will receive payments via direct bank transfer of the exact amount in hidden fees charged by their bank, capped at $500 per participant. Participants qualify on a first-come, first-served basis, until all $150,000 is allocated, or until the campaign ends on 30 November 2019.
The campaign is open to all individuals living in Singapore, Singapore Citizens living abroad as well as Singapore-registered businesses with fewer than 50 employees. Those interested have to provide relevant information via an online form that takes less than 10 minutes to complete. Participants who qualify will be notified by 31 December 2019 and paid by 31 January 2020.
TransferWise won the award for its Borderless Account product – a multicurrency account and debit card available in the US, UK, Europe, Australia, New Zealand and Singapore.
Featured image credit: sgfintechfest
