Mobile Payments Remittance

TransferWise Reaches £2 Billion Milestone in Their Multi Currency Account

TransferWise, announced today that its customers are currently holding £2 billion in deposits in the multi-currency accounts.

TransferWise’s account has seen rapid adoption year-on-year by millions of expats, travellers, freelancers and businesses across the world looking for a cheaper, faster, transparent way to send, spend and receive money across borders at the real-exchange rate. The multi currency account and debit card were launched in Singapore last year.

To mark the milestone, the company announces its latest feature: TransferWise customers with a multi currency account will now be able to send domestic and cross-border transfers instantly between themselves, in more than 50 currencies, using just a mobile number. This is further evidence of a new global standard, which eliminates legacy banking reliant on bank details for international transfers.

Powered by smart technology, they said it ensures people automatically get the lowest price when sending money instantly across borders between accounts. For example, if a TransferWise user wants to send USD to another TransferWise user who doesn’t have a USD balance in their TransferWise account, rather than converting the money, TransferWise’s smart tech will automatically open a USD balance for the recipient for free. The recipient can then choose to keep the money in USD or convert it at a time that is convenient to them.

Sending money between TransferWise accounts in the same currency is free and there’s a small, transparent fee if it involves a currency conversion using the mid-market exchange rate.

According to TransferWise, this service enables user to instantly send over 50 currencies to users in over 170 countries with low conversion fees of between 0.4% and 0.7% of the transfer amount.

Lars Trunin

Lars Trunin, Product Manager at TransferWise, says:

“Banking works domestically, but international money management is still notoriously hard. This new feature has been around on a national level, but it now addresses the international money problem head-on and makes managing money across borders more convenient for everyone, without any need for a bank. Syncing your phone contacts to TransferWise now allows you to send instant transfers to over 50 currencies at our usual low fees. And you no longer need to worry about asking for someone’s bank details when you want to split dinner, send a birthday gift, help someone out or just say thank you. It’s a no-brainer.”