TransferWise – Company Overview

Along with the development of technology, people are provided with the ability to transfer money online in different currencies. Several websites offer this service to the people in need and TransferWise holds a prominent place out of them. In fact, TransferWise has maintained an excellent reputation in the recent past by helping people to transfer money abroad without losing too much in commissions, fees or exchange rate spread. 

What exactly is TransferWise

TransferWise can simply be defined as an innovative currency exchange service.  The main objective of the company is to help people move money around without spending a lot of money on exchange fees. As a result, people don’t need to deal with the hassle associated with inefficient foreign currency exchange dealers. Most of the foreign currency exchange services, including the banks charge commissions and transaction fees up to 5% from the customers. However, TransferWise charges a flat rate of just 0.5%. This fact has contributed a lot to the popularity of TransferWise in the past. 

History of TransferWise

TransferWise is a startup that originated in Estonia. It is possible to discover a vibrant startup culture within Estonia. TransferWise was created along with that. It started as a small scale company but was able to open up itself to a range of numerous opportunities in the long run.

The two founders of TransferWise were from Estonia. Taavet, who played a major role behind TransferWise, was also one of the key members behind the foundation of Skype. Therefore, he was able to contribute a lot towards this initiative and make it a success along with time. 

The two founders of TransferWise were living in London. Since they had their roots in Estonia, they had to live in rented apartments while spending time in London. Along with that, they had to make their rental payments in GBP. This was quite frustrating for them. For example, these two founders came up with the habit of taking a look at the exchange rates every single month. They also noticed how difficult it is for them to make the payments after converting currencies. That’s where they got to know that they are not the only people who are facing this struggle. They immediately noticed that numerous other people are going through the same struggle as well. That’s where the two individuals came up with the idea of initiating TransferWise. 

They wanted to introduce a stress-free method, which people will be able to use to proceed with cross-border transactions. They were able to complete that perfectly well. They also got the opportunity to deliver the best possible exchange rates for the people who use TransferWise.

The TransferWise money transferring service 

Money transferring service offered by TransferWise is one of the most popular money transfer services that you can see in the world as of now.  It is possible to find thousands of people using this money transferring service. There is no stress the users of TransferWise have to go through at the time of getting their hands on the service offered by TransferWise. It can make life easy for people with making cross border payments. 

Before you use the services offered by TransferWise, it is important to have a clear understanding of how it works. TransferWise is made out of a network of people who are looking to send money abroad. It does not exchange your money physically. Instead, TransferWise is equipped with bank accounts in a large number of countries. These bank accounts are being used to help people transfer currencies without any hassle. 

Through this method of currency exchange, your money would never leave the country. It can be considered as the main reason why TransferWise has been able to minimize the service fee to a flat rate of 0.5%. It can also keep all the customers away from the hassle associated with peer to peer complexity. This is a straightforward method available to exchange currency within a short period. 

TransferWise is in a position to help people who live in every corner of the world transfer money. On the other hand, they always guarantee the best results. Therefore, customers will be able to exchange currencies at the mid-market rate. As a result, you will be able to get a good exchange rate from TransferWise. At the moment, TransferWise supports more than 27 countries across the world. It includes the most popular currency pairings such as GB Pounds, US Dollars, Indian Rupees, Euros, Japanese Yen, Hong Kong Dollars, Swiss Franc and Australian Dollars. 

You can think of using TransferWise to exchange currencies up to an equivalent of £1,000,000. Since it offers a flat service fee of 0.5%, you will be able to use the platform even to exchange a couple of dollars. The entire online portal has been provided with a user-friendly interface in order to keep the users away from hassle. If you are looking forward to exchanging currency, TransferWise is the best platform available out there for you to visit. You will be able to save a considerable amount of money during the currency exchange process while staying away from frustration. 

As of now, TransferWise has got more than five million happy and satisfied customers from all parts of the world. The two founders of the startup have been able to take the maximum out of their investment as well. The company is currently engaged with the process of moving around $4 billion every single month. While offering this service, TransferWise is providing the opportunity for the users to save around $4 million in the bank fees daily. 

TransferWise is a global company. They have offices in 11 different countries in the world. Moreover, more than 1,700 employees are working for these offices as well.

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