8.6 C
New York
Tuesday, September 22, 2020
Home Fintechs TransferWise hits £2 billion in customer deposits

TransferWise hits £2 billion in customer deposits

TransferWise is a UK-founded digital money transfer fintech. Now it has hit £2 billion in deposits for its multi-currency accounts.

TransferWise’s account has been adopted massively year-on-year by millions of expats, travelers, freelancers, and businesses across the world looking for a cheaper and faster way to send money across borders. All that at the real-exchange rate.

Read also: Leaked messages from Revolut’s CEO Nikolay Storonsky address the job cut accusations

The multi currency account and debit card were launched in Singapore last year.

“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,” says product manager Lars Trunin.

Considering cross-currency transfers, TransferWise is able to open up a balance for users in the currency they’re sent money in. Later, they may choose when to convert it.

According to TransferWise, this service enables users 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.

This April, TransferWise’s co-founder, and CEO Kristo Käärmann revealed that 25% of cross-border transfers facilitated by the firm are now instant.

Avatar
Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Dutch challenger bunq plants 1,000,000 trees on Madagascar

Amsterdam-based digital bank bunq offers an option to plant a tree for every 100€ spent with their SuperGreen premium account. Now they planted 1,000,000 trees.

The Everly Summary (weekly TOP5 news)

Welcome to Everly.eu’s weekly summary. Let’s see the most important news we have covered during the last week in a TOP 5 list!

Chime reaches valuation of $14.5bn

Chime raised $485 million in a Series F funding round that values the American digital banking decacorn at $14.5 billion.

Monzo reached 50,000 business accounts since launch in March

Monzo spent 12 months building a business account for SMEs that has been launched March this year and managed to attract 50,000 customers according to AltFi.