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June 11 2020

TransferWise hits £2 billion in customer deposits

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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.

TransferWise Debit Card vs Revolut

“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.

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