TransferWise adds P2P payments in over 50 currencies
- 10.06.2020 08:43 am
TransferWise, the global technology company building the best way to move money around the world, today announces its latest feature: millions of account holders will now be able to send domestic as well as cross-border transfers instantly to their phone contacts who also have a TransferWise multi currency account.
The TransferWise account is available in over 170 countries and has over $2.4 billion in customer deposits.
TransferWise’s new feature eliminates the archaic reliance on bank details to make international transfers. Now, using just a phone number, TransferWise customers can send domestic as well as cross-border transfers instantly between themselves in more than 50 currencies.
Last June, TransferWise launched the multi-currency debit card and account in the United States. With the account, customers can add, hold, and convert money in over 50 currencies - all with the real exchange rate. Today’s announcement has made it even easier for TransferWise users to send money across borders.
For example, if a TransferWise user wants to send USD to you but you don’t have a USD balance on your TransferWise account, rather than converting the money, TransferWise will automatically open a USD balance for you for free. This allows you to keep the money in dollars or convert it at a time that is convenient to you. It’s a cheap way to pay and get paid around the world instantly. It’s free to send money between TransferWise accounts in the same currency and there’s a small, transparent fee if it involves a currency conversion using the mid-market exchange rate.
The main benefits include:
• Instant: You can send over 50 currencies to other TransferWise customers in 170+ countries instantly, regardless of the currency route via the app.
• Low-cost: Same currency transfers are free, while cross-currency transfers only incur a low conversion fee, usually between 0.4% and 0.7% of the transfer amount.
• Smart tech: If you receive money in USD, PLN, GBP, EUR, NZD or AUD but don’t have a balance in those currencies in your TransferWise account, TransferWise will automatically open a balance and generate personal bank details for you. That way, the money doesn’t get converted unnecessarily and you can decide to hold money in whichever currency you need. Like all other TransferWise details, customers don’t need a local address to open an account.
• Safe and secure: When you sync your contacts, they will show up in the TransferWise app with their real name and profile picture, allowing you to double-check you’re sending money to the right recipient.
• Control your data: You can control whether other people can find you in the app settings. TransferWise never stores your contact data.
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.”