What is TransferWise? TransferWise Review

TransferWise is a British P2P platform that provides online international remittance transfer services for businesses. TransferWise provides services in 59 countries, has 13 offices around the world, and is always adding new currencies. More than 6 million people choose to use TransferWise to get the real exchange rate.

About TransferWise

TransferWise was founded in 2011 and stands out by providing users with an international money transfer service that is simpler and cheaper than banks. According to research data, in France, the study found that TransferWise is on average 6 times cheaper than the leading French bank; in the UK, the study found that TransferWise is on average 9 times cheaper than the leading British bank; in Spain, the study found that TransferWise's average price is 13 times cheaper than the leading Spanish bank.

Products and Services

The advantage of TransferWise's money transfer business is that its fees are much lower than those of traditional banks, and it can support currency transfers in more than 40 countries. Transferwise's target customers are young business people and small and medium-sized enterprises that need to pay salaries across borders.

The peer-to-peer model is used to achieve the most perfect foreign exchange service. Traditional large banks conduct the first payment through the interbank lending market, and they will charge some service fees, which are usually invisible. TransferWise uses the real mid-market exchange rate and only charges very low fees. If it is a small transfer, the fee is fixed. If the transfer amount is within 300 pounds, only 1 pound is charged.

Development History

Transferwise was founded in 2011 as CommonFX.

In May 2013, it announced that it had received US$6 million in Series A financing.

In June 2014, it received US$25 million in financing.

In January 2015, it received US$58 million in financing.

On May 26, 2016, it was confirmed that it had completed a round of financing of US$26 million, with a valuation of US$1.1 billion. This round of financing was led by Baillie Gifford, and the company's existing investors including A16Z continued to invest.

honor

On October 21, 2019, Hurun Research Institute released the "2019 Hurun Global Unicorn List", and TransferWise ranked 57th.

Company Vision

Transfer money from one place to another as quickly as possible and with minimal cost.