Sending money abroad can be pain if you not aware of right tools. Banks, services like Western Union and other “classical” big players on the market usually have non-competitive currency exchange rates and high fees. Fortunately there is a new way of sending money overseas – peer to peer payment services. TransferWise is number one choice in most of cases. It’s online peer to peer financial service that is transparent and legally regulated business. Over £800 million passes through TransferWise every month and it’s used by private persons, businesses and banks like N26 and LHV.
Recently TransferWise announced their new feature that will allow sending money abroad event easier than before. They created Facebook chat bot application that resides in your Facebook messenger on your smartphone or tablet. TransferWise Bot is available for all existing customers and it can become your personal assistant in money transfers. It can do many things, lets quickly review how it can make your life easier.
It guides you through the transfer process
TransferWise didn’t reveal many details in their blog post so the best is to try using the Bot yourself. TransferWise Bot will guide you step by step and will assist if you got stuck. Initially you should be able to setup transfers from UK, US, Europe, Canada and Australia. The list of countries will get expanded later.
It informs you about rate changes
That is really great feature our days when markets are very volatile. You can setup up alerts for many currency pairs as you need and get updates on exchange rate every morning. Nice thing is that you can quickly ask TransferWise Bot to setup a transfer if the rate is right for you.
How did they make TransferWise Bot?
In our digital age most (or all) of major online businesses expose public API for developers. TransferWise is not an exception and they offer an API that developers can use to integrate online money transfer service into their own applications. TransferWise Bot is convergence of Facebook and TransferWise developer APIs and good example of what developers can achieve using both APIs.
“Our mission at TransferWise is to bring faster, cheaper, and more convenient international money transfers to everyone in the world. Building the TransferWise bot for Messenger is a great step in that direction It’s also a powerful example of how our API can be used to seamlessly integrate TransferWise into almost any messaging, bank, or business payment system.”
Scott Miller, TransferWise Head of Global Partnerships
I think TransferWise want to motivate 3rd parties to create more and more nice products using their API that is quite feature rich:
- You can get currency rates
- Make payments across more than 600 currency routes
- Get list of transfers
- Perform documents verification and more
Scott Miller also mentioned that they will try to bring similar functionality to other chat applications apart of FB messenger. If you are software engineer you may consider checking TransferWise API. Who knows may be you will be author of another innovative app that will help people to send money across the globe.
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