Surveys indicate that immigrants and business corporations transfer billions of dollars all over the world. By 2015 according to the World Bank, $515 billion will be transferred.
Sir Richard Branson better known as founder of Virgin group of companies decided to back Transferwise, an online transaction start-up whose aim is to tap into the huge money transfer market and revolutionize the way the way things work by stamping out hidden charges that other transfer institutions like banks impose on customers.
Transferwise has received a funding of $25million from sir Branson, Peter Thiel, Index Ventures and IA ventures. This has been viewed as a stamp of approval by many especially customers who are always on the lookout for cheaper, easier ways to transfer their cash. To date, the total financial backing of the company stands at $33million in which the founder of PayPal, Max Levchin contributed 1.3 million dollars.
In an official statement, sir Richard Branson said,“I am delighted to be investing in such an innovative company as Transferwise. Financial services such as foreign exchange have been ripe for disruption for decades and it’s great to see Transferwise bringing transparency to the market. It’s encouraging to see entrepreneurs using technology to reinvent the old-fashioned FX industry ad make a real difference in the market.”
Transferwise review shows that the company has gained loyal customers who have given them thousands of positive feedback thanks to their amazing services. One of the major reasons stated in almost all reviews was the service charge of 0.5% which when compared to competitors like banks is very low. This means for a ₤1000 transfer, one is charged ₤5 only.
The duration a transaction takes is important to many people. Most institutions which charge lower rates usually take days even weeks to complete a transaction. With Transferwise however, customers enjoy the best of both worlds as the money arrives the same or next day at the same low charge.
Exchange rates usually vary from one provider to another as some seek to use unfair rates to impose hidden charges. However in its campaign to eliminate these charges, Transferwise applies mid market exchange rates therefore allowing you to get the true value of your money.
To offer a package deal, this start-up allows customers to pay for services online something that most customers appreciate in their Transferwise reviews. Having come to be because of its two founders who were done with hefty charges and frustrations while conducting transfers, Transferwise remittance service targets overseas workers, small and micro enterprises, expats and retirees. Today the company has transferred over $1billion various in global destinations.
The co-founder of Transferwise Taavet Hinrikus said that the new investment showed faith and it was a solid affirmation that their transparency campaign was really taking root. The funds will be used to reach out to a wider audience and expose the menace that is hidden charges. He said, “It’s outrageous that they can get away with advertising that claims that their transfers are ‘fee-free’ despite often taking up to 5% of the money sent through exchange rate.”