TransferWise, the international money transfer platform started by the first employee of Skype, has launched the world’s first peer-to-peer mobile money transfer app.
The free app, which is compatible with iPhone, iPad, and iPod touch, enables users to
New mobile money transfer app
bypass banks and their ‘hidden fees’ in order to transfer money abroad cost effectively and at the touch of a button.
To set up a payment users simply select currencies, import contact/payment details and upload the amount they wish to transfer. TransferWise then processes the money and sends a final notification when the payment has been completed.
Taavet Hinrikus, co-founder of TransferWise, explains: “This new app has been designed to take the hassle out of transferring money overseas, by saving users both time and money. We offer significantly cheaper and more transparent money transfers than banks – just 0.5% of the money being transferred, while banks charge up to 5%.
“We can afford to do that because our technology bypasses the traditional international bank payments system and directly matches consumers and companies in different countries who want the opposite currency.
Following the investment TransferWise has launched a new ‘pay button’ service to allow freelancers and small companies to easily invoice and receive payment from overseas clients at the lowest possible cost to both parties.
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