London-based international currency transfer platform, TransferWise has announced that it is getting into the corporate payments space with the rollout of TransferWise for Business.
We’re excited to be able to offer SMEs a fairer, cheaper, faster alternative for international money transfer.
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With no sign-up costs or monthly fees, TransferWise for Business is a simple and cheap way to move money internationally by using its network of bank accounts around the world to transfer money between local accounts so that as little cash as possible crosses borders, making sending money abroad up to seven times cheaper compared to using a business bank account.
While the business solutions are new, TransferWise, which recently reported clearing £500 million a month in currency transfers, said that it has already transferred a total of more than $1.3 billion through the platform, which is geared towards SMEs.
TransferWise is confident that it can now tap into a potentially huge market. Nearly half of SMEs send or receive international money transfers at least once every six months.
Nilan Peiris, VP, growth, TransferWise, commented: “SMEs make up 99% of all UK businesses – they’re the engine of the UK economy. Despite the banks saying that they support these companies and their growth, the reality is that behind the scenes they’re happy to give SMEs a poor deal with hidden exchange rate charges. That just isn’t fair and we wanted to do something about it. We’re excited to be able to offer SMEs a fairer, cheaper, faster alternative for international money transfer.”