What is TransferWise? TransferWise Review, Features

TransferWise is a British cross-border payment institution founded in 2010. It currently provides services in more than 50 countries and regions.

TransferWise Services

• The advantage of TransferWise's money transfer service 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. [1] It was originally called 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.