TransferWise have been aggressive marketers from the start launching with the slogan "bye bye banks" and naked people on the tube. They ran into trouble again this week with the UK advertising regulator with a 'misleading' advert on total savings vs. banks. Whilst the company has always claimed to be operating independently of the banks, in reality it is almost entirely dependent on bank infrastructure, liquidity and processing.
TransferWise has reprimanded by the UK advertising regulator for misleading customers on how much they can save on its platform, according to the UK advertising regulator. The London fintech startup, which allows people to transfer money overseas, claimed on its website last August that its platform allowed people to save 90% when they transferred money abroad, compared to banks, but the (Advertising Standards Authority) ASA ruled on Wednesday that the figure could not be substantiated. TransferWise also featured a currency converter calculator on its website but the ASA said the quotes this calculator provided were misleading. The advertising watchdog also ruled that the comparative savings claims on TransferWise's website could not be verified.