Nearly half of SMEs send or receive international money transfers at least once every six months. Yet one in five of those who transfer funds across borders at least every fortnight admit they have no idea how their bank charges them for the privilege.With no sign-up costs or monthly fees, the platform enables companies to conduct cross-border transfers via the TransferWise's network of bank accounts, keeping costs down by moving as little cash as possible outside of national borders. The new platform has already been used to send over £1 billion while in development, and TransferWise is confident that it can now tap into a potentially huge market.
London-based money transfer outfit TransferWise is looking beyond consumer payments with the launch of a platform specifically designed for businesses. The company says that, 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 swap 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.