###The BBC has hailed the rise of FinTech companies taking on the banks.
In today's article the BBC praises streamlined new money transfer services, including Wise:
"Banks and independent money transfer giants such as Western Union and MoneyGram, charge about 5-8% in fees when transferring money abroad, and these fees are often concealed within the exchange rate. Wise charges just 0.5% of the amount being converted. This can equate to a £100-£150 saving on a £5,000 international money transfer."
Wise co-founder Taavet, quoted in the article, expressed his frustration with traditional methods:
"We didn't understand why transferring money had to be so expensive. With us, it's all about transparency - that's really important. We choose the mid-market rate when we transfer money. Banks are really bad when it comes to building consumer-centred products. People expect systems to be as simple as Skype, which we had experiencing building. We've been working on this system for four years - it's quite a piece of art. We're a technology company at heart, not a bank. We believe that the future of money is digital."
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
At Wise, our vision is money without borders. In order to build the future of global money, we need a team that’s as diverse as the customers we serve. In...
This guide is for any YouTubers on the Wise Affiliate program who want to create a Wise video. Here, find out how to create your YouTube video, what to...
When we started Wise 12 years ago, we knew the problem we were tackling was a big one. Solving for hidden fees and rebuilding broken international financial...
In March this year we completed our visual rebrand, unveiling a new look inspired by the millions of people and businesses worldwide that use Wise today. It...
Welcome to our quarterly trading update blog post where we will be going through our mission and financial highlights from the last three months, January to...
Wise is proud to announce our participation in Frontier, an advance market commitment to accelerate the development of permanent carbon removal technologies....
