Wise users move £500 million a month. Globally.

Wise

05.06.15 (updated more than 1 year ago)

1 minute read

Speaking live on BBC Radio 4's Today programme, Wise founder Taavet announced that Wise users now move over £500 million a month on the platform.

Saving over £22 million in the process compared to their banks.

Wise co-founder Taavet Hinrikus:

“Exceeding the £500m a month milestone is important as it shows a fundamental shift in people’s awareness of how banks, brokers and others take advantage of customers by hiding the real cost of international transactions.

We transfer tens of millions of customer money everyday and we have approximately two per cent UK market share of the international money transfer business. This figure is only going to grow as customers become fed up with the traditional banking sector and look for fairer alternatives like Wise”.

Earlier this year Wise received $58m in a series C funding round led by US venture capital firm Andreessen Horowitz.

The investment is being used to take the platform into new international markets. The latest currency routes served by Wise include sending money to Morocco, Pakistan and Brazil.

What is Wise?

Wise is the clever new way to convert money to send abroad. The idea is very simple.

Banks charge you huge fees when you send your money abroad. Then they hide more fees in unfair exchange rates. Wise has found a simple way to bypass the banks and make international money transfers transparent and fair. Like they should be. The pricing is transparent. The exchange rate is the real one. The small fee is easy to spot.

Try out Wise's new BIC/SWIFT Toolkit here.

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.