How we work to keep your money safe: update given events with SVB
This article was updated on March 17th 2023 At Wise, we know that many have been affected by the events involving Silicon Valley Bank (SVB), and we are...
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."
This article was updated on March 17th 2023 At Wise, we know that many have been affected by the events involving Silicon Valley Bank (SVB), and we are...
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We’ve just finished Q3. It’s time for an update on how much closer we’ve got to making our mission of Money Without Borders a reality.