TransferWise: Cheaper International Money Transfers for Canadians

It’s not like TransferWise is new. They already say that they are Europe’s leading consumer financial technology startup. What’s new is that Canadians can now tap into this peer-to-peer international money transfer service to send and receive money all around the world. Consider this. When you send money through PayPal, the recipient could have to pay 2.9% (plus 30 cents) as a fee and my experience has always been that PayPal’s foreign exchange rates are anything but favorable. Banks don’t typically give the best rates for currency exchange either.

With TransferWise, you gain access to real-time mid-market exchange rates, regardless of whether you’re sending money to your buddies in Australia or you’re accepting cash from your family in Brazil. The fee is 1.2%, which TransferWise says is up to five times cheaper than banks in Canada. The expansion of the service now allows for the transfer of Canadian dollars to up to 60 countries and 35 currencies around the globe.

The company is backed by such folks as Sir Richard Branson, PayPal co-founder Peter Thiel and former CitiGroup CEO Vikram Pandit. They know a thing or two about handling some cash. Check the press release below for more information. Money may not make the world go ’round, but you can use this service to send money ’round the world.

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TransferWise Launches in Canada

Europes most successful FinTech opens peer to peer international money transfer platform in Canada

Toronto April 15, 2015 TransferWise, Europes leading consumer financial technology (FinTech) start-up, today announced the official launch of its widely acclaimed peer-to-peer international money transfer platform in Canada.

TransferWise was founded in early 2011, and has quickly grown into one of Europes most successful tech exports with more than one million customers and moving almost CAD$1 billion a month, saving customers more than CAD$1 million a day. It has secured $91 million backing from investors such as Andreessen Horowitz, Sir Richard Branson, former CitiGroup CEO Vikram Pandit and PayPal founder Peter Thiel.

The company has been recognized for its innovative approach by the World Economic Forum as a Tech Pioneer, included as a CNBC 50 disruptor, is on the Forbes FinTech 50 list and its mobile app was recognized as Apples Most Innovative App in 2015.

Three million Canadians live abroad and almost seven million expatriates live in Canada. They will now be able to send Canadian dollars to any of the 60 countries and 35 currencies on TransferWises international money transfer platform – giving them an alternative that is up to five times cheaper compared to a bank. International money transfers are far more expensive than banks let on. Even when they claim there are no fees, they typically use an inflated exchange rate to increase their profits. TransferWise charges just 1.2 per cent – up to five times cheaper than Canadian banks.

In 2015, TransferWise expanded its service to every continent, including major markets such as the United States, China, Brazil and Australia. Since its U.S. launch one year ago, it has processed over two billion U.S. dollar transactions – saving its American customers over $50 million in bank fees in 2015 alone.

TransferWises international money transfer platform is based on a peer-to-peer model, which gives users access to the real mid-market exchange rate. This allows them to avoid traditional banking fees altogether, which has never before been possible for Canadian consumers transferring money abroad.

The company started in 2011 with its two founders making transfers between British pounds and euros. It now has over 500 employees and operates across almost 500 currency routes.

For more information and to start transferring your money abroad, visit www.transferwise.com.

About TransferWise
TransferWise is the international money transfer platform based on peer-to-peer technology. Launched in 2011, it is one of the most successful FinTech startups, having raised $91M in funding from investors such as Andreessen Horowitz, Sir Richard Branson, and Peter Thiel and Max Levchin, the co-founders of PayPal.

Co-founded by Taavet Hinrikus and Kristo Krmann, the company was created out of frustration with the high fees charged by banks on international money transfers. TransferWise uses the mid-market rate without hidden mark-up fees making it up to five times cheaper to send money abroad compared to using a bank. Over CAD$900 million is transferred across the globe every month using the TransferWise platform, saving customers more than CAD$40 million every month. TransferWise is working to make the world a tiny bit better by helping to make the financial system fair.

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