PayPal and Skype are certainly among the most reliable modern advancements today. Among the technical developers were Taavet Hinrikus and Kristo Kaarmann, citizens of Estonia. The two brains came together again to found TransferWise in 2011. They were driven by the need for an affordable international money exchange service, as the existing transfer fees were very high.
When the idea was proposed, a number of investors threw their weight behind the company. They include PayPal’s co-founders Pater Thiel and Max Levchin. Other investors are VALAR Ventures, Kima Ventures, and Index Ventures.
TransferWise operates on a peer-to-peer exchange basis, meaning that two individuals exchange currencies between themselves, without necessarily going through an intermediary, such as a bank. HM Revenue and Customs duly registers the company in the United Kingdom.
Similarly, the Financial Conduct Authority of the United Kingdom authorizes TransferWise to send and receive money transfers just as ordinary banks do. In February 2012, the company made transactions worth €10 million, saving customers some €500,000 in bank fees. In 2014, renown investor Sir Richard Branson and Peter Thiel boosted the company with a $25 million investment. You can learn even more at this Transferwise review website.
How does it work?
TransferWise acts as the coordinator between two like-minded people who want to exchange money from one currency to another. Imagine you are in the United States and you want to pay fees for your daughter in India. You can use TransferWise India to exchange your dollars for Indian Rupees with a person who, for example, needs to pay rent in the US.
It is ideal for expatriates who need to send money to their loved ones. Similarly, take advantage of the service to send payments to your business associates in a foreign country.
Is it safe?
A number of leading independent reviews and media outlets have recognized the company for its outstanding performance. During the 2012 edition of Seedcamp’s US Demo Day, TechCrunch named TransferWise as the leading start up to watch. The following year, the company took the top position in the Best E-service category in an Estonian contest.
During the same period, London Loves Business, a UK magazine named TransferWise the most innovative seed company in finance technology. The Guardian picked it as one London’s top 20 trending IT start-ups. In addition, Wired UK once named the company as Start up of the week. These are just a few testaments to the fact that TransferWise is safe and you can trust them your money. (more…)