FinTech: TransferWise Executes A Quarter of its Cross-Border Transfers in Less Than 20 Seconds

April 14, 2020 | FinTech
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The fintech Transferwise now claims instantaneous global money transfers.

TransferWise, the London-based fintech, is “building the best way to move money around the world.”

It tweeted last week: “Making fast the new normal: 25% of TransferWise’s payments today are instant – but all consumers should benefit from instant payments.”

Global transfers – way to go

Kristo Käärmann, co-founder and CEO of the company, confirmed to CROWDFUND INSIDER that 25% of the transfers performed by TransferWise arrive at their destination in “less than 20 seconds (up 1.5% from last quarter).”

He attributed the reasons for the faster transmission rate to:

  • Introduction of faster payments channels to Mexico for all transactions up to $1000
  • “Significant improvements” in payment networks across Asian countries

Cross-border transfers to the following countries were instant or nearly so:

  • Pakistan (36% of transfers)
  • Sri Lanka (56%)
  • Japan, near-instant (90%)
  • Thailand (15%)

TransferWise fees on the downswing

TransferWise said its fees are down marginally to 0.74% on the average. It significantly lowered its fees to send money to Asian countries such as Philippines, Indonesia, Malaysia, and Pakistan. Further, fees for South Africa and Japan have fallen by 16% and 24% respectively.

User base

TransferWise said earlier this month that over 7 million people around the world now use the company’s global money transfer services. Money is now sent over 1,600 different currency routes at cheaper rates that help people save nearly £3 million every day.

COVID-19

The firm also said that users can send, spend, receive, and convert currencies without disruption, even following the Coronavirus (COVID-19) outbreak. The company’s culture of remote working will enable it to continue its services over the long term.

Related Story:  FinTech: TransferWise Now Transfers $5.25 Billion Per Month

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