TransferWise, an international money transfer platform has launched the world’s first peer-to-peer money transfer app.
The app which is free to download is compatible with all Apple devices from the iPhone, iPad and iPod touch. An Android app will be rolled out soon.
This app enables users to transfer money to anyone anywhere in the world. The app also lets users transfer money between different currencies whilst still being cost effect as it bypasses bank fees.
To set up a payment users simply select currencies, import contact/payment details and upload the amount they wish to transfer. TransferWise then processes the money and sends a final notification when the payment has been completed. Only 0.5% of the transaction is taken by TransferWise.
Taavet Hinrikus, co-founder of TransferWise, said: “This new app has been designed to take the hassle out of transferring money overseas, by saving users both time and money. We offer significantly cheaper and more transparent money transfers than banks- just 0.5% of the money being transferred, while banks charge up to 5%. Following the launch of the app, users will now be able to take advantage of the service while on the go.”
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