Betalo cut fees on International Transfers

Betalo, a Stockholm FinTech startup has launched an international money transfer service that is up to eight times cheaper compared to other financial services.

The company has expanded its product portfolio this month with an upgrade to their iOS and Android apps, in response to growing customer demand for sending money abroad. The upgrade supports 35 countries in 10 different currencies with new countries being added continuously through the year.

Betalo charges a 0.5% transfer fee for the service and uses a transparent exchange rate with zero markup that is guaranteed during the entire transfer process.

Each year Swedes transfer billions of SEK abroad. Until today, international transfers have meant high fees, often higher than 4% of the transfer amount. There are also frequent hidden fees and the exchange rate is sometimes not known until 1-2 days after the transfer is complete, says Stefan Salomonsson, CEO at Betalo.

Betalo has raised €2.5M in funding since launching in 2012.  The company has focused on payment services which has resulted in 40,000 users and over SEK 1 billion processed volume. A leader within Swedish FinTech, the Betalo team has an extensive amount of experience within finance, payments and software development.

The launch of the new money transfer service is an example of Betalo’s goal of an accessible and fair everyday banking experience. An experience where banking services are both smart and simple to use, but available to more people at a fair cost. A world where financial services can break down borders will also make it easier for people to connect.