TransferWise improves Android app

The London-based foreign exchange platform has redesigned its Android app, which it says will provide a simpler way of transferring money abroad.

The update offers users the option of one click payments, available across 360 currency routes. The company will charge 0.5 per cent for every transaction, which, according to them is 90 per cent cheaper than a high street bank.

25 per cent of the company’s transactions are now made on Android and Apple devices; a trend that the company expects to continue increasing.

“Following the jump in the value of the pound triggered by the results of the UK General Election we saw our mobile usage double. This indicates people are increasingly quick to make transactions via mobile to take advantage of FX gains,” commented Gregory Talon, product manager, TransferWise.

The Richard Branson backed company has made a very strong start to the year. At the end of January it raised $58m in Serices C funding. The amount is thought to have pushed the company closer to the $1 billion valuation.

The company was also in the spotlight when it organised a series of stunts to make people aware of how the banks operate. In February, the company organised a mass ‘bath-time’ outside Bank Station to ‘clean-up’ the current banking system.

At the end of April the company pulled another stunt when it had a number of people ‘get out of bed’ in the morning, outside Bank Station so as to remind people to ‘wake up’ to the hidden fees that banks can charge.

Our aim is to help them do this as efficiently and at the lowest cost possible. With mobile payments expected to increase 1,000% globally in 2015, we expect to see strong mobile growth continue,” continued Gregory Talon.

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