There’s probably not a single person on the planet who thinks foreign-currency transfers are cheap, or even priced reasonably, unless he or she works for a bank.
The mission of TransferWise is deceptively simple; to make moving money from one place to another securely and quickly at a minimal cost.
It employs a peer-to-peer model to get the best foreign currency exchange and transfer rate for end consumers, bypassing banks, and has already saved its early users over half a million pounds since its launch in January 2011.
All TransferWise money transfers are handled according to the real mid-market exchange rates that traditional, big banks receive on the interbank market, only they will charge a heap more for (often hidden) “services” rendered!
Currently, the startup only supports payments through its digital platform between the UK and eurozone countries, but they are obviously looking to expand to other currencies in the near future.
TransferWise’s early-adopting users include expats, international students, pensioners who moved abroad but also, increasingly, small to medium-sized businesses looking to steer clear of the red tape and high cost involved with money transfer today.
More info @ http://transferwise.com