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February 21, 2017

Transferwise rolls-out international money transfer service via Facebook chat app

The international reach of the service will include Britain, Europe, Canada, the United States and Australia.

By Tom Ball

Transferwise has launched a new international service that lets users send money via a Facebook chat application.

The service is designed to answer the demand from banks and businesses to reduce the cost of customer service options, while also improving tasks such as online purchasing.

Facebook already incorporates a feature which allows users to send money via its Messenger app, however the range of the service is limited to domestic use in the United States.

This launch comes amid an intensifying race to create similar software, as chatbots are deemed a more viable customer service option following improvements in interaction through artificial intelligence.

READ NOW: What is TransferWise?

TransferWiseThe company is based in London, and was launched in 2011 by Taavet Hinrikus and Kristo Käärmann who, according to Reuters, started the company following ‘frustration with high fees’ that were being charged by banks for international money transfers.

TransferWise is now a platform being used to move around $1 billion a month, with the company’s value also in excess of $1bn. Among the company’s list of high profile investors is Peter Thiel, the co-founder of PayPal.

The launch of this TransferWise service follows large scale movements that have already taken place within the area, for example Ant Financial recently purchased US transfer firm MoneyGram for $880 million. Prior to this, Ant Financial also acquired EyeVerify in a $70m deal.

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TransferWise is still holding its ground while banks such as Barclays seek to reclaim the top spot. At the end of last year Barclays set out with the intention of rivalling TransferWise in free international payments, teaming up with the Commonwealth Bank of Australia.

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