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What Is

What is TransferWise?

TransferWise is a peer-to-peer money transfer service.

Launched in January 2011 and given final UK financial regulatory approval in Feburary 2012, the company aims to eliminate high bank fees from foreign exchanges by matching its users based on the currency they have and require.

Basically, it is an online money transfer service where money can be transferred at a much cheaper rate than banks. Transferwise claims to be up to eight times cheaper than bank foreign transfers.

 

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How much money does TransferWise transfer per month?