With no sign-up costs or monthly fees, the company use its network of bank accounts around the world to swap money between local accounts so that as little cash as possible crosses borders. This local approach makes sending money abroad cheaper compared to using a business bank account.
Research of the company shows that small and medium sized enterprises (SMEs) stand to make significant savings avoiding their banks. More than half of SMEs who transfer money internationally only use their business bank account to do so.
Businesses can now use TransferWise to pay suppliers or employees overseas, request payments from customers and transfer funds between their own accounts in different countries.
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