The app, which is compatible with iPhone, iPad and iPod touch, enables users to bypass banks and their ‘hidden fees’ in order to transfer money abroad.
To set up a payment, users select currencies, import contact/payment details and upload the amount they wish to transfer. TransferWise then processes the money and sends a final notification when the payment has been completed.
Following the investment, TransferWise has launched a new ‘pay button’ service to allow freelancers and small companies to invoice and receive payment from overseas clients.
A number of currencies has been added, including the Indian Rupee, South African Rand and Turkish Lira.
Founded in March 2010, TransferWise allows expats, foreign students and businesses move money globally and licensed and regulated by the UK Financial Services Authority.
In recent news, TransferWise has secured USD 6 million from Valar Ventures, the venture fund set up by PayPal co-founder and Facebook investor Peter Thiel.
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