Transferwise Updates on US Business Progress

Transferwise, a European Fintech Unicorn, has provided an update on progress in the United States. The company crossed the Atlantic about 2 years ago and management hasn’t looked back since.

As of today, Transferwise has completed 2 million transfers totaling almost $11 billion in the U.S. alone. That’s a lot.

The company has compiled a list of factoids to share. Transferwise has facilitated:

  • $11.4 million for wedding payments
  • $31.4 million for college payments
  • Almost $14 million for 5,344 hotel payments
  • $2.46 million in charitable transfers

Full disclosure, the Crowded Media Group, parent company of Crowdfund Insider, is a Transferwise customer. After our banking representative said they didn’t do international transfers (seriously), Transferwise provided an effective and simple platform to transfer money just about anywhere. Less expensively than a traditional bank, I might add.

Most recently, Transferwise announced a dedicated business product where customers could hold funds in local currency. TransferWise for Business is a fee based service at a 1% fee per transaction, and 0.7% for amounts over $5,000. Borderless accounts means there is one less reason to use a traditional bank. At some point in the future, we expect them to take the next step in becoming, well, more like a bank. Minus the silly fees and terrible service.

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