Most banks suck when it comes to moving money around internationally. Bogus rates and nosebleed fees = screw the customer. Transferwise has generously provided a solution for this problem with its bank-friendly API.
Today, Transferwise has announced a new partnership with Activo Bank in Portugal. ActivoBank is the “digital arm of Millennium BCP,” and the very first Portuguese bank to partner with Transferwise.
According to a blog post, with the “integration of TransferWise in the ActivoBank app, the bank’s customers will have direct access to faster international transfers, with low fees using the real exchange rate. A quarter of TransferWise’s international payments globally arrive in just a few seconds.”
Activo Bank will find itself in some pretty prominent company including Monzo and N26.
Of course, this compells the question, where is JP Morgan Chase? Where is Citi? Where are all of the other traditional banks?
Still gouging their customers. At least for now.