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TransferWise are specialist brokers, so we can provide expert advice on current exchange rates and can send your money quickly and easily most importantly cheaply

FOR IMMEDIATE RELEASE

6 July 2011

Avoid rip-off bank fees with TransferWise


TransferWise, a leading foreign currency exchange broker has seen a recent increase in custom, which they attribute to rising numbers of people sending money abroad.

The peer to peer website www.TransferWise.com provides a platform that gives anyone access to the same mid-market exchange rates that banks get on their interbank market, with TransferWise charging a flat fee of £1 for each transaction regardless of the amount being exchanged. TransferWise allows customers to avoid any public or hidden bank fees.

TransferWise understands that when the recession hit, it hit virtually everyone. Businesses have been going into administration, people are being made redundant and the number of people holidaying abroad declined. The overall volatility on the markets makes transferring money abroad worrying and expensive experience for the mainstream public. In general most will save more by using TransferWise versus trying to time the market. TransferWise believe that the public deserves value for money, and by avoiding the middleman, their service cuts the customers costs.

Taavet Hinrikus of TransferWise commented: “The recession has been tough for everyone and the majority of businesses and individuals understandably became vigilant of their outgoings. TransferWise are specialist brokers, so we can provide expert advice on current exchange rates and can send your money quickly and easily most importantly cheaply.”

He continued, “It all began when we were living in London and we had the issue of transferring money to/from Estonia. It was always very expensive in terms of the rip-off exchange rates and fees. Initially we started by exercising this model with friends - if someone needed money in Estonia they would ask friends if anyone has excess money in Estonia and needs it in London. If the answer was yes they would just make the exchanges locally",

TransferWise enable the secure and safe exchange at the transparent global mid-market rates (as reported by Bloomberg, XE and others).

NOTES TO EDITORS

TransferWise was founded in London in March 2010. Their mission is to offer fair and transparent innovative financial services. The company was started by two Estonian entrepreneurs Taavet Hinrikus and Kristo Kaarmann. Taavet was part of the small team that started Skype in 2003. Kristo’s background is in financial services having worked with Deloitte and PricewaterhouseCoopers. TransferWise is registered as Exchange Solutions Ltd and is licensed by the UK Financial Services Authority.

For more information, contact Andrea Wallace on 07715 661156 or email andrea@awemarketing.co.uk.

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