Transferwise Review

About Transferwise

Transferwise is a money exchange company operating a peer to peer model where cash placed in currency by customers around the world is matched at a midpoint exchange rate thereby benefiting the customers with the lower costs in the absence of ‘spread’ (a difference between a rate you buy and sell currencies.) The company is backed by a number of private equity investors including Richard Branson’s Virgin.

Services
Money and currency transfer. Customers place funds in a Transferwise account via their bank account or a credit/debit card. These funds are then matched with funds from other customers in the currency that they want and converted. These funds are then moved to a target account specified by the customer.

Regulation
Transferwise is UK FCA regulated.