Any enterprise that does business in multiple countries knows that transferring money between countries can be expensive. Banks hit customers with expensive service fees and unfavorable exchange rates. Banks are able to get away with this because no other business until recently was capable of moving money between countries. Transferwise takes care of this problem by offering transfers for a 0.5% fee. TransferWise works on a peer-to-peer network, money a user sends from their own country is swapped with somebody else in the same country receiving money. The service charges 0.5% or one euro depending on which is greater. TransferWise payments take 4 days to be received unless customers pay for priority next day delivery. Customers must have banks accounts in both countries in order to complete the transfer. Transferwise currently supports over 60 different currencies.
This venture has raised money from prominent people in the technology industry. Investors include cofounder of PayPal Max Levchin, Sir Richard Branson and Peter Thiel of Valar Ventures. As of the June 2014 the company has raised $25 million over investments and has transferred over 1 billion pounds. Richard Branson thinks this is just scratching the surface of what is possible.
It is obvious with backers like that, and the demand that exists among consumers for such a product that this latest example of the sharing economy will be rocketing up while transfer fees head down.
For your Incorporation, Virtual Office, Banking, and Merchant Service Needs please visit www.incplan.net.