Archive for TransferWise

TransferWise Opens API to Canadian Businesses

Posted in Commentary with tags on November 27, 2018 by itnerd

7 years ago, that TransferWise, set out to make the world of finance more fair. Their mission has always been simple: money without borders for everyone, everywhere – instant, convenient, and eventually free. Now the company has opened access to its API so that any Canadian business can now integrate TransferWise into their workflow, enabling customers to make fast, low cost international transfers directly from their own website or app.

This means you can now get access to the same platform that powered  TransferWise. So you can make the same transparently priced, fast, low-cost transfers directly from your own website or app. Or build whatever you need to better manage your finances. You don’t need to be a business or a bank to use the API, and there are no extra charges or premium subscriptions. And it only takes a few minutes to get your tokens. The API documentation has everything you and your engineering team need to kick off the integration. It only takes a few minutes to get a sandbox account – and once you’re done, you’ll be able to start testing and building with their API right away. When you’re ready to go live, sign in to your real TransferWise account to get your live API token. If you run into any issues, just email api@transferwise.com and they’ll quickly get you going again. While there are still a few limitations that are being addressed, this is live now.

 

 

 

TransferWise Launches in Canada

Posted in Commentary with tags on April 15, 2016 by itnerd

TransferWise, Europe’s leading consumer financial technology  start-up, today announced the official launch of its widely acclaimed peer-to-peer international money transfer platform in Canada.

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TransferWise was founded in early 2011, and has quickly grown into one of Europe’s most successful tech exports with more than one million customers and moving almost CAD$1 billion a month, saving customers more than CAD$1 million a day. It has secured $91 million backing from investors such as Andreessen Horowitz, Sir Richard Branson, former CitiGroup CEO Vikram Pandit and PayPal founder Peter Thiel.

The company has been recognized for its innovative approach by the World Economic Forum as a Tech Pioneer, included as a CNBC 50 disruptor, is on the Forbes FinTech 50 list and its mobile app was recognized as Apple’s Most Innovative App in 2015.

Three million Canadians live abroad and almost seven million expatriates live in Canada. They will now be able to send Canadian dollars to any of the 60 countries and 35 currencies on TransferWise’s international money transfer platform – giving them an alternative that is up to five times cheaper compared to a bank. International money transfers are far more expensive than banks let on. Even when they claim there are no fees, they typically use an inflated exchange rate to increase their profits. TransferWise charges just 1.2 per cent – up to five times cheaper than Canadian banks.

In 2015, TransferWise expanded its service to every continent, including major markets such as the United States, China, Brazil and Australia. Since its U.S. launch one year ago, it has processed over two billion U.S. dollar transactions – saving its American customers over $50 million in bank fees in 2015 alone.

TransferWise’s international money transfer platform is based on a peer-to-peer model, which gives users access to the real mid-market exchange rate. This allows them to avoid traditional banking fees altogether, which has never before been possible for Canadian consumers transferring money abroad.

The company started in 2011 with its two founders making transfers between British pounds and euros. It now has over 500 employees and operates across almost 500 currency routes.

For more information and to start transferring your money abroad, visit www.transferwise.com.