TransferWise has added a new feature that allows millions of account holders to send domestic and cross-border transfers instantly to their phone contacts who also have a TransferWise multi-currency account.
The new feature eliminates what it calls the ‘archaic reliance on bank details to make international transfers’ by using a phone number.
Same currency transfers are free, while cross-currency transfers only incur a conversion fee of between 0.4% and 0.7% of the transfer amount.
“Banking works domestically, but international money management is still notoriously hard. This new feature addresses the international money problem head-on and makes managing money across borders more convenient for everyone, without any need for a bank. It’s a no-brainer,” says Lars Trunin, Product Manager at TransferWise.