Is TransferWise a scam?
How it works
TransferWise is one of the many fintech companies that provides its users with the ability to send and receive money seamlessly, without the high fees usually associated with high street banks. If you’re sending money abroad, options can get pretty overwhelming.
What is TransferWise?
Founded back in 2011, TransferWise has rapidly risen to become one of Europe’s top fintech start-ups. As of July 2020, it has now been valued at $5 billion by private investors, confirmed by an earlier Sky News report. This has been triggered by a further $319 million in secondary share sales.
The company says it’s racked up 8 million users globally and processes £4 billion worth of transactions each month. According to CNBC, some of its notable investors include Andreessen Horowitz, Richard Branson, and Peter Thiel’s Valar Ventures.
How does it work?
TransferWise works similarly to a bank, although not officially considered a bank. TransferWise allows seamless cross border international transfers due to the intelligent and efficient way that it is set up.
Traditional banks transfers
Basically, when you use a traditional bank, transfers made from let’s say Europe to the USA would…
