British money-transfer firm Transferwise has launched TransferWise for Business, a new platform geared towards small and medium sized enterprises (SMEs).
The platform will enable merchants to send or receive international money transfers by using Transferwise’s network of bank accounts around the world.
“This local approach makes sending money abroad up to 7x cheaper compared to using a business bank account,” the company claims.
The service comes up with no sign-up costs or monthly fees. The company said that it has already transferred over $1.3bn through the platform.
TransferWise vice president of growth Nilan Peiris said: “SMEs make-up 99% of all UK businesses – they’re the engine of the UK economy. Despite the banks saying that they support these companies and their growth, the reality is that behind the scenes they’re happy to give SMEs a poor deal with hidden exchange rate charges. In fact, Lloyds Bank recently admitted adding undisclosed charges to overseas transfers made by its ‘less sophisticated’ SME clients.
“ That just isn’t fair and we wanted to do something about it. We’ve listened to what businesses want, and created a tailored, easy-to-use product for businesses with fast registration, easy reporting and dedicated business customer support teams. We’re excited to be able to offer SMEs a fairer, cheaper, faster alternative for international money transfer.”