Will Banks Be Knocked Out Of The Currency Exchange Business By This App?

Monday, January 24, 2011 22:54
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Will Banks Be Knocked Out Of The Currency Exchange Business By This App?

The platform gives anyone access to the same mid-market exchange rates that banks get on their interbank market.

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"TransferWise charging a flat fee of £1 for each transaction regardless of the amount being exchanged," says TechCrunch.  

 

At stake: the 3% to 6% fee consumers typically pay at banks to exchange currency.

 

The company’s founders, include Skype's first employee, Taavet Hinrikus.

 

 

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