"Hey, hidden fees. Your secret's out," taunts the site founded by Taavet Hinrikus, 32, and Kristo Kaarmann, 33.
TransferWise has been giving banks a run for their money since its 2011 launch, even attracting applause from tycoon
"They are dramatically lowering the cost of transferring money overseas, by effectively matching people and companies in different countries who want the opposite currency," the Virgin billionaire said in a recent blog.
The marriage of IT ingenuity and financial savvy also garnered a prestigious 2013 World Summit Award, a UN-backed prize for outstanding web-based business innovations.
Transferwise offers international money transfers for a fee of just £1 (R18) for transfers under £200 and 0.5 percent for everything above - a tenth of what banks typically charge.
At that price, business is booming with the company processing about £1 million a day.
While European rules specify euro to euro transfers must be free of charge, bank fees on international money transfers between currencies range between 3 and 6 percent with exchange rates that routinely favour banks.
The new platform boasts customers from across
It's also eyeing expansion in
Co-founder Hinrikus was
The idea took shape when Hinrikus found himself living in
Kaarmann, meanwhile, was earning pounds in
"We found we had the opposite currency requirements, so we started to exchange it among ourselves at the actual mid-market rate - that's the exchange rate you see in the papers, not the inflated rate you'll be offered by your bank," Hinrikus said.
"Soon we realised we had saved a fortune by not moving the money across borders and perhaps it could be a big business idea. A few years later, TransferWise was born," he added.
A few algorithms later, they had come up with the programming to connect people with complementary currency needs.
Hinrikus explains customers in
The company spots a customer in
Rather than sending the money across borders, TransferWise simply pays it out to the desired recipient in each country, for a minimal fee.
While concerns have been raised over the potential abuse of the system to launder money, TransferWise spokeswoman
"This means the business is subject to the same rules as commercial banks in the
The half-dozen TransferWise investors read like a who's who of IT venture capitalists. PayPal founder and
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