With no sign-up costs or monthly fees, the platform enables companies to conduct cross-border transfers via the TransferWise's network of bank accounts, keeping costs down by moving as little cash as possible outside of national borders. The new platform has already been used to send over £1 billion while in development, and TransferWise is confident that it can now tap into a potentially huge market. Nearly half of SMEs send or receive international money transfers at least once every six months.
Nilan Peiris, VP, growth, TransferWise, says: "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.