It has been operating in the country since April 2016 as an exchange correspondent for local banks. The approval will greatly reduce costs for sending and receiving funds from abroad.
"Brazil has become one of TransferWise's five priority markets with an organic growth 57% higher than the average of the countries in which we operate," says Diana Ávila, TransferWise's leader in Latin America. The license arrives more than two years after the application. "Currently, sending money with TransferWise in Brazil is already three times cheaper than with traditional financial institutions. With the exchange broker license, we hope to further reduce our rates, optimizing costs and offering an even better experience for our customers ", clarifies Diana. The average shipping cost by TransferWise is currently around 1.5% of the transfer amount. With the broker's license and with that, without the need to use partner banks in foreign exchange operations, the company wants to bring the value in Brazil closer to its global average of 0.74% per transaction. With the authorization, TransferWise intends, in addition to reducing costs, to expand the service portfolio, such as the possibility for users to send money to companies, for example. "We started this process at the end of last year, allowing people to transfer money to educational institutions", quotes Diana.