TransferWise delivers cheaper international payment service to US
Global international payments firm TransferWise has launched its service for US banks which gives banks, credit unions and other financial institutions the ability to directly plug their infrastructures into TransferWise’s API.
The launch of ‘TransferWise for Banks’ will allow banking customers across America to make fast, low-cost international payments straight from their banking app.
Banking platform for ‘modern entrepreneurs’ Novo, as well as Stanford Federal Credit Union (SFCU), are two of TransferWise’s first US partners to roll out the new service.
“By plugging into our API, Novo and SFCU just became the fastest and cheapest to use in the U.S. for international payments,” says TransferWise’s CEO and co-founder Kristo Käärmann. “In fact, people and businesses staying with traditional providers end up paying 5-10x more than the customers of our partners, who can experience the low cost and convenience of TransferWise services without leaving their banking app.”
The service gives customers access to the real exchange rate and requires one “small, upfront, transparent fee” for the international transaction.
The launch follows a series of bank partnerships between TransferWise and European organisations such as UK’s Monzo, Netherland’s Bung, Germany’s N26 and Estonia’s LHV, as well as the more notable partnership with France’s second largest bank, BPCE. Over the next 12 months more partnerships are set to follow.
“We’re excited to be one of the first in the U.S. to integrate with TransferWise, a trusted industry leader making a real impact to international payments,” says Novo’s CEO and co-founder Michael Rangel. “As SMBs become increasingly mobile first and borderless, we’re so pleased our customers can now access fast, low cost international transfers directly from the Novo app.”
The new service will also help serve SFCU’s large international customer base. “It’s an exciting partnership,” says SFCU’s CEO and president Joan Opp. “TransferWise has reinvented international funds transfers and we are excited to become their first credit union partner and one of the first banking partners in the US.”