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TransferWise to cross new border with multi-currency account

Reuters  |  LONDON 

By Rumney

(Reuters) - Money company said on Tuesday it is launching a low-cost "borderless" and in the first quarter of this year, in its latest bid to win customers by undercutting the foreign exchange fees charged by banks.

Users will be able to hold and convert 28 currencies at the real exchange rate with the account, said.

Fees to convert funds into foreign currency, send them overseas or withdraw cash abroad have amounted to billions of dollars in income for banks globally, but critics say services are slow and often contain hidden charges.

A number of smaller firms have rapidly attracted businesses and consumers by offering quicker and cheaper alternatives.

is one of the most successful, growing to become one of Europe's largest

It became profitable for the first time last year and was valued at $1.6 billion in its most recent funding round in November.

The group is backed by Global Investors and Silicon Valley firm have said founders plan to float the firm in the coming years.

"For the first time we're bringing true - with real bank details in key currencies - to anyone who needs it," Taavet Hinrikus, of TransferWise, said.

Until now, consumers using could only send money overseas. Users pay into the firm's at home, and pays the sum out of its bank in the recipient's local country at the real exchange rate.

(Reporting by Rumney; editing by Alexander Smith)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 09 2018. 05:48 IST