Banking sector will be unrecognisable in ten years: leading fintech

by NZ Adviser14 Sep 2016
TransferWise, a leading European fintech company, has today launched its services in New Zealand. 

The company enables customers to transfer money with less hassle than the banks’ processes, using the real exchange rate and claiming to be completely transparent, typically 4- 6 times cheaper than the banks in New Zealand and a lot faster.

TransferWise CEO and co-founder, Taavet Hinrikus says, “We're very excited to be launching in New Zealand. 

“It's about time everyone in New Zealand who needs to send money overseas whether they're working or studying had a better alternative to the banks who have been overcharging and underserving us for decades.” 

The company says it has over a million customers globally, serving 645 routes and can deliver to around 90% of the world's bank accounts. 

Growing rapidly, it launched in Japan last week and earlier this year in Brazil and Canada.

“We’re beginning to realise what else could be possible and how the banking sector could change forever,” said Hinrikus. 

“In ten years, the sector will look completely different - we won’t use banks like we do today.

"When we launched five years ago, we only offered transfers between the UK and Estonia. Now we have 645 routes globally and we can send money to 90% of the world's bank accounts.

“We’re constantly working hard to improving the service for our customers whether that’s by introducing new currencies or making transfers even faster,” said Hinrikus, pointing out non-banks often offer better alternatives to the banks on most services. 

“This is just the start of the financial revolution.”

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