Up bank launches cheap international money transfers via TransferWise partnership

Digital bank Up will link to TransferWise’s API to allow customers to send money overseas in 52 currencies with the real exchange rate from within the Up app.

In an Australian first, local digital bank Up has partnered with international money transfers fintech TransferWise to offer customers cheap, fast overseas money transfers. Up will connect to the TransferWise for Banks API to allow customers to send money overseas in more than 50 currencies. Although the service will be powered by TransferWise, Up customers won’t need to leave the Up app.

Thanks to the collaboration, Up customers will be able to move money abroad using the real exchange rate with no margins added on top. The real exchange rate is the one you can see on Google, but banks add their own margin on top of this when transferring currencies for customers. Previous research by TransferWise has revealed Australians are wasting more than $1 billion a year in exchange rate markups.

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Source: Up bank launches cheap international money transfers via TransferWise partnership – finder.com.au