TransferWise, founded by early employees of Skype, is a new service offering better currency exchange rates by connecting consumers.
With its aim to become the Skype of currency exchange, the service makes it possible for European consumers to make pound-euro exchanges without paying the service fee to banks, usually around 6%.
Consumers send their funds to TransferWise’s account, as a trusted third-party. The company matches people in the Eurozone with people in the UK wanting to exchange currency. The service costs a flat rate of €1or £1 per currency transfer. Since operations began in January 2011, the company has already processed more than €700,000 in currency transactions.
Revolutionising Eurozone bank transfers [Iconowatch]