Up teams up with TransferWise on international money transfers
It’s official. Up has just made history as one of the first neobanks in Australia to join the international money transfers scene, thanks to its latest partnership with IMT provider TransferWise.
Launched today, the collaboration will enable Up users to send money in 48 different currencies with TransferWise, all via the Up app.
TransferWise Australia’s country manager, Tim Cameron said it’s a next big step to making international money transfers cheaper and faster.
“Though an email can travel around the world in a matter of seconds, moving money internationally is still incredibly cumbersome, slow and expensive,” he said.
“TransferWise and Up share a common vision to change this status quo and to modernise the international financial system to provide a fair and transparent banking experience for everyone.”
In fact, Up customers using the new IMT feature won’t have to worry about any exchange rate markups, plus they’ll know exactly how much they need to pay in transfer fees and how much foreign currency will enter their recipient’s bank account.
“Australians staying with traditional providers could end up paying between five and eight times more than Up customers, who will have a seamless, low-cost TransferWise experience without leaving the Up app,” Up’s co-founder, Dom Pym said.
Mozo’s number crunch reveals that for an AU$10,000 transfer, Aussies could save US$261 just by opting for TransferWise’s exchange rate today instead of the big four bank average rate.*
And according to Transferwise, it doesn’t just deliver bigger savings - but also fast speeds. For instance, Transferwise data shows that in the second quarter of 2020, 28% of money sent overseas with the IMT provider arrived instantly (i.e. took 20 seconds or less).
Here’s how to send money overseas with Up:
- If you aren’t a TransferWise user yet, join without leaving the Up app.
- Choose which currency you wish to send your funds in.
- Tell Up how much you want to transfer and whom you’re transferring the money to.
- You can also send it with a personalised message.
But of course, TransferWise isn’t the only specialist IMT provider in Australia. Want to explore other options in the market? Head over to our international money transfer comparison table.
*Mozo data, as of 10 August 2020.