First ever opportunity for consumers to get a fair deal on foreign currency payments via a UK bank
TransferWise and UK challenger Starling Bank today announce a partnership providing Starling Bank customers with direct, in-app access to TransferWise’s service.
The service will be available to Starling Bank customers in the UK for summer 2017. Starling customers will be able to make transfers from the UK across the 35 currencies available in the TransferWise app, including the euro, US dollars, Indian rupees and Australian dollars.
TransferWise and Starling Bank are each dedicated to revolutionising an outdated financial industry and providing a fair, transparent banking experience for consumers. UK banks typically charge an upfront fee for international payments, plus an exchange rate mark-up. Starling Bank customers will benefit from foreign currency payments at the real, Reuters exchange rate with only a small upfront fee.
Megan Caywood, Chief Platform Officer at Starling Bank, said: “Starling Bank is delighted to announce our partnership with Transferwise, our first Marketplace partner. At Starling we are committed to creating a step change in banking and enabling people to see and understand their money. A key part of this is offering access to the best financial products and services in the market. Transferwise’s technology and business model have been transformational for millions of people sending money abroad and transferring currencies. They ensure convenience, offer the real exchange rate, and put the customer first. These are all values that are important to Starling and our partnership signifies a vital step for UK banking customers. Using APIs to integrate best-in-class services from across the market, we can transform the way we we understand everyday money so that customers have easy access and real choice in a way that truly fits in with their lives.”
Scott Miller, head of partnerships, TransferWise said: “TransferWise is about making it fast, low cost and convenient for people to send money abroad, and Starling Bank shares that commitment to giving people access to fair prices that let them move their money as they choose. The integration makes it super easy for Starling customers to access the TransferWise service.
“The partnership is also another powerful example of how the TransferWise API can be used to integrate TransferWise into any UK or EU bank and business payment system. Starling Bank accesses the same API that TransferWise’s business customers use to make thousands of monthly international and domestic payments – it’s an incredibly versatile solution for businesses.”
Other API integrations announced by TransferWise in recent years include Facebook Messenger, Estonia’s LHV Bank and N26.