TransferWise launches debit card for businesses to spend internationally

TransferWise today announces a package of enhancements to its business product, including the launch of its debit card to its European business customers. That means businesses can now spend from their account like a local in 45 currencies.

A new phase of TransferWise for business

The company also responds to other key wishes from its 150,000 active business customers. Alongside the debit card, TransferWise is launching a global integration with top accounting platform Xero and open access to its API.

  • TransferWise Business Mastercard – send, spend and save money like a local, in 45 currencies. Get real bank details in GBP, EUR, USD and AUD in minutes

  • Integration with Xero – making it easier for accountants and bookkeepers to manage funds in multiple currencies, by automatically importing transactions from the business account directly into Xero

  • Open access API – any business can now integrate TransferWise into their workflow, enabling customers to make fast, low cost international transfers directly from their own website or app. It’s completely free to integrate, and functionalities include the ability to power cross-border and domestic payouts automatically

TransferWise is the first non-bank to globally integrate with Xero’s cloud-based service, making it easier than ever for large and small business customers to keep track of international payments and spending.

New independent research, commissioned by TransferWise, compared fees for sending money abroad and account set-up charges with PayPal and HSBC. The research reveals that TransferWise is on average 14 times cheaper than PayPal and up to 8 times cheaper than HSBC, leaving businesses shortchanged by adding a high mark-up to the exchange rate.

For example, a business sending £2000 to a Euro account could be hit with a charge of over £60 for using their bank to make the transfer.

Table 1. Comparing the costs of using Paypal for businesses managing their international finances against TransferWise borderless account*

Action

TransferWise

PayPal

Signing up

Set up fees

Free

Free

Monthly account fees

Free

Free

Sending money

Send £2000 to EUR

£7.95

£74.67

Send £2000 to USD

£8.76

£37.62

Receiving money

Receiving fees applied to a €2000 payment to a GBP balance

£0

£63.68

Receiving fees applied to a $2000 payment to a GBP balance

£0

£64.79

Stuart Gregory, Head of Business at TransferWise, says: Today we’re taking a significant leap forward in our mission to make money move around the world as easily and cheaply as email. Debit cards and a Xero integration were our two most hotly anticipated product updates, so being able to launch them at the same time is a real milestone for TransferWise and our business customers.

Businesses deserve a fair service when spending and sending money abroad. As the research shows, the likes of PayPal are getting away with massively overcharging their business customers. The reality is these are often small companies and freelancers who can’t afford to be stung by sneaky charges each time they make a transaction in a foreign currency. The internet means everyone has access to a global marketplace, TransferWise is giving businesses the financial tools to match.

Edward Berks, Director of Platform Business, UK & EMEA at Xero, says: It’s really fitting that TransferWise is the first international money transfer provider to integrate with us on a global scale. Their low cost, transparent service, fits in with our core values of trust and accessibility. This is the much needed addition to the Xero platform that accountants all over the world have been asking for.

Saving businesses money, time and stress

Lavinia Davolio, owner of Lavolio’s Italian chocolate shop in West London, says: “We’re an international small business and mainly buy our supplies from Italy, while selling our chocolate across Europe as well as in the UK. As clients want to pay us in their local currency and we need to pay suppliers in euros, life is made so much easier with TransferWise for Business as I just use my euro bank details.

“Before TransferWise I used my bank but it was such a hassle. I had to actually phone them to make a transfer and it was really expensive each time. The biggest benefit using TransferWise for Business is it saves time and money – both often scarce when running a small business.”

Author: Yash Hirani

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