- Borderless payments possible for US bank account holders and individuals who regularly receive money transfers from the country
- Service is being compared to international money transfers through PayPal
- TransferWise already offers feature to users in Australia, the UK and Europe
International money transfer brand TransferWise recently added American bank information to its proprietary platform and it is likely to affect PayPal’s dominance in the country.
The same move was made by TransferWise in the United Kingdom, Australia and Europe and has been deemed successful. Due to this new development, TransferWise users can now send cross-border payments in less than a minute.
According to the fintech company, users can sign up to use this feature at no cost. The company notes that this functionality is also available in multiple currencies. This is good news for the brand’s loyal customers because it will allow them to receive money in the currency of their choice.
Adding US bank details to the platform enables TransferWise to process transactions without charging any fees to its users. This means that users can now receive money from friends and family who work and live in the United States without having to worry about fees.
US bank account holders can directly send money to a TransferWise borderless account. This is also good news for users based in the US as they can now send money to their own bank accounts and can even automate transfers if needed.
There are other developments as well, based on recent reports. TransferWise users in the United States will be able to opt in to receive a debit Mastercard soon as well. These developments are in line with TransferWise’s expansion plans.
Apart from the platform’s speed, TransferWise does not charge any fees for transactions that typically cost users a lot of money. Compared to popular international payments brand PayPal, one of the most well-known virtual payments systems in the United States, TransferWise does not charge its users for conversion spreads. International money transfers conducted through PayPal typically charge an estimated 2.5% to 3% of the total amount.
For Transferwise updates, check this link regularly.
