TransferWise and N26 reveal newly bolstered partnership


Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and FXC Intelligence and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors.… Read more
  • N26 customers in certain new countries will now be able to use TransferWise’s tools to send money around the world.
  • The partnership is based on TransferWise’s API, which has full integration with the N26 app.
  • “We’ve now expanded our partnership to allow N26 customers to send to even more countries – including Brazil, Mexico, Philippines, South Africa, Singapore and more,” said TransferWise.

Cross-border payments company TransferWise has announced an extension to its partnership with the digital bank N26.

The company, which has worked with N26 since 2016, said that it would now offer its services to customers of N26 in even more countries across the globe.

South Africa, Mexico and Singapore are all on the list, as are Brazil and the Philippines.

TransferWise has an application programming interface (API) that is integrated with the N26 mobile app.

According to the firm, this means that transfers can occur “right from their smartphone”.

“Thanks to our powerful API, TransferWise is seamlessly built into the N26 app, so customers can make international transfers right from their smartphone,” the firm said in a blog post.

“There’s no separate app to download and customers won't be redirected anywhere else to complete the transfer, so sending transfers directly from an N26 account is even easier than doing it through TransferWise.”

There is also a commitment to transparency on the part of both firms.

“As N26 shares our vision for transparency, customers will always get the mid-market exchange rate with no added mark-up, and only pay TransferWise’s lowest transfer costs – transparently shown upfront for each transfer,” it added.

TransferWise also explained the changing context behind the partnership.

“Since 2016, TransferWise for Banks and N26 have partnered to offer fast, low-cost and transparent international transfers to customers, straight from within the N26 app,” it said.

“A lot has changed since then – 7 million customers now use TransferWise, saving over £3m a day in hidden fees and N26 provides over 5 million customers a simple, secure and streamlined way to manage their money in real time.

“We’ve now expanded our partnership to allow N26 customers to send to even more countries – including Brazil, Mexico, Philippines, South Africa, Singapore and more, making it even more convenient for customers to manage their money around the world,” it said.

Mobile apps, it seems, are the future of the online money transfer industry.

Firms such as TransferWise are making huge strides to ensure that their mobile apps are user-friendly and as responsible to customer needs as possible – and the extension of this pre-existing partnership with N26 is therefore a logical choice.

With the coronavirus pandemic now increasing the need for simple money transfer that, where possible, does not require the use of walk-in locations, it’s probable that these kinds of partnerships are only likely to increase in importance.

Don’t let the latest goings-on in the online money transfer sector pass you by – instead, check out our news pages for further information about what’s going on.

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