Second Largest Bank In France Is Now TransferWise’s Partner
TransferWise and the second largest bank of France are now partners. TransferWise is best known for its international money transfer app. It is now partners with France’s second largest bank, the BPCE Groupe.
What Is TransferWise
TransferWise is a new way to convert money to send abroad. The money transfer service is developed in Estonia and based in UK. TransferWise was first launched in January 2011. It has its headquarters in London, with offices in cities like Tallinn, New York, and Singapore.
What Makes TransferWise A Better Choice
International money transfer via TransferWise is more convenient. This is because it costs cheaper, as compared to sending through banks. Sending money via banks have high charges. Some even have hidden charges making the fees outrageous at the end of the transaction.
The company may already be known to be the best money transfer service provider. But it is still aiming to achieve more. The European fintech unicorn always had ambitions of being a broader platform play.
This ambition includes giving banks access to TransferWise API to power their own international money transfer features. The company’s partnership with other banks is limited. The reason for this is beacuse most banks see TransferWise as their competitor.
TransferWise And The BPCE Groupe
The partnership between TransferWise and the BPCE Groupe is the realization of the company’s ambition. This partnership is the first in Europe where a major bank integrates TRansferWise API into its mobile banking apps.
Other TransferWise Partners
Other existing partnerships of the company are with Estonia’s LHV, and German bank N26. The partnership with U.K. challenger bank Starling did not materialize.
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