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To set up a payment users select their currencies, import contact/payment details and then action the amount they wish to transfer. TransferWise then processes the payment and sends a final notification when it has been finalized, nabbing 0.5% of the transaction for itself.
Though it has an Android ‘app’ already, it’s actually just a shortcut to its website and lacks any real ‘native’ functionality. A proper incarnation will follow soon though.
TransferWise was founded by Taavet Hinrikus, a former Skype director, and consultant Kristo Käärmann in 2010. It received a $6m (£3.9m) investment boon from Peter Thiel, co-founder of PayPal and now VC.
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