Any other business

Future 50 star: TransferWise

1 min read

29 September 2011

The future is peer-to-peer online currency exchange. Introducing TransferWise.

The company: TransferWise

The boss: Taavet Hinrikus

Changing money at the bureau de change, you can expect to pay a hefty three to six per cent in commission. TransferWise addresses this by matching individuals online. To change, say, £1,000 to euro, you apply online and wait for a counter-party who wants to change money the other way. The exchange takes place at the mid-market rate, and in less than 24 hours. The fee is a flat £1.

Return to the Future 50 list.