Two Estonian entrepreneurs have decided to take on the banks and offer realistic and affordable international money transfers, saving customers huge sums in fees. TransferWise is set to be the next big thing to come out of Estonia - the company has a clear vision and efficient operating system which can only save you time and money. With offices located in Tallinn and London, the company is expanding and currently looking for new recruits. If you would like to be part of the banking revolution, check out their current vacancies.
To further explain what TransferWise is all about, here's some information taken from their website.
To further explain what TransferWise is all about, here's some information taken from their website.
TransferWise was born of frustration
Sending money abroad is deceptively expensive, thanks to the hidden fees we’ve all been forced to pay. The banks claim “free money transfers”, “0% commission.” Sounds like money’s already flowing freely, but far from it. It’s pure propaganda.
TransferWise removes all the wrongness, letting people send money abroad at the lowest possible true cost. Using only real exchange rates and tiny not-hidden-fees. Headaches averted, and a revolution sparked.
How it happened
Taavet Hinrikus and Kristo Käärmann are two friends who believe that money is meant to flow freely. But in the absence of a global currency, it doesn’t. An epiphany saved them thousands of pounds.
Taavet was paid in euros, but living in London. Kristo was paid in pounds, but had a mortgage in euros and often spent time in Belgium. They devised a simple scheme. Each month the pair checked that day’s mid-market rate on Reuters to find a fair exchange rate. Kristo put pounds into Taavet’s UK bank account, and Taavet topped up his friend’s Belgian account with euros. Both got the currency they needed, and neither paid a cent in bank fees.
“There must be others like us," the epiphany went.
And the rest is TransferWise.
The founders
Kristo Käärmann
Founder, CEO
Kristo lived and breathed the world of finance from the inside. At PwC and Deloitte, he helped banks and insurers bring their processes and systems into the 21st century. Stunned by the inefficiency of financial institutions, he wanted to do more to improve the quality of services available to customers. At TransferWise, he is in charge of all operations activities, technology, development, compliance and regulatory issues.
Taavet Hinrikus
Founder, Executive Chairman
Taavet likes things that are simple, reliable and cost no more than they should. As Skype's first employee, he helped build a company that has changed hundreds of millions of lives. He’s since helped various companies as an angel investor and advisor. At TransferWise, Taavet looks after marketing, product development, PR, and investor relations.
