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TransferWise Caps Currency Trades Ahead of Brexit Vote

  • Customers advised to make transactions in British pounds soon
  • Company expects normal transfer operations to resume Friday

TransferWise, the popular London startup that allows customers to make inexpensive international money transfers, has urged customers to make any transactions involving British pounds today or wait until after tomorrow’s vote on the U.K.’s continued membership in the European Union. 

The company will restrict its users’ ability to make transactions using pounds tomorrow because of the vote, the company advised existing customers via e-mail. Transfers into pounds will not be allowed from 7 a.m. Thursday and any transfer out of pounds to another currency will be blocked from 6 p.m. It will also cancel all transactions that are arranged but not settled before 8 p.m. Thursday.