Fintech Startup TransferWise Cuts Fees as Competition Heats Up
- CEO: Wiring cash to Paris shouldn’t cost more than to Aberdeen
- Company said it will still be profitable after price cut
The TransferWise website
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TransferWise Ltd., the London-based international money transfer service that is considered one of Europe’s more promising financial technology startups, is lowering the fees it charges to send money from the U.K., the company said Monday.
The move comes at a time when TransferWise is facing growing competition from a number of copycat international payments platforms as well as banks and traditional money transfer businesses like The Western Union Co., some of which have lowered their prices to become more competitive with TransferWise.