ⓘ Featured image: A file-photo of TransferWise co-founders: Estonians Kristo Käärmann (L) and Taavet Hinrikus (R); Credits: Forbes
TranferWise, a London-based global low-cost digital money transfer service has reportedly started operations in the UAE in a move to expand its footprint all across the MENA (Middle East & North Africa) region. The company has set up its office in Dubai, and the capital Abu Dhabi will act as a hub for its regional operations.
Founded in 2011 by Estonians Kristo Käärmann and Taavet Hinrikus, TransferWise aims to make sending money abroad more convenient, cheaper and faster. The company at present has 14 global offices and a customer base of 7 million – processing over $5 billion in customer payments every month.
The company claims that its money transfer service is up to 2 times cheaper than the traditional providers. The money is sent through TransferWise at the mid-market exchange rate and charges an upfront, transparent fee. The company in statement has also mentioned that a quarter of its international transfers are delivered in less than 20 seconds.
Affirming the launch in the UAE, Kristo Käärmann, CEO and co-founder of TransferWise said,
“The UAE is one of the most important remittance markets in the world, and we’re delighted to be bringing the first fully online money transfers to the country.”