Notably, the company offers international money transfers for just one British pound (EUR 1.2, $1.6, Rs. 100) for all transfers under BPS 200 and 0.5 percent for everything above, which is a tenth of what banks normally charge.
TransferWise Money Transfer is a free Android app compatible with Android 2.2 Froyo+, and allows transfer of money to anywhere in the world.
The TransferWise Money Transfer app's Google Play store listing notes that the app is the quickest, cheapest, and easiest way to transfer money aboard, with real currency exchange rates and no hidden costs. The company says the service is 90 percent cheaper than users' banks, and supports debit card transactions.
An earlier report suggested that TransferWise has been looking to offer services for the Indian rupee.
The report revealed that the new platform boasts of customers from across Europe and has been most popular in Britain, France and Spain, mostly among working or retired expats plus small and medium-sized businesses looking to cut operating costs.
The report claimed that TransferWise has been eyeing expansion in Asia, Africa and the US, offering services for the Indian rupee, South African rand as well as US, Australian, Hong Kong and Singapore dollars.
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