UK-based TransferWise has launched its peer to peer (P2P) international money transfer platform in Canada.
This service will allow users to send Canadian dollars to any of the 60 nations and 35 currencies with TransferWise.
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The company claims that the new service is up to five times cheaper than using a bank.
Currently, transfers are available on TransferWise.com, and will be available on the TransferWise iOS and Android apps in the coming months, the company added.
Founded in 2011, the firm uses the real exchange rate: the mid-market rate – without the hidden mark-up fees – to send money abroad. More than £500m is transferred across the globe every month using the TransferWise platform, the company added.
In the UK, TransferWise got the backing of MPs such as Chi Onwurah and Tessa Jowell for its campaign to Stop Hidden Fees. The online petition attracted 15,000 signatures within 24 hours of its launch and the matter was debated in parliament. Since then, HSBC said it will refund some customers of their "excessive foreign currency fees".
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