London based fintech company TransferWise has partnered up with digital-only Starling bank to provide easier and cheaper international money transfers. The partnership includes an API integration for international money transfers.
The collaboration is set to launch this summer, allowing customers to make transfers across 35 currencies that are available in the TransferWise app, including the euro, US dollars and Indian rupees. The transfer will require a small upfront fee and use the real exchange rate according to the companies, although they have yet to confirm just how small this will be.
Whilst Starling Bank is still in beta-testing, the service is set to launch in the next few weeks and join the league of challenger app-only banks that are posing competition to traditional UK banks. The partnership is a first for TransferWise with a UK bank.
“The integration makes it super easy for Starling customers to access the TransferWise service,” says Scott Miller, head of partnerships at TransferWise.
“The partnership is also another example of how our API can be used to integrate TransferWise into any UK or EU bank and business payment system. Starling Bank accesses the same API that our business customers use to make thousands of monthly international and domestic payments – it’s an incredibly versatile solution for businesses.”
TransferWise was founded in 2010 in London, with a total equity funding of $116.3m to date.