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TransferWise lets expats, foreign students and businesses transfer money wherever it’s needed

TransferWise, a London-based startup that wants to make transferring money between currencies effortless and inexpensive, has launched its first proper mobile app.

Available to download from the App Store now, TransferWise is a peer-to-peer service that sidesteps bank fees and lets you switch money direct to users in other countries.

To set up a payment users select their currencies, import contact/payment details and then action the amount they wish to transfer. TransferWise then processes the payment and sends a final notification when it has been finalized, nabbing 0.5% of the transaction for itself.

Though it has an Android ‘app’ already, it’s actually just a shortcut to its website and lacks any real ‘native’ functionality. A proper incarnation will follow soon though.

via The Next Web.