TransferWise Aims for New Markets with Fee-Free Card

TransferWise Aims for New Markets with Fee-Free Card

FACTS

  • The British money transfer FinTech TransferWise intends to reach out for two more markets with their fee-free debit card offer.
  • Targets: individual and corporate customers in Australia and New Zealand.
  • Goals: Expand and strengthen their presence in Asia-Pacific.
  • Australian and New Zealand-based customers may now subscribe TransferWise Platinium Mastercard debit cards.
  • Benefits: fee-free transactions with current exchange rates applied, cash withdrawals for free up to $350/month. Cardholders also enjoy Platinium advantages, including online fraud prevention and airport concierge services.
  • TransferWise also plans to aim for Singapore by the end of 2019.

TransferWise Key Figures:

  • 14 offices worldwide
  • €4B sent each month
  • 5M customers
  • €1B saved each year by their users in exchange fees

CHALLENGES

  • A lever for customer acquisition. According to a study by Capital Economics, Australian customers lost nearly $2.14 billion when using their payment cards abroad. TransferWise means to address this issue and claims their solution is up to 11 times cheaper than other travel cards.
  • Setting eyes on Asia Pacific. TransferWise chooses to further aim for Australia, where their business has been expanding fast. Discussions are underway with authorities from several countries in this region. And they have recently been granted a licence in Malaysia ahead of a local launch also planned by the end of this year.

MARKET PERSPECTIVE

  • TransferWise’s debit card with transparent fees and exchange rates was first introduced in the UK (last year), it then reached Europe, and the US (in June 2019). The FinTech claims their card offers have been used to complete 15 million transactions since launch.
  • Just like TransferWise, several FinTech are betting on free services to secure customer loyalty. The British company Curve, for instance, features a card which doesn’t incur fees when making transactions abroad. They intend to attract one million users by the end of 2019.

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