Dutch challenger bank bunq teams up with TransferWise.
Dutch challenger Bunq, wants to let its customers to make “fast, low-cost international payments” powered by TransferWise. Similar to other third-party integrations, the TransferWise feature sits within Bunq’s own app, giving users the “real exchange rate”, in addition to a small, transparent fee. At launch, 15 currencies are supported, and over the coming weeks more currencies will be added.
Users will be able to send money abroad at the real exchange rate, paying a “small” upfront fee, making bunq “up to eight times cheaper than its biggest competitors”.
“When we announced the large French bank [BPCE Groupe], which is clearly an incumbent — a massive incumbent — they were thinking about their customer,” he told me at the time. “That maybe does feel a little bit rare for banks to think this way, but they figured that ‘if we are going to do this, then why don’t we do it properly’. They were actually fully driven by their users and thinking about how to get the best user experience”.“Our mission is to free our users from borders and barriers in traditional banking, such as hidden fees. We think TransferWise is a valuable addition to solidify that mission,” says Ali Niknam, CEO, bunq.