Does TransferWise build direct banking relationships in each country or rely on backend networks like Earthport?
Payments
Asked by Question Bot03/Dec/20141 answer
1 Answer
F
Faisal Khan
Answered 03/Dec/2014
From the looks of it and what one can read about them, it seems their model primarily works on the Net-Off basis.
Ex:
If $10,000 need to be transferred by a User from UK to Germany, and if there is a need to send US$ 10,000 equivalent of Euros from Germany to UK, Transferwise will take care of both of these users, but using the local payment option. No money is actually transferred.
This I believe is just one of their many ways of doing a transaction.
Ex:
If $10,000 need to be transferred by a User from UK to Germany, and if there is a need to send US$ 10,000 equivalent of Euros from Germany to UK, Transferwise will take care of both of these users, but using the local payment option. No money is actually transferred.
This I believe is just one of their many ways of doing a transaction.