International money transfer service TransferWise has launched TransferWise for Banks in Australia, allowing banks, credit unions and other financial institutions to integrate TransferWise’s API directly into their own infrastructure.
The first bank it is partnering with is Up, a neobank launched 12 months ago which operates under Bendigo and Adelaide Bank’s ADI.
The integration means Up’s more than 130,000 customers will be able to send money abroad in 52 currencies directly from their transaction account, powered by TransferWise.
Launched in 2011, TransferWise is known for facilitating faster, cheap international funds transfers, disrupting a traditional banking process which was slow and expensive.
Customers will be able to send money from within the Up app knowing upfront exactly how much they’ll pay in fees and the corresponding amount they’ll receive in the foreign currency.
TransferWise has already to provide its APIs to a number of banks in Europe, such as Monzo in the UK, Bunq in the Netherlands, N26 in Germany and LHV in Estonia.
“TransferWise and Up have been looking forward to this day for some time,” said Murali Akella TransferWise Head of Banks.
“We share a common vision to modernise an outdated financial system and provide a fair and transparent banking experience for consumers. Working together is a very natural fit and we’re excited for this to be the first of many bank partnerships in Australia and the broader Asia Pacific region.”
“By plugging into our API, Up just became the fastest and cheapest to use in Australia for international payments. In fact, Australians staying with traditional providers could end up paying between 5-8x more than Up customers, who will have a seamless, low-cost TransferWise experience without leaving the Up app. “
Dom Pym, Up co-founder, said, “We’re pleased to bring two great fintech brands together to set a new standard in banking and international transfers. Up is about providing clever ways to organise your money and simplify your life. This partnership is another way we’re giving our customers the freedom to simply live their lives, doing the things they love.”