Fintech unicorn, TransferWise, launched its money transfer services in Hong Kong last week. This news comes just a few weeks after the company launched the services in Argentina.
As previously reported, TransferWise converts that money at a better rate and pays the transfer out using local pools of currencies in each country. This way, money never actually crosses any borders, and users benefit through low fees. While the price may vary depending on where people are sending money from, TransferWise states that it is, on average, five to ten times cheaper than sending money with a bank. While sharing details about the Hong Kong launch, Co-Founder and CEO of TransferWise, Kristo Käärmann, stated:
“We’re excited to launch our service in Hong Kong and introduce a product that is cheaper, faster, and fairer for people and businesses here. The Hong Kong dollar has long been a highly requested currency at TransferWise, so we’re happy to be able to open this to everyone.”
TransferWise also confirmed that after a successful pilot period, it has already been able to drop prices for customers transferring money from Hong Kong by more than 20 percent. Käärmann then reported:
“Over three million people across the world use TransferWise as a fair and easy way to manage their money across borders. Hong Kong represents a key market for TransferWise. Over 4 percent of Hong Kong’s population are foreigners, and many Hongkongers are living in other parts of the world. Hong Kong also has a long, rich history as a world leading economy and home of international commerce.”
Associate Director-General of Investment Promotion, Jimmy Chiang, then added:
“I’m excited to see TransferWise making its foothold in Hong Kong. This is a big step not only for the company but also for Hong Kong as we are committed to becoming a leading fintech city in the wold. TransferWise’s decision to set up in our city is a win-win for both.”