TransferWise is the new, transparent and cost-effective way to make money transfers around the world. Promising savings to consumers and SMEs alike, check out the benefits of this peer-to-peer model, and see how much you could save on a traditional currency deal by using the TransferWise money transfer calculator "Widget".

Founded by two Estonian expats ex-Skype employee Taavet Hinrikus, co-founder Kristo Käärmann.and backed by Sir Richard Branson, Peter Thiel and Ben Horowitz, TransferWise uses peer-to-­peer technology to make it up to seven times cheaper to send money abroad compared to using a bank. Consumers are now sending more than £500 million a month globally through the platform ­ and TransferWise is increasingly taking on the world of international business transfers.

More and more businesses are trading internationally or managing outsourced resources across the globe, with some relying almost entirely on a globally distributed workforce. In that context, it’s vital that businesses and freelancers alike can make and receive cross-­border payments without having to deal with banks’ outdated tech and excessive fees.