TransferWise has teamed up with Groupe BPCE, in a deal that will give the money-transfer startup access to the banking group’s 15 million retail customers, the companies announced at Money 2020 Europe.
Customers of Groupe BPCE will be able to use TransferWise’s international money transfer service directly in their mobile banking apps from 2019, the companies said in a statement. The partnership will mark the first time in Europe that a major banking group offers TransferWise’s service directly in its own apps, they said.
“Both TransferWise and BPCE are committed to offering the best possible service and the fairest deal to their customers and this collaboration is an important step in making that a reality for everyone,” says TransferWise. “The service will enable BPCE customers to send money to over 60 countries at TransferWise’s usual low fee of 0.5 per cent on most currency routes and at the mid-market exchange rate”.
Adds Kristo Käärmann, co-founder and CEO of TransferWise: “TransferWise has a mission to make money move around the world as fast and as cheaply as email. This partnership is a momentous step on that journey – for the first time a major mainstream bank is offering its customers the chance to benefit from TransferWise’s lightning fast, low cost service. It’s proof that we can scale our technology, which will allow other big institutions to seamlessly integrate with the service”.