If all goes well, in a few months, United States citizens will be able to send and receive money overseas without getting fleeced.
At least, that is the pitch from TransferWise, an Estonia-based startup created by one of Skype's co-founders, Taavet Hinrikus. Hinrikus' partner, Kristo Käärmann, came to New York last week to start the process of making TransferWise available in the States. "States" is really the key word: The company must get permission from each of the 50 states before it will offer its service.
Founded in 2010, TransferWise is available in much of Europe plus Australia, New Zealand and India, among other locations. The company uses crowdsourcing to let consumers avoid the fees — and, more importantly, the disadvantageous currency exchange rates — that banks charge Read more...
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