Recently the social media giant Facebook has made it possible for its users to send money internationally. Users can send money to USA, UK, Canada, Europe, and Australia. Powered by TransferWise, it allows completes money transfer by guiding users’ throughout the process.
Customers on TransferWise have already made the payments transfer up to $1 billion a month through the company’s own application. The company claims that transfers are allowed without the usual fee that is charged by regular banks. No hidden payments are charged in any form by the TransferWise. As a replacement for this fee, the current exchange rate is used by the app and for which the company charges an upfront payment. It is based on one percent for the money that is being transferred.
Although with TransferWise app, users can send money ranging a lot of currencies but for Facebook Messenger, its selection for currencies is limited to few. Users are also notified about the changing exchange rates. The bot even send alerts when the exchange rates are stable for users to exchange currencies. Previously, Facebook has been allowing users to make transfer payments but that facility was available just nationally. This recent feature has made it possible for the company to make international payments.
The statement issued by the TransferWise Head Scott Miller, the company aims to make the transfer of payments possible by providing a cheap and convenient way to users around the world. For this purpose, the initiative of payments by Facebook Messenger using TransferWise bot has been taken. Rumors have been surfacing about the growing connection between TransferWise and Facebook but no acquisitions have been confirmed yet. This bot for Facebook Messenger is going to give a good start to both the companies.