The disruption of banking and financial services continues. Not only are digital banks popping up in Australia now (and providing the kinds of digital services the Big 4 can only dream about), but they’re integrating with new and existing services at rapid speed.
Australia’s first digital bank Up has partnered with international payments platform TransferWise to seamlessly integrate digital cross-border payments into its banking app.
There’s some 130,000 Up bank customers now, and they will be able to send money overseas in 52 different currencies direct from their transaction accounts.
The exciting thing about this integration is that TransferWise does not mark up exchange rates for transfers, and provides an up-front precise estimate of the cost of the international transfer, including exchange rate, any fees and the like.
TransferWise via Up will roll out in private beta to select Up customers next month, with the rest of the customer base to gain access shortly after.