TransferWise rolls out cross-border money transfer feature

The transfer can be made in over 50 currencies using a mobile number.

Transferwise’s multicurrency account holders may now transfer money across borders in over 50 different currencies with a mobile number, the company announced in a press release.

Under this new feature, when a TransferWise user sends USD to another user who doesn’t have a USD balance, the service will automatically create a free USD balance for the recipient. The recipient can then keep it or convert it as needed.

The cross-currency transfer will incur a conversion fee between 0.4% and 0.7% of the transfer amount, according to TransferWise.

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