TransferWise's growth strategy adds first bank partner

LHV, Estonia's largest domestic bank has integrated TransferWise into its network enabling its clients to benefit from TransferWise's P2P forex rates and easy-to-use international money transfer services directly from the LVH App. This marks the first banking partnership for TransferWise, which plans to partner with other banks, messaging services, marketplaces and mobile carriers to integrate its transparent pricing model into their core products.

Starting Tuesday, customers of LHV can carry out international foreign currency payments directly via the online bank and mobile bank of the Estonian bank LHV using the Transferwise service, informs LETA/BNS.

The currencies that are currently supported for payment from LHV are British pound, U.S. dollar, Indian rupee, Australian dollar and Swedish krona. The fee depends on the currency used.

"Starting today, Transferwise international money transfers are available for all LHV customers and anyone wanting to make an international transfer with Transferwise can try it out in the LHV online or mobile bank. The partnership between the two companies is a good example of modern open banking in which innovative services emerge through collaboration and relying on best practices," Andres Kitter, head of retail banking at LHV said.

"LHV is the first bank in the world to provide Transferwise's transparent and easy-to-use international money transfer services within their service portfolio. That means that its customers can save on the hidden charges that are so common in the industry. We're looking forward to being able to help our customers even more by developing integrated solutions with other services and products so that people can access the Transferwise experience through any application from messaging apps to e-wallets," Taavet Hinrikus, CEO of Transferwise, said.

LHV Group employs more than 250 people and its services are used by over 70,000 customers. The pension funds of LHV have over 130,000 customers.

Transferwise is a platform for making international money transfers that builds on peer-to-peer technology.