LONDON - Revolut and TransferWise are signing up thousands of small businesses a month for foreign exchange payments, touting slicker service and lower fees as they try to take on banks in a sector with flows of $7 trillion a year.
“Small businesses don’t get any better prices than consumers,” said Stuart Gregory, head of TransferWise for Business. “You’re not getting speed, convenience, you’re not getting a good price.” It expects businesses to account within a few years for a quarter of its overall 3 billion pounds monthly flows, up from about a sixth, or 500 million pounds, today.
It has attracted 100,000 businesses — up from 33,000 last June — and is adding 3,000 to 6,000 customers a month. TransferWise declined to give its overall business customer number. International payment revenues across all customers top $200 billion-plus globally a year, according to McKinsey. Business-to-business revenues total $127 billion, although most likely comes from big lower-margin corporate customers.
“It’s an industry that has been using the existing platforms for decades with no innovation,” Forzley said, adding that Veem had more than 100,000 users, 2-1/2 times more than in early 2018.
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A shout out must go to StarlingBank & their euro account in this sector. All the advantages of those companies mentioned in your report, but with the added customer protection gained from being in the Financial Services Compensation Scheme.
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