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TransferWise is a new money transfer service that allows individuals and businesses to transfer money between countries at a lower cost than traditional providers like banks and Western Union. It uses a peer-to-peer model to facilitate currency exchanges locally in each country, keeping costs low. TransferWise charges 0.5% on most routes with no hidden fees, compared to 4-6% charged by traditional providers. It aims to provide fully transparent pricing based on real mid-market exchange rates. The company was founded in 2010 by former Skype employees and is backed by prominent investors like Peter Thiel.







