Transferwise and Pockit have partnered to enable customers to make cheaper, faster transfers abroad straight from their Pockit account.

What’s TransferWise for Banks?

TransferWise for Banks lets banks, credit unions and other financial institutions offer their customers our much loved international transfers experience, with the added convenience of not having to leave their banking app. All transfers are sent using the real exchange rate you find on Google and cost the customer only a small, upfront fee.

By tapping into our API, more people and businesses can have access to better, fairer international bank transfers. Bringing this service to Pockit customers is another positive step towards our vision of everyone getting access to fast, cheap, transparent international payments wherever they are, whatever they’re doing.

Steve Naudé, Head of Product at TransferWise for Banks:

“At TransferWise, our goal is to make people’s financial lives easier, and save them money on the way. While it might be unrealistic to bring seven billion people to TransferWise, we can take TransferWise to seven billion people, through partnerships and shared technology. With this partnership, Pockit’s customers will be able to access TransferWise’s benefits wherever they are, with increased speed and efficiency. We’ll be bringing our transparent payments infrastructure to even more people who need faster, and better international services. Ultimately, bringing us one step closer to achieving our mission of money without borders, for people all over the world.”

TransferWise and Pockit share a common vision

Since 2014, Pockit has been on a mission to make current accounts available to all those who have undeservedly been rejected or ignored by the traditional high street banks.

Working with TransferWise, Pockit has integrated TransferWise’s API allowing customers to send money right from their Pockit Account at the real exchange rate, with fast, international transfers. In fact, 25% of all global transfers through TransferWise happen instantaneously.

Their 500,000+ users are able to open current accounts in minutes, giving them access to their Pockit prepaid Mastercard. Since launch, Pockit have facilitated over £1 billion customer transactions on behalf of its users.

Virraj Jatania, CEO & Founder of Pockit, commented:

“Helping our customers take greater control of their financial affairs, through fair and open access to a full range of services, is Pockit’s ultimate motivation. Transferring money abroad is a key service and during the first UK lockdown Pockit saw a 33% increase in international money transfers by our customers. As a direct result we have formed this partnership with TransferWise, which will deliver greater benefits to our growing customer base: faster international payments with lower and more transparent rates, all without leaving the Pockit app.”

Original article