How Wise is profiting by slashing foreign exchange costs

Wise – formerly known as Transferwise – is a fast-growing disruptor in the fragmented foreign-exchange market. It’s doing very well for itself, says Rupert Hargreaves, and there’s plenty of scope for growth.

Taavet Hinrikus, co-founder of Wise
Taavet Hinrikus, co-founder of Wise
(Image credit: © Simon Dawson/Bloomberg via Getty Images)

If you travel a lot or run a business dealing with different currencies, you’ll know how difficult it can be to change money. Technology has disrupted almost every aspect of life over the last two decades, apart from, it seems, the foreign exchange market.

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Rupert Hargreaves
Contributor and former deputy digital editor of MoneyWeek

Rupert is the former deputy digital editor of MoneyWeek. He's an active investor and has always been fascinated by the world of business and investing. His style has been heavily influenced by US investors Warren Buffett and Philip Carret. He is always looking for high-quality growth opportunities trading at a reasonable price, preferring cash generative businesses with strong balance sheets over blue-sky growth stocks.

Rupert has written for many UK and international publications including the Motley Fool, Gurufocus and ValueWalk, aimed at a range of readers; from the first timers to experienced high-net-worth individuals. Rupert has also founded and managed several businesses, including the New York-based hedge fund newsletter, Hidden Value Stocks. He has written over 20 ebooks and appeared as an expert commentator on the BBC World Service.