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Overseas transfer fees add up . No one knows this better than TransferWise ’ s founders , Kristo Käärmann and Taavet Hinrikus , who developed the concept for their service as they were losing out to fees when transferring money between Estonia and the UK . The money transfer service , which was founded in 2010 , has since expanded to six million customers , who collectively send a total of over US $ 4bn each month . Instead of creating its own rate , TransferWise works off of the bank transfer rate of the day , offering the best possible rate across 750 currencies .

JANUARY 2020