Internet platforms such TransferWise make transfers to other countries cheaper.
By Bettina Schulz in http://www.Zeit.de
Taavet Hinrikus sneers about the great competitors. “Western Union gets even more than the banks, which are already more expensive than us,” he says. Hinrikus is Estonian and “we” that is TransferWise, a start-up, which he founded with his business partner Kristo Käärmann four years ago. Based in London, they challenge banks and major payment services, for they are convinced that money can be transferred internationally cheaper than through Western Union or MoneyGram. They are supported by major investors like Sir Richard Branson, the man behind Virgin, or Peter Thiel, who became rich as a funder of PayPal and Facebook. … Read the full article in German: