Number26 is trying to reinvent your bank account. One by one, the company is looking at the traditional bank features and using more modern options to recreate a complete bank. Now, you can make international transfers in foreign currencies directly from the app. And the best part is that Number26 is using TransferWise to make you pay less in fess.
It’s pretty seamless if you’re already familiar with the Number26 app. When you add a new recipient, you can tick a new box that says “foreign currency” and pick the currency. Currently, Number26 lets you transfer euros into GBP, CHF, CAD, PLN, HUF, SEK, INR, AUD and USD.
And then, you can initiate your transfer by entering IBAN information, etc. It couldn’t be more transparent — you don’t need to go into TransferWise’s app. TransferWise uses a peer-to-peer matching approach to cut on international transfer fees. It is much cheaper than transferring Euros to a British account and letting the banks handle the conversion.
It tells you the exact exchange rate in case you want to compare it with the interbank currency exchange rate as well as TransferWise’s fee. And everybody wins as TransferWise gets more users and Number26 gets more features.
This is just the first step as the company also wants to create a FinTech Hub with other services. You can expect savings, investment, credit and insurance products. TransferWise is the first of these integrations. I hope Number26 can build native integrations for all these services.
Many startups have been unbundling each product in the banking industry. Number26 wants to act as the central hub for all these services, turning its bank account into a full-fledged banking platform.