Thread by @kaarmann

1/ The equivalent of a Q2 shareholder update, but for the @TransferWise community of 3 million people and businesses. Have we made progress on our mission?

Thread below 👇

2/ The TransferWise mission: money without borders — convenient, instant, and eventually free. To pay, to get paid, to spend like a local, anywhere in the world. 💰 + ⚡ + 💳 + 🌍.

3/ Fees. Sending money shouldn’t cost more than sending an email. World Bank estimates that banks still charge ~7% by hiding their fees in the exchange rate. 💰
remittanceprices.worldbank.org/sites/default/…

4/ @TransferWise started from 0.5% and now are moving fees down to 0.3%. In Q2 we dropped prices on 530 currency routes. 💰

5/ We are now able to service millions of payments, invest 200+ engineers’ time into improving the product, drop prices for users and still remain in the black at the end of the month. 💰

6/ Speed. Transfers should be instant at home and across borders. 8.3% of our transfers in Q2 were instant. These reach your bank account in less than 20 seconds. ⚡

7/ Speed. Our users in Australia can now use POLi to get instant payments to UK banks. 🇦🇺 ⚡

https://twitter.com/NeilMatthams/status/1027417646646493184

8/ Speed. Instant is the future, but for slower countries same-day will have to do. We increased the share of same-day transfers by a third to 36% in Q2.⚡

9/ Our borderless account holders in Europe made 2,000,000 payments on their green debit cards. It debits the right balance on your account or converts automatically, if you’re short of a currency. Always mid-market rate. 💳

https://twitter.com/garyturner/status/1028724718902362113

10/ Coverage. We started operating transfers from Turkey. Argentine Peso and Ghanaian Cedi went live as new currencies. 🇦🇷🇬🇭🇹🇷 🌍

11/ Convenience. @Monzo users can now use @TransferWise directly from their banking app. This made Monzo a no-brainer choice for international banking in the UK. 🌍

12/ Team. We now have 71 nationalities working in TransferWise. 👨‍👩‍👧‍👦

13/ Team. 1000+ people working to make TransferWise even better in London, Singapore, Budapest, Tampa, NYC, Tallinn, and more. We’re hiring for 138 roles. 🛠️
transferwise.com/jobs/

14/ Read the full story here. If you found this useful, let me know and we’ll give you another update in October for Q3. 🚀
transferwise.com/gb/blog/transf…

15/ PS. Throwback to Q1 '18 mission update below.
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https://twitter.com/kaarmann/status/988766244001083392