TransferWise global money transfers now on Facebook

Global money transfer service TransferWise has introduced a new Facebook Messenger bot, letting customers send money and create rate alerts directly from within Facebook Messenger. The London-based startup developed a Facebook Messenger "chatbot", that connects users with businesses when making online purchases.

Any user can interact with the bot to set up rate alerts to get notified of the exchange rate for their chosen currencies.

Facebook has long facilitated domestic transfers of cash in the U.S. but this is the first time such a system has been rolled out on an worldwide basis entirely within the Messenger system. Among the company's list of high profile investors is Peter Thiel, the co-founder of PayPal.

Facebook already incorporates a feature which allows users to send money via its Messenger app, however the range of the service is limited to domestic use in the United States. Its approach does not actually involve transferring money internationally - instead it pairs you up with an identical payment from the country you're in. He said the service would eventually be extended to work in other countries and money transfer routes that the company operates in.

While in January, Ant Financial Services, an affiliate of Chinese e-commerce company Alibaba Group Holding Ltd, said it would acquire US money-transfer company MoneyGram, in a deal that is expected to shake up the worldwide payments landscape.

  • Zachary Reyes