02 December 2020

TransferWise starts to gain Australian banking licence  

Written By FinTech Alliance in Money Transfer

TransferWise starts to gain Australian banking licence  

TransferWise has acquired a restricted banking licence in Australia.  

In Brief:  

  • The firm, which offers a money transfer service, has been approved to access the country’s real-time payment system.  

  • It’s been issued a permit by the Prudential Regulatory Authority.  

  • This allows TransferWise to offer purchased payment facilities as a “limited authorized deposit-taking institution”. 

What does this mean?  

This is a marker on TransferWise’s journey of expansion into Australia. It's now able to rival PayPal with some of the services it offers in the country.  

Read more here.  

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