A new facility has been introduced by famous social media site “Facebook” after which money can be send at foreign locations by customers.
A new company “TransferWise” is providing service to Facebook through which the money will be transferred and received by customers by using a ‘chatbot’ through messenger service of Facebook.
This service is now available in USA, EU, Australia and Canada while information about exchange rate of their country is also provided by this company to the customers.
Prior to that, this service was only available in USA and exchanging money in foreign countries wasn’t available at that time. 1 million people transfer around $1 billion every month through TransferWise which is located in London. Financial firm “Andreessen Horowitz” and Virgin group founder Richard Branson are providing financial support to this new and emerging company.
Many people like this service because the company demands very little charges for transfer of money. The customers can deposit money in any local bank account of “TransferWise” and can take the money of same amount from local bank account of TransferWise in another country.
Financial departments of UK have provided regulation certificate to the company while the company says that the security system of ‘chatbot’ is up to the standards for customers. In April 2016, this chatbot service started for Facebook for the first time.
