Airbnb is a fairly known start-up. Making anyone a kind of hotelowner, providing a platform for short term rental of rooms, houses, apartments or castels. They are growing rappidly. Transferwise has also entered as fairly large, with Sir Richard Branson’s investing in them. Essentially a service that makes international money transfers “fair and cheap”, the simple solution saves money for people who do international money transfers at any scale. Watch how it works here. Typically, the bank will firstly make you pay a fixed fee depending on which country you are sending money to, then they will use an exchange rate that benefits the bank at a few percent charge. It all adds up, and is not very transparent.
However, why these two startups are not integrated with each other I hope is only a question of time. Because, as I recently used Airbnb for the first time I really missed the transparency of Transferwise. I was required to pay a sum in Euros with my Norwegian card. So consequently I was charged 3% comparing Airbnb’s rates with Transferwise. This adds up. So thinking aloud, I would like to see a future where Airbnb uses Transferwise to conduct its payments. Essentially it would require some reworking of how Airbnb does its authentication and cancellations. But there are clearly many benefits of partnering with each other.