Facebook Messenger has added a new bot called TransferWise, a global money transfer service based in the UK. A bot is an application that performs automatic functions like weather forecasts, assisting in ordering food or shopping online, setting alarms etc. Bots have already been developed which enable payment via messaging and Facebook supports another one called Alipay. Facebook also supports international money transfers via Azimo, Stripe, and PayPal as well as with credit card companies like American Express, MasterCard, and Visa.
The TransferWise bot on Facebook Messenger currently works for payments between Europe, Australia, Canada, UK and the US and guides users through the process. TransferWise are planning to extend their reach to over 50 countries in the upcoming future which will make sending money on Facebook a truly international service. The application has the additional functionality of offering rate alerts and advising good times when to exchange a currency which is very useful when exchange rates are volatile.
TransferWise has its own app which enables its customers to send and receive close to one billion dollars a month. The company claim that the transactions are free with no bank or hidden fees. TransferWise use contemporary exchange rates and charge an upfront fee of about one percent of the sum of money being transferred. Their app offers a wide selection of currencies to use for the transfers but the Facebook Messenger version will offer a more limited range. Messenger has been allowing domestic transfers between Facebook users but the TransferWise bot will be the first to enable international ones.
Scott Miller, the Head of Global Partnerships at TransferWise, issued a recent statement in which he said building the bot for Messenger was a great step in bring faster, cheaper, and more convenient international transfers to everyone in the world. He also said that their API could seamlessly integrate TransferWise into virtually any messaging, bank, or business payment system.