Challenger bank Virgin Money is expanding its services and getting into the money transfer business for the first time, underpinned by technology from fintech startup World First.
The new service will let customers make international transfers with no transfer fees and Virgin promising to offer better rates than quotes offered by high street banks.
Virgin Money director for current accounts, insurance and investments, Darrell Evans, said: "We have taken note of what matters most to customers when it comes to moving their money overseas. They don’t want to be hit by hefty fees, they want a competitive rate, to deal with a business they can trust and they expect to get their money to where it needs to be, simply and quickly. We think these are fair and reasonable expectations, so the new Virgin Money International Money Transfer service has been designed to give them what they want. It’s that simple."
World First, set up in London in 2004 and chaired by former Bank of England deputy governor Sir David Clementi, will provide a white label version of its money exchange service to Virgin.
“The partnership epitomises the power of the FinTech sector and is a clear demonstration of the ability of businesses like World First to positively disrupt traditional markets both directly and through partnering with leading brands to drive competition and support new entrants," said World First's chief commercial officer Alex Sullivan.