A TransferWise spokesperson said: “We’re always completely transparent about the total cost of a transfer and we make it as low as we can.”
The company has invested heavily in marketing and advertising - including a skeleton walk through London held last year - in a bid to persuade customers to switch from larger banks, which traditionally offer worse rates due to higher overheads.
TransferWise, which was founded three years ago by two Estonians - one of whom was Skype’s first employee - raised $58 million in January, valuing the company at around $1 billion.
