Swedish startup Betalo rolls out international remittance service

Betalo has launched an international money transfer service that is said to be eight times cheaper than other services.

Swedish startup Betalo rolls out international remittance service

The company has also upgraded its iOS and Android apps to support 35 countries in 10 different currencies. New countries are said to be added through the year.

The remittance service, which will charge a 0.5% transfer fee, uses a transparent exchange rate with zero markup.

Betalo CEO Stefan Salomonsson said: “Each year Swedes transfer billions of SEK abroad. Until today, international transfers have meant high fees, often higher than 4% of the transfer amount. There are also frequent hidden fees and the exchange rate is sometimes not known until 1-2 days after the transfer is complete.”

Established in May 2012, the mobile banking app provider operates in Sweden, Germany, Portugal, Bangladesh and the US. The company is owned by a number of investors, including NFT Ventures.