How they describe themselves: peerTransfer intends to become the lowest cost and most convenient way for individuals and businesses to send money internationally between bank accounts. Instead of using regular banks, customers use peerTransfer to receive lower fees and better currency exchange rates, which translate into savings of up to $1,500 on a $40,000 payment.
How they describe their product/innovation: peerTransfer’s first innovation is peerTransfer Education, a streamlined international payment solution saving schools and their international students time and money when paying tuition and fees. On one hand, it reduces identified or missing payments for the school, avoids manual reconciling of incoming wires and is provided at no cost and with no IT implementation required. On the other, it saves thousands of dollars to international students while improving their experience when coming to the US.