In this episode, we are joined by Murali Akella, who has helped TransferWise partner with banks across the globe. TransferWise has been a revolutionary form of transferring money overseas at the lowest possible cost. Started in 2011 in the UK, it quickly became popular and now has over 6 million people who use their service. Unsurprisingly, to get to this stage they needed to expand. They opened up offices across the globe, including America. Murali shares with us what this experience has been like, why it was necessary, and the differences in the American market compared to the United Kingdom. “This job is not a job, it’s a revolution.” – Murali Akella Time Stamps: 00:17 – How TransferWise started. 02:34 – The bank accounts that TransferWise offers. 05:23 – The number of clients TransferWise have and who they are. 06:32 – How banks use TransferWise and how it works. 09:43 – How sending money overseas actually works. 12:11 – What the average fee is for sending money overseas. 13:06 – The different exchange rates you’ll get using banks or TransferWise. 15:41 – The benefits of TransferWise. 18:33 – How TransferWise has expanded and where their offices are now. 20:46 – The reasons for expanding to America and the surprising underdevelopment there. 22:35 – What motivations American banks have for using TransferWise. 25:18 – The high demand for easy money transfers in America. 26:49 – How the American market is different from the UK’s. 30:33 – Where in America TransferWise has offices and why Tampa was an attractive city. 33:15 – The get togethers TransferWise have for its global force, and how culture can exceed borders. 35:35 – How to operate within different regulations across different countries. 37:51 – How running offices in the US is surprisingly similar to running offices elsewhere. 39:53 – Different expectations American clients have compared to European clients. 41:06 – Advice for those considering a move to the US market. 42:42 – TransferWise’s aim to keep their service homogenous for all their customers around the world. 44:33 – What the biggest challenge is when expanding to the US. Send us questions you want answered to [email protected] Resources and Mentions: Transferwise Swift Slack Hangouts Zoom www.mtbonnell.com Connect with Murali Akella: LinkedIn Connect with Nastaran Tavakoli-Far: LinkedIn Connect with Sebastian Sauerborn: Website