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TransferWise Launches International Money Transfers Via Facebook (reuters.com)

Posted by msmash on from the smart-moves dept.

Money transfer company TransferWise has launched a new service that allows users to send money internationally through Facebook's Messenger, as competition in the digital payments landscape intensifies. From a report on Reuters: The London-based startup said on Tuesday that it had developed a Facebook Messenger "chatbot", or an automated program that can help users communicate with businesses and carry out tasks such as online purchases. TransferWise's chatbot enables customers to send money to friends and family to and from the United States, Britain, Canada, Australia and Europe from Facebook Messenger. It can also be used to set up exchange rate alerts. Facebook already allows its users to send money domestically in the United States via its Messenger app, but has not yet launched similar services internationally. TransferWise said its service will be the first to enable international money transfers entirely within Messenger.

22 of 33 comments (clear)

  1. Just use bitcoin by Anonymous Coward · · Score: 1

    NT

    1. Re:Just use bitcoin by DontBeAMoran · · Score: 1

      You'd be crazy to use Bitcoin.

      Use Dogecoin instead!

      --
      #DeleteFacebook
  2. crazy by Anonymous Coward · · Score: 1

    You must be crazy to use zuckerworld to transfer money. I don't know else would cause someone to do this.
    'It's facebook, what could go wrong?'

  3. ICE will love i by ronmon · · Score: 3, Informative

    When the too-stupid-to-be-burger-flippers stop you in customs and demand your Facebook login they'll be drooling over this.

    1. Re:ICE will love i by thegarbz · · Score: 1

      And why would they? Are you somehow implying that banking information isn't shared with the US government already?

    2. Re:ICE will love i by mjwx · · Score: 1

      When the too-stupid-to-be-burger-flippers stop you in customs and demand your Facebook login they'll be drooling over this.

      I get your point.

      But you also haven't used any of these transfer services.

      By and large they are pretty good but transfers take days to complete, partially as a security measure (and partially because it takes time for the money to clear). If I were to transfer money from UK account to a UK account it would still take a day to process (in the UK, I can transfer from account to account in a matter of seconds using Faster Payments). You have to transfer the money from your bank and specifiy the bank your sending it to, so it's hardly anonymous either.

      You wont be able to send money via facebook, you'll still have to use your banks process, you will probably just get the quote via Facebook. Personally I'd be more concerned about saved credit card info on your phone (which I try never to do).

      --
      Calling someone a "hater" only means you can not rationally rebut their argument.
  4. Hi buddy I'm jail over seas and I need you to by Joe_Dragon · · Score: 1

    Hi buddy I'm jail over seas and I need you to Facebook the guard some cash as a bribe so I can get out.

    1. Re:Hi buddy I'm jail over seas and I need you to by tlhIngan · · Score: 1

      Hi buddy I'm jail over seas and I need you to Facebook the guard some cash as a bribe so I can get out.

      I think that's what we'll start seeing on posts.

      You can tag a post and then put on a simple "Pay me now" button so people can read your plea for money and simply get it by clicking a link.

      It's one of those things you really wonder why it hasn't happened before. It's one of those its so obvious now it's done things.

      Soon you'll have dozens of posts in your news feed "My car broke down and it'll cost $2000 to fix it! [Send Money]" and other woe-is-me stories...

    2. Re:Hi buddy I'm jail over seas and I need you to by c · · Score: 2

      Soon you'll have dozens of posts in your news feed "My car broke down and it'll cost $2000 to fix it! [Send Money]" and other woe-is-me stories...

      There's already a common scam where someone scrapes a Facebook profile, sets up an apparent duplicate, and starts adding all their friends. Inevitably people respond to the friend requests (they forget that they're friends, or assume that the person had to create a new account for some reason, or whatever), and then the scammer starts up with the money requests.

      This might make it simpler, but it's already not that hard to set up these kinds of scams.

      To be honest, I'm at the point where I find it hard to believe that there's anyone left on the Internet who is (a) gullible enough to fall for these scams and (b) still has enough money to be able to fall for these scams.

      --
      Log in or piss off.
    3. Re:Hi buddy I'm jail over seas and I need you to by MachineShedFred · · Score: 1

      I was just thinking that we needed yet another way to move money across the Internet. Thank god that Facebook is here to help!

      --
      Slashdot still doesnâ(TM)t support Unicode after it was added to the HTML standard in 1997.
    4. Re:Hi buddy I'm jail over seas and I need you to by MachineShedFred · · Score: 1

      As long as there are follow-up plugins that allow me to send them a bag of dicks as well, I'm good with it.

      --
      Slashdot still doesnâ(TM)t support Unicode after it was added to the HTML standard in 1997.
  5. administrative excercise by bugs2squash · · Score: 2

    Decrementing a counter in one country and incrementing another counter overseas causes this company to be worth $1bn right out of the gate ! That right there shows you how much people are being ripped off to transfer money.

    --
    Nullius in verba
    1. Re:administrative excercise by The-Ixian · · Score: 1

      but....but....it's CUTTING EDGE technology! The ability to use a computer to pay for something?! Welcome to the FUTURE!

      --
      My eyes reflect the stars and a smile lights up my face.
  6. Realistic scam by DrYak · · Score: 1

    Sadly, it's exactly the kind of real-world bribery nightmare that your company had endured that brings credibility to the various "I'm jail over seas and I need your help" scams/identity theft that often flourish on the social media.

    --
    "Sufficiently advanced satire is indistinguishable from reality." - [Tips: 1DrYakQDKCQ6y52z6QbnkxHXAocMZJE61o ]
  7. Launches or Launders? by Nkwe · · Score: 1

    I first read launches as launders and thought it funny. I thought about is some more and it may be more of a risk than a joke.

  8. What could possibly go wrong? by Gravis+Zero · · Score: 1

    1) Hack TransferWise chatbot.
    2) Redirect funds.
    3) PROFIT!

    --
    Anons need not reply. Questions end with a question mark.
  9. Scammer's rejoicing around the world by Opportunist · · Score: 2

    When you thought it couldn't get any worse than Western Union...

    --
    We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
    1. Re:Scammer's rejoicing around the world by The-Ixian · · Score: 1

      At least with WU you don't need an account with them to send or receive money...

      This is totally a play to get people who don't already have a FB account to be forced into getting one for the convenience.

      At some point, I wouldn't be surprised if FB becomes the new Amazon....

      --
      My eyes reflect the stars and a smile lights up my face.
  10. I'm conflicted by jenningsthecat · · Score: 1

    On the one hand, 'Facebook' - enough said. On the other hand, competition is good, and we need more of it in the digital payments business. Besides, I'd love to see PayPal taken down a notch or fifty - maybe then they'd at least have to act as if they weren't utterly evil, in order to stay viable.

    --
    'The Economy' is a giant Ponzi scheme whose most pitiable suckers are the youngest among us and the yet-unborn.
  11. TransferWise is not the first by tearmeapart · · Score: 1

    The largest bank in Canada, RBC, implemented this a few years ago.

    As far as I know, Facebook is just used as a message platform to inform the users of the transfer, so this is not really a big deal.
    However, that being stated, most social platforms have better authentication solutions than most banks in the world, which makes me trust some sites more than my own bank.

    1. Re: TransferWise is not the first by corychristison · · Score: 1

      If I'm not mistaken, those are just Interac eTransfers.

      Every Financial Institution in Canada supports them. Some charge a small fee ($1-$2) to send them. Some allow you to send them free. Some give you a certain number of them for free per month. But it's always free to receive.

      The difference with this TransferWise thing, is that it works internationally, which you can not do with Interac eTransfers, and that's kinda cool. It certainly looks easier than Paypal, but I havent looked much further than the TransferWise home page.

  12. Nigerian Princes by naris · · Score: 1

    Approve this message wholeheartedly!