Australian neobank Up has partnered London-based online money transfer service TransferWise to facilitate international payments.

The partnership will help Up users to send and receive money in 48 different currencies with TransferWise, using the Up app.

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Up customers using the international money transfer (IMT) service will not have to worry about exchange rate markups.

They will know how much transfer fees they will pay and how much foreign currency will be entered into their bank accounts.

TransferWise Australia country manager Tim Cameron said “It’s the next big step to making international money transfers cheaper and faster.

“Though an email can travel around the world in a matter of seconds, moving money internationally is still incredibly cumbersome, slow, and expensive.

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“TransferWise and Up share a common vision to change this status quo and to modernize the international financial system to provide a fair and transparent banking experience for everyone.”

New customers can use the Up app to create a TransferWise account and start using the IMT service.

Existing customers can log in and head over to the payments tab to create a new international payment.

Moreover, the app users can head over to the ‘monthly insights’ tab to view their total savings in or out for the month, as well as, total payments and total purchases.

Up co-founder Dom Pym said: “Australians staying with traditional providers could end up paying between five and eight times more than Up customers, who will have a seamless, low-cost TransferWise experience without leaving the Up app.”