APRA Grants Limited ADI Licence to TransferWise Australia

Sydney-based TransferWise Australia Pty Limited has secured a licence from the Australian Prudential Regulation Authority (APRA) to provide purchased payment facilities as a limited authorised deposit-taking institution (ADI) under the Banking Act 1959.

According to the official document, the banking business that the body corporate(that is, TransferWise Australia) is authorised to carry on is limited to providing purchased payment facilities.

Moreover, the body corporate must at all times, hold Tier 1 Capital in the greater of the following two amounts:

(a) $3 million; or

(b) 5 per cent of total outstanding stored value liabilities.

In addition, the body corporate must not pay interest on amounts held for the benefit of its customers.

TransferWise is authorised to:

• deal in and provide general financial product advice on non-cash payment products and foreign exchange contracts; and

• make a market for foreign exchange contracts; for retail and wholesale clients.

About TransferWise

TransferWise is part of the TransferWise Ltd group. TransferWise Ltd is registered in the United Kingdom and holds an Electronic Money Institution (EMI) licence issued by the UK Financial Conduct Authority.

TransferWise Australia Pty Ltd holds an Australian Financial Services licence number 513764 issued by the Australian Securities and Investments Commission (ASIC).

The financial products the company can provide to customers include a TransferWise debit card and facilities to send money and contracts to exchange one currency for another.