UniCredit has partnered with Wise to enable faster foreign-currency transfers for its retail customers.

The service will be available via the UniCredit mobile app and is part of the bank’s aim to become Europe’s leading bank for payments.

Wise says the partnership will enable foreign-currency transfers from euros to several other currencies with the same speed and simplicity as domestic payments.

It added that in most cases, funds will be credited to the recipient within seconds, with clear, transparent pricing and a streamlined user experience.

While traditional banks’ international payments can take three to five days to arrive on average and often include hidden fees for customers, Wise said this new service draws on the company’s local presence and direct access to payment schemes that facilitate a faster, cheaper and more transparent process for customers.

The service will be rolled out to UniCredit customers in Italy starting from 21 July, with plans to extend availability to additional countries in the near future.

The service is launching with selected currencies including the British pound, Swiss francs and Hong Kong dollars.

Further currencies will be added to the service at a later date.

“Our mission is to transform payments into an agile, borderless experience, capable of moving with the speed and transparency of a FinTech,” said Raphael Barisaac, global head of payments & cash management at UniCredit. “Our customers expect simple, fast and transparent solutions at an affordable cost, even when it comes to complex transactions such as international wire transfers.

“This new service was created to meet exactly these needs and represents a fundamental step in this direction.”

---