[rchowe]

That's really interesting!

They only support disbursements in six currencies (AUD, EUR, GBP, NZD, PLN, and USD), but they can accept eighteen currencies; presumably because they already have a large balance of those and they are relatively stable -- the one question mark for me would be PLN, but I would guess that it might be an important remote work market.

It seems the main difference is the lack of a requirement for an intermediate bank or banks; even a large international bank like HSBC might have to go through a third party for currency conversion in certain circumstances. It seems a lot easier if you are only making increases / decreases to your own balance sheet (cut out the middle man, no settlement requirements, etc).

Presumably you issue bonds to get the to do this with, which is relatively safe because it stays as cash and you know your churn rate. Does TransferWise have any levers they can pull besides halting disbursements in a given currency if there is a sudden devaluation, e.g. Poland goes bankrupt and PLN goes to zero?