Facebook to offer international money transfer service

US tech giant Facebook is now offering a new service for users of the social media site - the ability to transfter money internationally through its Messenger app.

In collaboration with money transfer company Transferwise, which has received investment from the likes of Richard Branson, Facebook will make a chat service available for users to move money quickly and easily between bank accounts.

TransferWise has gained a reputation for offering a reliable money transfer service which functions on a monitored peer-to-peer system. It believes that the traditional methods of international transfers are "deceptionally expensive".

The Transferwise Bot will be available on Facebook Messenger for transfers from the US, UK, Canada, Australia and Europe initially, but the company said that it hopes to expand to 50 more regions.

"Our mission at TransferWise is to bring faster, cheaper, and more convenient international money transfers to everyone in the world. Building the TransferWise bot for Messenger is a great step in that direction," said Scott Miller, Transferwise's Head of Global Partnerships.

"It's also a powerful example of how our API can be used to seamlessly integrate TransferWise into almost any messaging, bank, or business payment system."

Facebook already allows users in the US to send money domestically usisng the app, but incorporating the start-up's technology will now allow it to take the next step.

TransferWise was launched in 2011 by Estonian entrepreneurs Taavet Hinrikus and Kristo Käärmann, and is now valued at more than $1bn.