TransferWise has launched a service that allows customers to conduct domestic and international remittances instantly to mobile phone contacts that also have TransferWise multi-currency accounts, across more than 50 different currencies.

The service eliminates the need to have bank account details in order to complete a transfer, according to a press release.

"Banking works domestically, but international money management is still notoriously hard," Lars Trunin, product manager a TransferWise, said in the release. "This new feature has been around on a national level, but it now addresses the international money problem head on and makes managing money across borders more convenient for everyone, without any need for a bank."