TransferWise helps millions of people around the world transfer money abroad at very little fees. TransferWise removes the high bank fees from foreign exchanges by matching its users based on the currency they have and require. In this Transferwise review, you will get to see why this service is a revolution in international money Transfer.
What is TransferWise?
TransferWise is an online money transfer service which allows users to transfer money abroad for up to 8times cheaper fees than the banks. The company was founded in London in the year 2011. Since it’s launching, the company has made tremendous growth due to the quality of service that they offer to their users. TansferWise helps customers on every continent to transfer over £2 billion every month, saving them a whopping £50m in hidden charges in the process.
The international money transfer has not had it better before this wonderful service was launched. Banks keep making the heel of money off customers who want to make international transfers. However, the introduction of Transferwise has done that a Machete blow. If you’re still caught in the era of exorbitant bank charges on international transfers, you should have a rethink after going through this TransferWise review.
How Does TransferWise Work?
Just like you can see from the illustration above and the video clip below, the TransferWise technology is based on a peer-to-peer system. If someone wants to convert their pounds to euros, TransferWise’s technology finds someone who wants to transfer money in the opposite direction (euros into pounds).
They have local accounts in all the countries across the world. You pay in your preferred currency and TransferWise delivers your desired currency across the border. The money you send does not actually move across the border. If you want to transfer pounds to the US for instance, they will receive your pounds in their pounds account and then give you an equivalent from their local USD account.
This special approach to currency exchange completely cuts out the middleman and as a result, they charge significantly less fees than anyone else when it comes to international Money transfers. Watch the video below to understand more about how TransferWise works.
Recently, TransferWise has introduced what they call a borderless account. The borderless account gives you an account detail which can receive money from any country across the world. You will be assigned your own BIC/SWIFT codes, IBAN etc as is applicable in your country. They also have a customised debit card with which you can send and receive money to and from any country across the world.
How To Send Money Abroad With TransferWise
It is quite simple to send money abroad with TransferWise. Just head to the Transfer Wise website, complete the short registration step. Then enter your details and that of the recipient and send. You will get an email update on your transfers. It takes only minutes for your money to be delivered.
To use the service, simply log in to their website, select the amount you’d like to send and to whom, and then fund the transaction using your bank account, credit card, or additional regional options like Trustly or iDEAL. Most of the payment options have no fees attached, except credit card payments, that will cost between 0.3-1.5%.
Who Can Use This Service?
This service can be used by anyone who wishes to save money on international money transfers. Whether you’re a once in blue moon user, an SME or even a freelancer, you can use this service so far as you send or receive money from across the border. The bottom line is that it helps to cut the cost of your transactions thereby keeping more money in your account.
If you’re a big business that has a lot to pay for across the border, the service will help you with all that at little to no cost at all. It is equipped with batch payment or Bulk payment tools to help you with your payments or transactions no matter how large all at real exchange rates.
Is TransferWise Safe?
TransferWise is regulated by the Financial Conduct Authority and just like large banks and financial institutions, verifies its users to protect against fraud and money laundering. Therefore, if you’re scared because of the safety, you really need not bother because this service is completely safe.
How much does it cost Send Money With TransferWise?
The cost of sending money with this service varies depending on the amount you want to send. However, amounts up to £400 cost a flat fee of £2 to send abroad. After that, the fee is 0.5pc of the amount sent. So anything above will really be dependent on the amount but it is only 0.5 percent of the amount. Follow this link to get a full breakdown of Transferwise charges here. There are no hidden charges of any kind when you use this service. The charging is transparent and open.
Where can TransferWise send money?
They have a network of bank accounts globally in various countries, enabling them to support members in all the countries. The full list of supported countries can be found here.
What Currencies Are Supported by TransferWise?
TransferWise supports over 400 currency routes across the globe, including the US dollar, Naira, Australian Dollar, the euro and sterling. To see the list of currencies supported by this service click here.
Download TransferWise App
With the mobile app, you can easily carry out your transactions as well as monitor your transactions as you will always have Transfer Wise in the palm of your hands.
You can get more information about how to get started, how it works and all the general information you need about the TransferWise money without border services on www.transferwise.com.
If you have used this service and would like to share your testimony with others, or you have questions regarding this review, you can use the comment box below to let us know.