TransferWise disposes of high bank charges of foreign exchanges by coordinating its clients based on the currency they have and want. A basic, secure swap is what that happens.
TransferWise is an online money exchange service, which permits you to exchange money up to 89% cheaper than the bank. This innovation depends on a shared system . If someone wants to convert their euros to pounds or vice-versa, TransferWise finds you a client who wants to convert pounds to euros.
The system works on real-time mid-market exchange rates and pays from a local pound or euro account. The money does not actually cross any border. By proceeding this way the customer can avoid banking charges and you won’t lose money by exchanging at unfair rates
Making exchanges at TransferWise is simple. Go to the website, enter you and the recipients details and the amount you want to transfer. To send money to transfer wise you can either do a bank transfer or a credit/debit card transfer. An email confirmation will be sent when the TransferWise receives money and when the money is paid to the recipient. The transfer is quick and mostly happens on the same day itself. Banks take a long time.
Also Read Western Union Money Transfer: Quickly send Money to overseas for free
TransferWise for SME
For Business Exchanges who transfer and exchange money routinely, TransferWise can come very handy because they have mid-market exchange rates and the transfer fee itself is very less and fixed. The TransferWise is much professional and faster, it also sends an email to your recipients giving them an idea on when the money will arrive. TransferWise also keeps a financial record of your transaction. For business class with daily exchanges it’s a much better option than banks.
TransferWise for infrequent users
TransferWise can also come in handy for the infrequent users. If you just making a one-time purchase or sending money to your family or friend, TransferWise can help you in reducing the exchange fee. It charges very less it’s as low as 0.9% while banks charge you approximately 5% to 6% including the hidden costs. There is no minimum transfer amount, so if you are an infrequent user who would like to exchange less then TransferWise is the best place to be.
TransferWise for Freelancers
If you are a freelancer and some of your customers are abroad, then TransferWise may be the best option because of the low exchange rates. Contact with your customer and ask whether they are comfortable in transferring via TransferWise.
How much does TransferWise charge you?
TransferWise has much cheaper rates. At about 0.9% they charge $9 for 1000$. You can visit their website to see the breakdown of their charges.
Is TransferWise safe?
Exchange at TransferWise is very secure and similar to banks and financial institutions and banks, transfer wise is regulated by Financial Conduct Authority and protects its user from money laundering and fraud.
Are there any hidden charges and fee for different type of users?
At TransferWise the exchange is uniform across the users. The fee only depends on the how much you are transferring and unlike banks, there is no hidden fee. As mentioned earlier they will charge you at a standard rate of about $9 for 1000$
TransferWise supports most of the world currencies. They support about 300 Currency routes. The favourites being US dollars, pounds, sterling, euro etc.
The Pros and Cons
Pros of using TransferWise for money transfer.
*The fee structure is very clear and every charge is clearly explained.
*Low risk- The risk is very less and they provide high security at such low rates
*Convenience- The payment can be done online, you don’t have to talk to your agent. The transfer can be a bank transfer or by using your card.
Cons of using TransferWise for money transfer.
*No Offline payment, you cannot pay via cheque or cash. Some people are more comfortable with offline methods
*Since it’s a new exchange to money exchange market, many currencies needs to be included. Transfer to certain currency is not yet possible. Maybe it will change in the future.
TransferWise: Your solution for money transfer accross globe
I have personally transferd money to few people via TransferWise money transfer service. The rates provided by TransferWise was pretty good and it was directly deposited to the recipient bank account. There was a small charge of AUD $4. The reason i went for TransferWise money transfer service was, with Western Union I was not able to transfer money in few of the bank accounts, so I need an alternative and TransferWise was a very good alternative. The high exchange rates almost covered for the AUD $4 transfer charges.
Transfer you money with TransferWise and save transfer charges
For first few transfer you will not be charged if you proceed via this TransferWise LINK
Share your experience with this service or any service you have used.