All thanks to the digital platforms all over the internet, you can easily transfer money online, send money abroad with TransferWise without any sort of hustle or stress.
TransferWise is among the leading UK-based money transfer service, where you can easily transfer all major types of currencies to other countries and it will arrive in less than 1 hour.
Today, we will let you understand how you can use TransferWise to send your money to abroad or any other place around the world and the recipient will receive it in no time.
Table of Interest
What are TransferWise?
TransferWise is an online money transfer service that uses a smart new approach to allow people to send and receive money safely from abroad without the high fees.
Actually, TransferWise method is quite simple, understandable and much more acceptable, as you can easily transfer money up to eight times more cheaply than with a bank.
Well, their method is quite safe and reliable. You can also convert your pounds to euros, whenn you send the money in pounds to TransferWise’s UK-based account. Then the equivalent amount is then sent from TransferWise’s euro account to the recipient.
TransferWise exchange rates
TransferWise offers real-time exchange rates, but this is only applicable whenever you send money using TransferWise, the transaction is made using the real, mid-market exchange rate.
Understand that the mid-market exchange rate are the ones you find in a newspaper, at xe.com and Google. Note that most banks don’t offer this rate to retail customers.
The reason behind this extra charges on the mid-market rates, is that the banks wants to keep the difference for themselves.
Benefits of Using TransferWise
*. Send money abroad eight times cheaper than using your regular high-street bank
*. Transaction costs are always transparent, unlike some other providers which add a markup to the real exchange rate in addition to their fees
*. TransferWise international payments on major routes from the UK and Europe are delivered within 24 hours – compared to 3-7 days for a regular bank. In fact, 25 percent of all transfers from the UK to Europe are delivered within seconds
*. Arrange your transfer online for convenience
*. TransferWise is regulated by the Financial Conduct Authority, just like a UK bank, and trusted by 3 million people around the world
*. Your money is sent directly to your recipient’s bank account
*. Suitable for both business and personal use
*. TransferWise supports over 750 currency routes, including GBP, USD, EUR, AUD and CAD.
*. Now available in 71 countries covering over 1300 currency routes.
The best benefit of using TransferWise is the low-costs for the transfer. A customer confirmed transfer over $25,000 and saved $1,000 USD, which is kind of amazing.
On a pound sterling to euro transfer, the upfront fee is 80p plus 0.35 percent of the transfer amount. So if you’re transferring £1000 into euros by bank transfer you will pay £4.29 for the service.
How to Use TransferWise?
TransferWise has made it much more possible for you to complete your transfers easily, all you have to do is to follow the below procedures:
1. Go to the TransferWise website at www.transferwise.com
2. Now type in your details
3. Then enter the recipient’s
4. Now insert how much money you want to transfer
5. You can either type in your debit card details or send the money to TransferWise from your online bank account.
After that, the money will then be sent straight to the recipient’s bank account. And the good thing is that, they will receive the payment even if they don’t have a TransferWise account themselves.
After they have successfully receive the payment, you will automatically receive a confirmation email when the money has been received and another when it has been paid to the recipient.
Fortunately, TransferWise smart system ensures that the transfers are completed in a single day. But it normally takes a bank 3-7 working days to complete an international payment.
If you are wondering, how long do transfers take? then be very sure that ninety percent of transfers to Europe from the UK are completed within one business day.
According to TransferWise, you could save up to 8x compared to a bank when you send money, get paid in other currencies, or spend abroad on the TransferWise debit Mastercard.
TransferWise Borderless Account
With TransferWise Borderless account, you can go ahead and send money, receive money, and spend around the world up to 8x cheaper than the banks. Bye bye bank fees, hello world.
To set up a borderless account, you’ll need to:
*. Go to the Balances tab on your TransferWise profile on the computer, or the Account tab in the app, to create your free account. We might need to verify your identity first to keep your account safe.
*. Choose which currencies you’d like to hold money in by clicking Add a balance.
*. That is it, your account will be set up now.
Your money is safe with TransferWise
They have 4 million customers and it is Financial Conduct Authority (FCA) regulated. That means, your transferred money is secured and will arrive at the expected day and time.
TransferWise is fully regulated by the Financial Conduct Authority, and just like large banks and financial institutions, verifies its users to protect against fraud and money laundering.