Wise – The Best International Money Transfer Service We Use at TechVise

In today’s economical climate, having the ability to transfer funds from one bank account location to the next, in relatively quick successions, is more important than ever before and TransferWise is your answer to all this!

On top of that, no one wants to pay steep bank transfer fees and outrageous FX rates when real time market rates are available via the likes of XE and OANDA. Luckily for us, we are no longer at the mercy of banks thanks to Wise the best international money transfer service there is out there today.

Although there are many options when it comes to transferring money, not all of these options are economically viable or practical as some may actually end up costing you money, and/or may take up a great deal of your time in the process.

Why Choose TransferWise Borederless Account?

So why choose Wise and what makes it the best international money transfer companies for borderless accout today?

Well, they offer a number of benefits and advantages over other similar service providers, with some of the most prominent ones mentioned below…

Free Signup – Yes, Wise is free to signup!

Multiple Currencies

Wise handles over 50 currencies and almost every month a new currency is added to this list. Full disclosure though, only 24 of these have the option to send & receive both, as for the rest, TransferWise can only send to those via local transfers.

Multi Currency Accounts & Debit Cards

Their multi currency accounts, aptly titled ‘borderless accounts‘, are now in nine currencies that includes: GBP, EUR, AUD, NZD, SGD, USD etc. What this means is that you can hold funds in these accounts and receive payments directly into it locally. These are electronic accounts thus they have limitations but overall, it’s a step into bringing the world closer and makes cross-border transactions all the more easier and faster.

On top of that, you can hold and manage money in more than 50 additional currencies allowing you to avoid fees associated with currency fluctuations. All active currencies are accessible within the debit card. Hence a transaction done in USD will hit your USD balance first before taking out money from another balance. Wise has also expanded their debit MasterCards to countries outside of UK and Europe.

Less Transfer Fee

Banks are notorious for charging extortionate transfer fees and exchange fees, and that just doesn’t seem right. Wise has recognised this, which is why they aim to compete directly with banks, to offer much more effective fees and costs.

Mid Market Exchange Rate

With Wise you get the best exchange rates which actually saves you money! You see, Wise offers better transaction costs than their competitors, so when you send funds, you actually save money as you are charged less.

Super Fast

Once you transfer your funds, you can be sure that will reach the destination quickly. Whenever we have used the service, the amount has been transferred within three hours! So it is very time effective. In many countries, this is now down to seconds!

Simplicity

Another reason why Wise is the more popular option is the fact that it is so simple to use. For example, when requesting funds, you can simply send over a link which can then be clicked, and the payer will be walked through the necessary steps to make prompt payments

Because they are quite popular for competitive rates and low fee, people use their service a lot, and this means easier transference of funds from one person to the next.

Accessibility

You can use Wise via its website and also through its smartphone apps on available on Apple Store for iOS and Google Play Store for Android.

Signup with Wise today!

Sending Money Through Wise Bank Account – A Guide

Now that we’ve given you few “wow” reasons to start using Wise, let’s take a look at how you can use them to send money overseas.
1. Begin by creating a profile and/or a business profile, which will only take a few minutes.

2. Next, once your profile(s) have been created, you will then need to choose the currencies which you would like to send and receive.

3. The methods of transfer will depend on the currency of the sender. For example: if you choose to convert from GBP, you will be presented with the options of: credit, debit, Wise balance (if you have it) and BACS transfer, along with any approx fee charges (if extra). Each currency available has similar limitations, so it is worth brushing up via the website before you proceed.

4. Once you’ve chosen the currencies, you will next need to select the amount which you would like to send via the app.

5. Next, you simply fill in the account details of the recipient, just as you would with a regular bank transfer, making sure to enter the amount that you wish to transfer.

6. Make sure you accept the terms and conditions before you proceed.

7. You then have the option of either entering your debit card details yourself, or sending the funds directly to Wise from your online banking account.

8. If sending via your bank, simply open a new browser, log into your bank, and make a transfer to the account that you provided on Wise payment confirmation page when you created your profile. You must ensure the reference number is correct as this is what will link the bank transfer with the Wise payment.

9. The end. Wise will take care of the conversion using the real exchange rate for you, deduct their fee, and will then send the funds to the recipient you selected.

10. Once the deposit reaches Wise account and the payment transfer is activated, they will instantly send you a notification email.

If you are curious to know how Wise works behind the scenes, you should check out this article, it talks about lots of interesting facts and analysis which all come to the same conclusion that Wise is perhaps the only viable solution for a seamless remittance experience.

Verdict

We love Wise because its cheaper, fast and an extremely reliable money transfer service. Its a very good choice for remittances and small transfers. Since I have the app on my phone, before sending payments out, I simply check the mid-market rate and make the transaction on the go. I don’t need the web interface if the recipient is a repeat client. If you are convinced about Wise being the best international money transfer option then signup today. And, if you are already using it, then let us know in comments below about your experience with them.

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Quratulain
Q established TechVise as a dedicated space for reviewing technology products and services. Quratulain is a PMP by profession and has worked in numerous media & technology companies.

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SUMMARY

Wise continues to expand and grow its services according to the needs of its customer base. If they keep this up, they'll take over bigger banks.

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