Better Rates, Faster Service
Operating System: iOS, Android & Web
In today’s economical climate, having the ability to transfer funds from one location to the next, in relatively quick successions, is more important than ever before. And, thanks to the huge advances in technology over the last decade or so, we can now transfer funds to anywhere in the world, all with the touch of a button. And, TransferWise happens to be the best international money transfer service there is out there today. They have proved their worth time and again and this is why we think its imperative that we discuss how you too can benefit from this solution.
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.
So why choose TransferWise and what makes it the best international money transfer solution today?
Well, they offer a number of benefits and advantages over other similar service providers, with some of the most prominent ones mentioned below…
Currencies – TransferWise handles 38 currencies and almost every month a new currency is added to this list. Full disclosure though, only 17 of these have the option to send & receive both, as for the rest, TransferWise can only send to those via local transfers.
Less Transfer Fee – Banks are notorious for charging extortionate transfer fees and exchange fees, and that just doesn’t seem right. TransferWise 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 TransferWise you get the best exchange rates which actually saves you money! You see, TransferWise 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.
Simplicity – Another reason why TransferWise 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
Popular – 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 TransferWise via its website and also… through its smartphone apps on iOS, Android and Windows Phone platforms.
Now that we’ve given you few “wow” reasons to start using TransferWise, let’s take a look at how you can use them to send money overseas.
- Begin by creating a profile and/or a business profile, which will only take a few minutes.
- Next, once your profile(s) have been created, you will then need to choose the currencies which you would like to send and receive.
- 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, and BACS transfer, along with any approx fee charges (if extra). With USD, funds are only able to be sent via checking accounts. Each currency available has similar limitations, so it is worth brushing up via the website before you proceed.
- Once you’ve chosen the currencies, you will next need to select the amount which you would like to send via the app.
- 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.
- Make sure you accept the terms and conditions before you proceed.
- You then have the option of either entering your debit card details yourself, or sending the funds directly to TransferWise from your online banking account.
- 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 TransferWise 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 TransferWise payment.
- The end. TransferWise will take care of the conversion for you, and will then send the funds to the recipient you selected.
- Once the deposit reaches TransferWise account and the payment transfer is activated, they will instantly send you a notification email.
We love TransferWise because its cheaper, fastest and an extremely reliable option around. 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 TransferWise 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.