TransferWise is an online money transferring service, which gives you the ability to transfer money up to 8 times more cheaply than with a bank. TransferWise’s system is pretty simple. It bypasses the pricey International payments entirely by using 2 local transfers instead of 1 international transfer. If you wish, for example, to convert pounds to euros, you send the money in pounds to TransferWise’s UK account and they will send the equivalent amount in euros to the recipient. This actually means that the money never leaves the country you are in, and the currency conversion is done using the real mid-market exchange rate. By doing it this way, it means that customers can avoid the traditional banking fees altogether without losing money unfairly because of an unfair rate.
Is TransferWise safe?
What is the point of a service that transfers money if it isn’t safe? TransferWise is fully regulated by the Financial Conduct Authority, and just like the other financial institutions of its kind, it verifies its users to protect against fraud and money laundering.
How to use TransferWise?
All you have to do is use TransferWise’s website. Go there, type in your details and the details of the person that is going to receive the money, and the amount of money you will be sending. To send the money, you can either use your credit card details or send the money directly from your online bank account. After providing all the details, the money will be sent straight to whoever you sent it to, even if they don’t have a TransferWise account. You will receive a confirmation email when the money has been received and another confirming that the recipient has received the transfer. The majority of transfers happen on the same day, as opposed to the usual 3 to 7 days it would take a bank to do the same.
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
To conclude, TransferWise uses a smart new approach to allow people to send and receive money safely from abroad without the high fees added by most high-street banks, As far as I can tell, it is a very good option to have.