In case you are living abroad or maybe you usually travel over there, then you should know that it can be problematic sending money back home or overseas. It is not just about the time you spend to go to a money transfers office (such as Western Union) but also high fees and a currency exchange rate that is usually not awesome. It is possible for you to ask your bank to make an international transfer for you, but sometimes it can be the slowest and the most expensive option. TransferWise is one of the great options to send money.
Benefits
Below are the key benefits of TransferWise:
- Their fees are really low and more transparent and easier to understand.
- TransferWise makes use of real mid-market currency exchange rates without any margin added. They also have a warranty for the exchange rate of your transfer for most of the destinations.
- Transfers made with them are fast. They can be instant if you are sending money within the EU.
- You have the ability to get a personal bank account in various currencies for free. You can do that online, very fast, and with no usual paperwork.
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Signing Up
The TransferWise registration process has been made simple and quick. You can even be able to signup with your already existing Facebook or Google account so you won’t have to add another password. Once you have created an account, you can then start sending money immediately. Or you can just begin by doing your first transfer and the process will be among all steps needed to register your account.
Here are steps on how to do so;
First step: type in the total amount you wish to send and also select the currency you are transferring from and to. You will see the exchange rate and total fees displayed on the screen. Below are other things you will see:
- The amount you will save if compared to a regular bank transfer
- They will also show you the estimated delivery time and date
- You will see the option to compare TransferWise fees with the other similar payment services.
Second step: enter your required personal details and also the name of the person you are transferring the money to. Also, type in the recipient’s IBAN and his/her bank’s BIC/SWIFT code.
Third step: this last step is for you to upload money to TransferWise. You are free to make your payment with a local bank transfer that is free or you can do it with the card.
Bank account details and payment reference will be provided by TransferWise if you choose to pay with the bank transfer. They will receive your pay within a few hours after payment.
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