Sending and receiving money abroad has become a lot easier and faster than before. Digitization and online platforms have helped in making the money transfer process easier and faster. TransferWise is one such application that is widely used for sending and receiving money abroad. TransferWise provides a secure and fast platform for foreign exchange. The conversion charges of TransferWise are also low as compared to other money transfer platform. This is the reason why most of the people including me, are shifting and tSend Money Online at Low Charges via Transferwise for foreign exchange.
Transferwise is an online service for sending and receiving money across the borders. TransferWise has its Headquarters in London and its growth has increased exponentially since 2011. The demand for such a cheap and reliable platform continues to grow as people have become more interconnected financially across the borders. TransferWise is one of the Fintech companies that has leveraged the technology and innovation and decreased the transaction fees.
Send Money Online at Low Charges via Transferwise
Most of the money transfer platforms use unfair means, hidden and deceptive expenses to increase their profits. TransferWise has improved the scenario by eliminating all the hidden charges and using only the real exchange rates. This decreases the conversion cost considerably. TransferWise is a currency exchange service. So. It is not possible to transfer the money in the same currency. The only exception is via request service where GBP-GBP and EUR-EUR transactions are possible.
Fees and Exchange Rates
There are two things to consider while transferring money online:
- The flat or percentage based currency conversion or transaction fees
- The quoted exchange or conversion rate.
TransferWise charges a small fee of 0.5 to 1% for frequently exchanges currencies like USD, EUR, GBP, and CAD. The transaction rate is a little higher for lesser transacted currencies but still better than other alternatives. They provide full transparency to their customers. So, you can find their conversion fees on their pricing page. They are also offering the best price on more than 30 currencies.
TransferWise will transact your money at the most optimal price which is known as a mid-market or real exchange rate. They are able to offer this rate with the help of their matching currencies business model. Another consideration is the transfer time. TransferWise takes one to four business days to transact the money which is a standard time for most of the currency exchange platforms.
Foreign exchange, money transfer and sending money abroad is a trillion dollar industry that impacts businesses as well as individuals. The following four groups should be interested in using the best currency conversions:
- Overseas work staff, digital nomads, expats and global citizens.
- Online as well as offline business owners who perform transactions in multiple currencies.
- Frequent Travellers
How does TransferWise work?
TransferWise is a unique way for currency exchange that has completely cut the need of middleman and allowed them to cut back the charges significantly. Their unique innovation is that they have got a large number of stores all over the world. Rather than exchanging the money, they directly transfer the money from a store of the recipient country user located in that country. It also offers an exchange at the best possible exchange rate at the time of your transfer. This eliminates the middleman and most of the legwork of the transaction. Transferwise unlike other platforms of the online transaction has a fully transparent fee structure. You can know exactly how much amount you have paid for a particular transaction. TransferWise also makes an exchange on the current exchange rate and you let you know how much the receiver will receive after the transaction.
TransferWise is better than other payment options like PayPal, Western Union, MoneyGram, Xoom etc. TransferWise also offers an excellent user interface, better customer experience and offers an exchange in a variety of currencies. TransferWise also provides a calculator on their homepage which anyone can access without logging in into the system. The fees that apply when sending the money overseas depend on the how much money you are sending and to which country you are sending the money. For money transfer in the common currencies like USD, pound, EuroAudtralin dollar.
Types of Transfers with TransferWise:
TransferWise allows you to make a secure payment to a wide range of destinations around the globe. The transaction can be made with any of the following sources:
Debit or credit card: These payments reach TransferWise immediately.
Bank transfer: This option requires a maximum of three business days to reach TransferWise, depending on the currency.
Facebook Messenger: Send money to Canada, Australia, the UK and Europe using TransferWise’s integration with this popular chat service.
ACH bank debit: You’ll need to allow one to four business days for your funds to reach TransferWise.
Bank wire transfer: Allow up to one working day for your transfer to reach TransferWise.
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TransferWise is an easy and fast method to send money abroad. The money transfer process is also very simple. Simply log on to the website, select the amount you would like to send and to whom. Next, fund the transaction through your bank account, credit card or other payment options.