When you send money overseas, what are you looking for in a payment company? Quick turnarounds? Low fees and great exchange rates? A safe place that ensures your money gets where it is going? What if I told you that there is a great website that will do all three for you? The service is called TransferWise, and it is everything you probably ever wanted in an international money transfer company.
So what is TransferWise?
TransferWise is one of those companies that never could have existed before the internet. As many of you remember, sending money internationally before the world wide web existed was a minefield. You had no choice but to use banks or Western Union, and you had to choose between high fees and abysmal exchange rates. But the internet has changed all this for the better; you can now send money cheap and easy from the comfort of your own home.
TransferWise is an amazing service that exchanges money between users. It’s what makes TransferWise cheaper and more innovative than almost anything else on the market. How it works is simple. They take a client who has Currency A and wants Currency B. They find a matching client who wants to exchange his Currency B for Currency A. Then, for a small fee, TransferWise allows those two users to exchange money. Pretty amazing, right? What an insanely simple yet completely game-changing idea! I can also recommend you reading the following TransferWise review article if you want to get deeper understanding about how the system works.
Now that you know a little bit about how TransferWise works, let’s dig a little deeper into some more detail of how much an exchange is really going to cost you.
Let’s Talk About Fee Structures
Is TransferWise really as cheap as advertised? Absolutely! With every exchange, they give you a breakdown of the fees and exchange rate before you even get started. So if you doubt my word, just check out their front page. It’s filled with information on how much it will cost to exchange any currency for another. Here are some examples to give you an idea:
|Beginning Currency||Ending Currency||Amount Sent||Fees||Amount Received|
Wow, look at some of these prices! For less than most people spend on brunch, you can send money overseas to your friends or family members. The best part: these amazing exchange rates and low fees are right on TransferWise’s homepage. There’s no digging for information, no hidden fees; whatever is on the homepage is what you will pay when you go to exchange your money. So no matter whether you are exchanging CHF to AUD or USD to EUR, you’ll always know exactly how much money is going to reach the recipient on the other side. Now that we know a little more about their fee structure, let’s take a look at how quickly your money will get where it is going.
Is TransferWise Fast?
In short, TransferWise is not the fastest way to send money. There are other sites that allow for instant transfers of money, even across the world. However, TransferWise is still an amazingly fast way to send money. Most transfers take just a day. All transfers will take between one and five days, but three is usually the average time. Although a couple of days can feel like a long time when you are waiting for money to arrive, I still think that TransferWise’s services are pretty fast. Most instant transfer companies will also charge you an arm and leg to send your money the same day or instantly. So if you don’t need to money to be sent right this instant, I believe they are a great choice for just about any situation. We know how long it will take our money to arrive, so now we can discuss how TransferWise does everything they can to keep the money safe on the way to its destination.
Safety can be a big concern. You want to know that when you send money to someone overseas that your money will end up where it is supposed to go. TransferWise is one of those great companies that goes above and beyond to ensure your money is safe.
TransferWise keeps all your private data on a secured server and preventing anyone, even employees, from having open access to your information. They use two-step logins and other measures to ensure that you are the only one who can get into your account. They also monitor profiles and accounts for suspicious activities and contact you immediately if any is found.
Not only do they take your personal privacy seriously, but they also take the safety of your money seriously too. Since TransferWise does business in countries all over the world in 76 different currencies, they work closely with money governing bodies in each country to make sure that your money is being handled properly. These regulatory bodies include the Australian Securities and Investments Commission (ASIC), the Authorité des Marchés Financiers (AMF) in Canada, the Customs and Excise Department (CCE) of Hong Kong, the Kanto Local Financial Bureau in Japan, the Department of Internal Affairs (DIA) in New Zealand, the UK Financial Conduct Authority, the Financial Crimes Enforcement Network (FinCEN), and more.
While there may be faster ways to send money internationally, I will always choose TransferWise. Their safe, effective, cheap, and easy ways to send money make them a favorite. They save me time, money, and the headache of going to a bank or physical location to send money. I can send money with my debit card, credit card, or from a bank account. They are upfront with all their fees so I always know exactly how much money my relatives or friends will be receiving on the other side. While there is room to improve in any business, I still think TransferWise ticks all the most important boxes for me; I am a loyal, happy TransferWise customer!