I have been using the TransferWise international money transfer service for more than a year and I can only say more positive things. It is very easy to use, completely transparent about fees and timing of transfers and cheaper than other options such as PayPal, bank transfers or currency exchange kiosks.
I wrote an in-depth TransferWise review last week on How I Travel, but because this service has such a positive impact on my travel - and my banking situation in general - I want to share it here. In my opinion, TransferWise is shaking the world of international finance. If you're not in that world, you're almost there.
- What is TransferWise?
Simply put, TransferWise is an online service for sending money across borders. The company was founded in London and its growth has exploded since its inception in 2011; The demand for such cheap and easy international money transfers continues to grow as we become more interconnected and financially dependent across borders. TransferWise is known for its forward-looking approach to international money transfers, which is a big reason why TransferWise customers ship with more than $ 1 billion a month.
- How does TransferWise work?
TransferWise's unique way of exchanging money halves the number of people and lets them charge less than anyone else. Here's a video that explains how they pay much less than traditional money transfers.
Their unique innovation is that they have many stores in different currencies around the world. Instead of actually exchanging your $ 1,000 when you send it to someone in Canada, TransferWise simply adds your $ 1,000 to their USD bank and pays the recipient the equivalent of Canadian dollars from their dollar bank. Canada.
This eliminates most of the fun transactions, such as dear intermediaries, allowing them to offer a much better exchange rate. Your transfers will actually be at the bank exchange rate, which is the highest possible exchange rate at the time of your transfer. You can find the current banking rate for each currency set by using a quick Google search like this one.
TransferWise, unlike many other methods of international money transfer, also has a completely transparent payment structure. Each time you transfer to TransferWise, you will know how much you will pay in fees, and for most currencies, TransferWise also guarantees the exchange rate, so you also know how much you will need from what you have received. Some banks may also guarantee exchange fees, but charge a higher rate (not a bank fee) for this.
When it's time to send a transfer, TransferWise makes it as easy as sending an email or buying something on Amazon.
Simply log on to their website, select the amount you want to send and to whom, and then make a payment using your bank account, credit card or other regional options such as SOFORT, Trustly or iDEAL.
Most payment options do not include any fees, except for credit card payments, which cost 0.3-1.5%. Here is a sample transaction that sends $ 1,000 Dollars to Canadian Dollars.
As you can see, this transfer will cost $ 9.90, or 0.99% of the total transaction. This is a breakthrough in international money movement, where traditional methods usually charge a specific fee - anywhere from $ 2 to $ 50 or more if you use a service like Western Union - plus a secret fee associated with the bad exchange rate they offer.
If you look at the real cost of moving, they can generally easily drop to 5-10% if you're not careful, and even more so if you're moving to a country with a less stable currency.
- Use TransferWise with N26
My favorite way to use TransferWise is through my N26 account. N26, Berlin's online bank, has made several waves in personal banking in recent years.
With your N26 account, you can use cross-border TransferWise technology to send transfers at the same short rate as using direct TransferWise.
And N26 Black members do not receive any ATM withdrawal fees that arise anywhere in the world are exchanged at the current bank exchange rate. an innovation that has saved me more than $ 1,000 in just the last twelve months. Using TransferWise and N26 together is a much more convenient and costly one-two combination if you travel abroad for more than a few weeks each year.
In general, there is no such thing as a free currency exchange, but TransferWise is the closest. It has a short fee, a transparent pricing structure and eliminates all the complexities of international money transfers. Visit the TransferWise website.
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