Transferwise is an online money transfer platform that I use personally to do international transfers between Germany and Mexico.
It is very easy, quick and secure to send money online with Transferwise.
With Transferwise you can choose your money transfer method.
For example, if you want the transfer fast and the money taken by your debit or credit card, or if you want to use your Transferwise account balance.
Either way, I have been receiving the transfer in just seconds.
Also, it clearly shows you the amount of money that the recipient will actually receive.
As well, one of their main statements is to be as transparent as possible in fees, they don’t like hidden fees or hidden costs, so they show you exactly what are they charging you for the service.
If we think about our own experiences with money transfer with banks, even if they make you sure that it is the safest way to send money overseas, it is actually one of the most expensive ways to do it.
In 2011 during my year abroad in Germany, I had to spend around 35 USD per transaction or even more.
I used to take out the money from the ATM and being charged for it.
And when you actually receive the money from an international bank, you will see that even you lose money with the fees, and also with the currency.
Since Transferwise is on the market in the recent years, I have been very happy to use it.
When I was living in Germany, it was a fast way to send money to my family in just minutes.
And now that I am working in Mexico as a freelancer and having International Customers, I receive the payments in different currencies and send the Mexican Pesos to my account with a great exchange rate and low comission.
So instead of spending the 35 USD per wire transfers, the transfers are costing me less than 6 US. (According to the amount)
If I have done this transfers through banks, probably I would have lost money on the currency exchange and comissions.
I recommend Transferwise, because is the cheapest, fast, secure, easy and reliable method to send money online.
Learn more on the following Transferwise Review 2021 created with the redaction team.
If you don’t know what TransferWise is, don’t worry.
As simple as an Online Money Transfer service.
We are about to tell you every detail about it, and how it works, so you can start enjoying its benefits too.
Read on to learn about their strengths, and how they achieve what many believe is “too good to be true”.
If you have ever heard of the “Robin Hood” of the money transfer industry then you know him.
TransferWise is nothing more than an innovative world-class money transfer provider that has become very popular in recent years.
Their focus is on making bank transfers much more affordable for anyone, and they seek to make everything more simplified than it is in traditional banks, which we know already the longer times banks take.
It is important to recognize the fact that, in order to be a profitable business, Transferwise needs to charge fees.
However, these are catalogued as “low and transparent”, because they always seek to convert their clients’ money to the real exchange rate that is marked by the market on a daily basis.
If we compare this with the banks, which are well known for always giving their clients a higher exchange rate than the market, they charge a fee, and they are not very transparent, in this case we would be talking about a zero profit margin for TransferWise.
Currently, we can find that Transferwise has allowed the sending of money to more than 70 countries, and can be sent from more than 40 countries.
The company covers more than 1000 country combinations, and supports up to 49 currencies, making it one of the most functional in the money transfer services.
However, the great rise of this bank transfer provider was seen when users began to spread the word regarding the implementation of the true mid-market rate.
Therefore, even today they maintain this policy with all their customers.
Transfers with Transferwise, in most of the currencies supported by this provider, can be done with a bank transfer from one bank to another, this being understood as one of the most secure methods when sending money from one account to another for immediate effect.
With Transferwise you will get your european IBAN account, australian BSB Code and account, american account and wire route, UK sort code, and even from Hungary, Rumania, Singapur and Turkey accounts.
Another method that is supported within the functions of this company, and that applies only to some currencies, are debit and credit cards.
There is also the fact of transfer SOFORT, Android Pay or Apple Pay, through the TransferWise app for Android and iOS.
Now, you should know that in some cases there is a relevant waiting time for the user to whom the money has been sent to receive it.
But this does not tend to be more than 1, or 2, working days depending on the currency and type of payment. Plus, Transferwise is working to reduce transfer times.
You may be wondering if it’s safe to send money with Transferwise, but the truth is that it is.
There are already many users who have been in charge of telling their experience with this moeny transfer provider and have been more than satisfied with it.
All this makes us say in an open way that TransferWise is known as the best option to make international money transfers.
This is based on the fact that they give a fast service, they have excellent reviews, and the customer service is… well Carlos’ hasn’t have the need of contacting support because Transferwise works really easy, but for sure it might be also excellent.
The cherry on the cake is that the whole process has been designed to give the user a spectacular experience.
The registration process on their platform is more than simple, and the transfers do not fall below the standard of efficiency.
They have had a massive growth since 2011, where some users were not afraid to express that “they thought it was too good to be true”.
So, for many, it was curiosity that led them to make that first transfer, and then they liked it so much that they could only be loyal to the service.
It is often normal that TransferWise is recognized as a company that is increasingly pushing a money transfer revolution.
It is expected that, at some point, its working method will be adapted even by traditional banks.
If you have arrived here without knowing more than the name of this money transfer provider we will briefly tell you how TransferWise works, so that you can understand a little more about why it is so charming for people who send money from one point in the world to another.
This is what starts everything, and it is done from the provider’s website. Follow the instructions and you will also have to send your ID confirmation.
This is common even in traditional banks, what you do is tell the platform where you expect the money to go, and who you need to send it to.
By this point, you are defining how much money you want to send, and how you want to pay for the transfer. Select the payment of your choice.
Here you start the internal process of the platform, converting the money to the currency of the receiver, and sending it.
If you are debating whether TransferWise is the best option for you, after reading these advantages and disadvantages of TransferWise you will know if it is really what you need, or want.
You will know more details about its security, its commissions, and the limitations it can generate.
We’ve all heard about how good the service they offer is, but here we bring you some of the advantages of TransferWise that may make you want to start using their system as soon as you finish reading this article.
We all know how important it is to save money in our times, and that is why TransferWise has an offer for its users that they cannot refuse, and it all depends on how they register their account.
Opening an account in TransferWise is perhaps one of the easiest things we can do, but it made the process even more pleasant for those people who register through an invitation link.
If they are invited then they win a first world class transfer completely free, no matter what the destination, or amount, of the transfer.
For those who know that taking care of money is vital, no matter what medium is being used, they will be pleased to know that TransferWise is a safe way to send money, which does not present any flaws when making transfers.
They are in compliance with the Financial Conduct Authority’s regulations, and have over four million users who assure that they are sending money consistently and have never experienced any inconvenience with the platform, or lost a penny of what they have sent.
To give you an idea, here is an example of TransferWise’s commission table for the most recent:
This is one of the biggest advantages of using TransferWise and is that we can compare it with the commissions that traditional banks usually charge, which often reach 5% of the amount you have transferred, and they handle it as a “hidden” policy, that is, they do not warn you before.
If you will use a traditional bank to send money anywhere you want, just 1000 euros, these can take up to 50 euros in transfer.
Now, in a balance it may not seem like much, but depending on the destination it may mean an amount worth trying to reduce.
Something that traditional banks also tend to forget when they tell us that we can trust them to make international money transfers is, that they do not make the exchange at the real rate, and we have to be very meticulous to realize this.
TransferWise’s daily exchange rate can be officially confirmed on their website, and so you know you are not being cheated you can also Google the current conversion to the currency you expect your money to arrive.
You will notice a great relationship between the two.
In this world there is no perfect service, but this one is certainly close to it.
However, there are some points that can be pointed out that, depending on the way you look at it, can be the disadvantages of TransferWise, or aspects that could be better.
In order to add some money and send it via Transferwise, it would be easier to add the money through local banks if you are in the US, UK, Europe and some other main Transferwise countries.
Other countries should either try to send the money balance using their debit or credit card, but this could raise the commision.
But when we talk about receiving money, there is usually less problems with Transferwise.
We know that it is common to want to send money from one point to another, no matter where we are, and this is something where this platform has certainly fallen short.
Since its list of countries is perhaps not as long as it should be, it is slowly growing.
However, it should be noted that for the major countries of the globe may not have any limitations, but what about those more remote destinations on our planet, will ever have the possibility of having a service like this to receive transfers?
Transferring money via TransferWise may take 1, or 2, business days to be reflected to the person who will receive it.
Can you wait, or are you in the middle of an emergency?
We all know that these services, when given by traditional banks, are usually a little more “immediate”.
Especially when we are talking about “exotic” countries.
However, this is not a point that should be considered as something completely terrible, unless you are under pressure of time.
Now that you know the advantages and disadvantages of TransferWise, it’s up to you to know if you would trust your money to a platform that can be so good, but that some details are far from perfect.
In our opinion, they have a lot of light, and only a little shadow.