When you are looking for an agency to handle your money transfers for situations where you need to send money abroad, you need a reliable service provider that you can absolutely trust. In addition, you are also looking for affordable and reasonable fees and exchange rates. Right?
A review of TransferWise: Why we support this reputable, established service provider
If you’re like most of us, this is the case. And if you are, this is an optimal choice. The fees and exchange rates are better than reasonable, the service is absolutely easy to use, and everything is extremely professional and secure. Compared to other options, the service, coverage, transparency and customer support is excellent. We’ve found customer support to be extremely helpful, and there’s generally nothing to detract from your experience as a customer.
What is TransferWise?
This company finds new, efficient, and cost-effective ways to transfer money internationally. Not only do they offer this service, but they also find every conceivable way to save money.
Billions of dollars are transferred using TransferWise every year, and for good reason! TransferWise is a fully licensed and authorized service provider that manages to stay at the top of the game for good reason!
If you’ve kept your eyes open, you’ve probably noticed them mentioned in a variety of media outlets. This is an established, reputable company that very rarely experiences downtime or data breaches – everything is safe, secure and trustworthy.
The range of services is extensive and impressively international. TransferWise allows you to send money to 71 different countries and allow transfers from 43 countries. Comparatively speaking, this is excellent. There are over 1000 different routes and 49 available currencies to transfer. The efficiency of the transfer is also impressive, as the process almost never takes more than 1-2 business days.
Fees and costs-Same exchange rate as Google.
The transfer fees are fixed for you. Nothing is hidden, and it only takes a cursory search to realize that TransferWise makes it as cheap or even charges less than inferior providers on the market. The exchange rate lands decidedly on the right side of mid-market, and TransferWise, unlike many big banks, will never allow a markup on the exchange rate. If “mid-market” doesn’t sound too impressive, consider the practices of other institutions that refuse to offer this level of value instead.
Their ability and commitment to always provide this mid-market rate is practical, honorable, and rare.
In terms of payment, the options are flexible. Usually, the primary option available when trading most currencies is simply from the sender’s bank account to the recipient. However, a number of currencies also offer the option to use credit or debit cards, Apple Pay, Android Pay, TransferWise or Android App and sometimes other options depending on the currency.
Again, the fact that the transfer fees are clearly laid out and nothing is hidden is an excellent feature in itself. Of course, the fact that the fees are also low is also an advantage.
If you are curious about costs, you can get a quote without going through the registration process. All fees and information about exchange rates are provided.
User experience
There is nothing to complain about in terms of user experience. Check out the customer reviews online to see all sorts of people raving about it. Not to mention, should you need customer service, their trained team of professionals is fully prepared to go above and beyond to sort out any complications that arise-not that such a thing is very common!
The homepage itself is incredibly simple and straightforward. Every step of the process is efficient and easy to understand. Opening an account is a smooth process, as is completing a transfer-regardless of whether you’re sending or receiving on a mobile device or a desktop computer. No element of logging in and getting started raises any sort of confusion or complication, and once you get started, it’s all smooth sailing!
The user experience has resulted in an abundance of grateful, satisfied customers, many of whom continue to use TransferWise as their primary option.
In terms of security, there are no criteria by which This fails. Since TransferWise is fully licensed and authorized, it is held to the highest standards and secured with the most trusted measures on the market.
In addition, the live chat is a great tool to get help, but the email and phone support staff are equally capable of helping should you prefer either of these methods-don’t be afraid to make a call; sometimes you just want to talk to a human. Also, be sure to check out the FAQ page or Help Center to save time and effort. These help pages are well laid out and informative.
My conclusion about Transferwise
No matter where you are in the world, there is a great chance that TransferWise is an excellent option for you, considering that you can send and receive money to and from such a large number of nations around the world. Not only can TransferWise trade in many currencies, but the service can also be used in many different languages to match the company’s international reach.
Source: Transferwise Borderless Account
The only way to improve TransferWise is to expand alternative payment methods in more countries around the world. As of now, bank transfers are the only option in several countries, while in other countries you are allowed to transfer money using cards, apps or other means. TransferWise also does not offer the option to pick up cash from their locations, which a small number of people prefer.
It works very well, all things considered. You can trust TransferWise; using the service provider is efficient, fast, intuitive and affordable. There’s really nothing about the decision to switch to TransferWise that could go wrong.
If you’re still curious, you should contact the company’s excellent, friendly, and convenient customer service team.
FAQ
Is it safe to use?
It is certainly a trustworthy and credible money transfer option. Regulated by the Financial Conduct, serving a population of more than 7 million people, you can be sure to receive quality reliable services from TransferWise. From the amazing mid-market rate, low transparent transfer fees and great user experience, you should expect great reviews when you look deeper into this company.
Is TransferWise better than PayPal?
TransferWise offers customers cross-border transactions with cheaper international transfers in foreign currencies. They have lower conversion fees compared to PayPal as well as a majority of banks. Both companies offer similar features, but if you want to save more on foreign transfers, have a multi-currency account, and avoid foreign exchange rates, you should choose TransferWise.
Is TransferWise a good bank?
Although TransferWise offers electronic money accounts, it is still different from a bank account. As a customer, you cannot get an overdraft/loan or earn interest on your account. You can receive payments just like a real bank account as well as get a TransferWise debit card that you can use just like a regular bank. You should also note that while TransferWise will take care of your money, it is not guaranteed by the Financial Services Compensation Scheme (FSCS) that you may receive on a bank account
Will my bank charge me for TransferWise?
This is the main difference when using TransferWise. You will not be charged any additional international transfer fees by your bank.
What happens if someone goes broke?
TransferWise does not offer money protection with financial protection schemes such as the Financial Service Compensation Scheme (FSCS) and the Federal Deposit Insurance Corporation (FDIC). They make sure you don’t borrow your money or make risky investments with it. They protect your money, which means they are required by law to keep all money in accounts that are completely separate from those used to run the business. So if something happens to the company, your money is safe.
Is TransferWise safe for large amounts?
Yes, TransferWise offers a limit on money transfers of $1 million per transfer sent from another country to the US. Limits on sending money from the US vary by payment method or place of residence, i.e. country. You may also be asked to provide additional information based on the amount you wish to transfer for security and financial reasons.
Who owns TransferWise?
This Europe-based online money transfer service was founded in January 2011 by Kristo Käärmann and Taavet Hinrikus. The two Estonians are CEO and executive chairman, respectively. In 2019, they sold less than one-fifth of their holdings, offering Vitruvian Partners, Lone Pine and Lead Edge investments. Valued at $3.5 billion, TransferWise serves over 7 million people and processes £4 billion transactions each month.
Do I need a bank account for TransferWise?
Yes, whether sending to your personal account or your recipient’s account, there is a need for a bank account. Although your recipient does not need to have a TransferWise account, they only need their bank account.