Do you want to transfer money to another country?
But find the time restraints, charges from banks, and other factors too liable for the transfer? If that’s the case, then you will be thrilled to hear about the enormous benefits of TransferWise. TransferWise has developed a unique online service that doesn’t fall prey to clients’ common complaints associated with international transfers when it comes to international money transfers. Keep reading to read about those benefits and a quick guide on how to use TransferWise.
1. Transfers Are Cheaper
A very attractive of TransferWise is that it saves you a lot of money that would otherwise be spent on enormous fees charged by the banks. TransferWise charges a fee, but it is way smaller compared to the one charged by the banks.
2. Transfers Are Faster
The transfers with TransferWise are way faster compared to transfers with your bank. Most transfers are completed within the same day. TransferWise works by depositing money into their local bank account and then sending you money from that account.
3. Transfers Are Easier
The interface of TransferWise is very user friendly and provides ease-of-access to its users. You can get started by adding some essential details and the destination bank account number, and you are all set.
4. Transfers Allow Multiple Currencies
A very convenient feature of TransferWise is that it allows you to make a transaction with many currencies. The available currencies include Pounds, Euros, Takas, Krones, Yens, Dollars, Rupees, Dirhams, Dongs, Lari, Lira, Baht, Franc, Pesos, and many more.
5. Transfers Are Secure
What makes TransferWise a safer app for customers is its secure transactions and reliability. Generally, online systems are frowned upon due to their image as vulnerable to hacks. However, TransferWise by UK’s Financial Conduct Authority (FCA) which the experience relatively safer.
How To Use TransferWise? Explained Step-By-Step
TransferWise is very easy to use; here are the following steps to use TransferWise.
1. Sign Up
First, begin by signing up; you can provide an email address or sign up connecting to your Google or Facebook account.
2. Enter The Amount You Want To Transfer
After signing up, type in the amount you want to send or the amount you wish the recipient to get. You can also mention the exact amount that the recipient will be getting, and TrasnferWise will notify you.
3. Describe What Type Of Transfer You Will Be Making
Describe whether your transfer will be a personal transfer or a business transfer.
4. Provide Your Details
Now add your details such as personal details, address, recipient’s name, recipient’s IBAN, and the bank’s BIC/SWIFT code. After typing the details, it’s recommended to review everything that you have selected briefly.
5. Upload Money to TransferWise
The last step is to pay. You can either by the local bank or a card. If you are using a bank, then TransferWise will send a payment reference, copy-paste it. You can also use a card; it is faster but comes with additional charges.
6. You Are All Set!
You are done, and your transaction will be on its way. TransferWise will provide an approximate time for the completion of the transaction!
by Rafael Cintron