In 2010, two friends created a platform for transferring funds known as transferwise, which makes it easier, faster, and cheaper for individuals to send funds abroad. A combination of punchy, slick, branding, and integrated with lowest fees inside the currency exchange industry has developed one of the best international money transfer providers across the world.
You should know that it has millions of users registered with the platform and handles billions of transactions each year. Moreover, the transferwise service is specially developed for simplicity, speed, and transparency. One should know that it is super easy to register with the platform and transfer funds abroad. The best thing about this international money transfer provider is that the recipients are likely to get the money in their account as soon as they make a payment, and they provide users with best-in-class exchange rates.
You should know that communication with transferwise is incredible, and they are providing numerous features integrated with mobile applications for both apple and android users. Transferwise has outweighed the performance of financial institutes, PayPal, western union, or local bank, which allow you to transfer money to your friends and family at much cheaper rates.
How Does It Work?
Transferwise operates on a peer-to-peer service that means the transaction process will be as fast as possible. For instance, once you pay using transferwise in US dollars for transferring funds to Europe, the platform will store your money in a local United States account until they don’t find another individual wanting to transfer the amount of EUR to an account register in the United States. Once they have found a proper match, transferwise will transfer the EUR funds from the other individual account to your bank account opened in Europe.
You should know that the swap of funds happens between the local accounts of transferwise opened across the world so that they cut down the cost incurred on the exchange rates and minimizes the transactional fees. Therefore, you should know that transferwise does not offer numerous payment methods for transferring funds or allow you to convert your funds in a variety of currencies.
- The integrated features make it easier for you to transfer funds.
- The platform is completely transparent and open about what they charge for transferring your funds.
- The transfer fees are really low, especially when you are transferring a small amount of money.
- They make use of the mid-market rate, which means you will get the correct exchange rate.
- It also offers access to a MasterCard debit card and multi-currency account.
- It offers excellent services to both businesses and individuals.
- There are limited options for funding your account; you can only use a debit card, bank transfer, or credit card to deposit funds in your account.
- You should know that transferwise does not provide transfers to all countries or support every currency.
- You can deliver funds to someone else’s account; it would be challenging for the recipient if they do not have access to one.