We have been reviewing TransferWise and our opinion after using the international money transfer service TransferWise which acts as a secure intermediary in an international bank for transferring money from one bank to other banks. The TransferWise Review has decided that they are very easy to use, they have low charges, and low transfer fee’s for converting your money in an easy way at the true market exchange rate. Its rate of money transfer is cheaper than PayPal, exchange kiosks, bank wire transfer, etc.
With the help of TransferWise, the transferred money will arrive within 1-3 working days on the recipient’s bank account. According to us, it leaves the positive impact on many people who use its service. So before sharing our review of TransferWise, let’s talk about what is TransferWise and how does it work?
Who are TransferWise and how does it work?
TransferWise is an UK-based peer-to-peer money transfer service which is developed by Estonian. They provide a support of more than 300 currencies routes across the world and multi-currency accounts as well. It is launched in 2011 and headquarter is placed in London. TransferWise is also known for their unique approach to these international money transfers that’s why it is able to transfer money over £1 billion each month. Unlike, the inter-bank mid exchange rate or the traditional currency transfer (with the help of a broker), the concept of TransferWise is much better than other providers to match transfers with other businesses and then have a small commission. So, in short, we can easily say that TransferWise is a convenient method for sending money across borders through its online services.
TransferWise is a licensed Authorized Electronic Money Institution and is regulated by the Financial Conduct Authority (FCA) and the UK’s Her Majesty’s Revenue and Customs (HMRC). They offer a very high graded security for their service with a 256-bit SSL encryption with a 2048-bit signature.
The approach of TransferWise is unique to currency exchange which has completely removed the middleman or broker in between and allow them to charge less than anyone else. TransferWise redirecting payments to the recipients of an equivalent transfer going in the opposite direction instead of transferring the sender’s money directly to the recipient. So, a recipient receives a payment from the sender of the equivalent transfer instead of sender initiating the transfer. This whole process results to avoid currency conversion and transfers crossing borders.
A small drawback of this procedure is that the recipient gets no information regarding how much money has been sent in the original/official currency. The procedure or system of TransferWise has been compared to the Hawala money transfer system.
All the money transfers will happen at the bank rate, which is the best exchange rate at the time of your transfer. When the time comes to send a payment, TransferWise will make it easy as sending a message to someone or purchasing from an online store. What you simply do is just log in to their official website, select how much amount you want to send to whom (recipients), and then fund the transaction with the help of your bank account, debit card, credit card, PayPal, and many more options.
Customers love to use the TransferWise technology through the N26 account. N26 is an online bank and has been made a lot of waves in personal banking in the last few years. With the help of N26 account, you can power the TransferWise’s cross-border technology to send transfers at low rates using TransferWise and in addition, N26 members will get fee-free ATM withdrawals exchanged at the current bank rate anywhere around the world. Using both TransferWise and N26 technology together is really a highly convenient way and help to get rid of your financial problems especially if you travel abroad for more than weeks per year.
• TransferWise also offers a mobile app for both Android and iOS operating system. The app of TransferWise is very convenient and provide a fabulous user experience with a rating of 5 out of 5. With the help of this App, you can easily send money anywhere, check your money transfer status, etc. You can easily make a payment of debit/credit card or prefer to make a bank transfer to the TransferWise app.
• TransferWise rate tracker helps you to monitor the evolution of the mid-market exchange rate via notifications.
Some Pros and Cons of TransferWise:
• You will get the true mid-market rate without an interference of middleman or broker.
• Very low and transparent transfer fees because all the procedure of sending payment is done online with the help of your bank account.
• Fantastic users experience because it is easy to use with a lower transferring rate.
• Very secure and safe because it is regulated by FCA and HMRC
• The transfer is very fast if we compared It with traditional methods like PayPal, bank wires transfer, etc. which takes 1-3 days for transferring payments.
• It is very cheaper than banks and great value for money because bank charges extra fees for transfers.
• The process of transfer payments is very simple, efficient, and fully transparent.
• Right now it has a limited number of supported countries because many people are not aware of this technology and still many of them still using the traditional way.
• Duration of transferring the payments depends on where you’re sending the payment.
• You can send payment to the bank account only.
• The recipient gets no information regarding how much money has been sent in the original/official currency.
According to our editorial opinion and after reading many positive reviews about TransferWise, we must say that TransferWise is going to shake up the world of international finance, and if you’re not already aware of this technology, you will be soon.
Customers will be aware of this technology, the demand for such cheap; transparent; easy to handle; and the transfer of international money from one place to other continues to grow via TransferWise as we become more interconnected and financially interdependent across borders of all countries around the world. At the end of the article, we realized that this technology could be very helpful to millions of migrants who make regular money transfer abroad.