TranferWise : How it Works and Borderless Account for Freelancers

Transfer wise is a money online transfer that has simplified money transfer from UK and other parts of the world by exposing the extra fees imposed on clients by the banks.

One of the highest challenges faced in sending money abroad is the extra high fees added by most high-street banks in addition to the money transfer fee.

Transfer wise is a company that makes use of real time exchange rates like the rate you find on Google and conversion sites like xe.com. Let us get to know more about transfer wise online money transfer company.

Transfer Wise

Transfer wise is a cheap online money transfer company that makes use of two local transfer in the place of one international money transfer. Transfer wise is most used in UK and facilitate money transfer in pounds to Euro and other currencies.

Currencies that can be Exchange using Transfer Wise

At the moment we are updating this post, transfer wise services are not available in most countries in  Africa. However , you can send money from UK to the following countries in Africa.

You can use transferwise to  send money from UK to South Africa,Nigeria, Ghana, Egypty and others.
 Transfer wise allow transaction to and from Australia, Bulgaria, Brazil, Canada, Switzerland, Czech Republic, Denmark, Great Britain and all countries in the European Union and other countries.

Currencies support for exchange on transfer wise online money transfer platform includes; Australian dollar, Bulgarian lev, Brazilian real, Canadian dollar, Swiss Franc Czech Koruna, Danish Krone, Euro , the British pound(GBP), Honkong dollar, Croatian Kuna, Hungarian forint, Indian Rupee, Japanese Yen, Norwegian dollar, Polish zloty, Romanian leu, Swedish krona, Singapore dollar, Turkish lira, united states dollars(USD) and more

How Does it Work

Using transfer wise to send money abroad is very easy. Go to transferwise.com and enter the following details; your name, your email address, recipients names, the recipients’ bank account, the amount of money you want to send, your credit card details and your recipient will get the money delivered into his bank account the same day. This beats the 3-7 days international money transfer time from your banks. Once the money is sent the sender will receive an email.

Why are the Fees too Cheap on TransferWise?

Transfer wise fees are said to be 8 times cheaper than the international money transfer fees in banks. This so because they makes use of a method by cutting off the international transaction and replacing it with two local transfers. 

Let us take the case where you want to send money to US from UK. The Normal scenario is that you will need to convert GBP to USD at your bank. With transfer wise, the British pounds are sent to a transfer wise British pounds account and then the money is sent to your recipient from a transfer

Wise dollar account to your recipient account in dollars. Thus making a GBP transfer looks like a dollar transfer. Transferwise is a secured way to send money because it is regulated by the

Financial Conduct Authority and makes use of the KYC policies by verifying

its users.

Transfer Wise Multi-Currency Account

In addition to money transfer, transfer wise offers border-less account that supports over 40 currencies. Transfer wise equally offers its users a debit card that permits you to spend your money in any country easily from your account. The multi-currency accounts equally permits you to send money abroad at the rate of a local transfer.

What about Transfer Wise Fees?

Transfer wise makes use of the mid-market exchange rates thus eliminating any hidden charges. There is a small upfront fees plus 0.35% the amount to be transferred. Sending 100 pounds for example from UK to France will cost less than 1 pound just like sending money with crypto currencies and bit coin is done with block chain technology. The typical fees amounts to about

0.5 pounds for 100 pounds.

More Details about the fees can be seen on the Transfer Wise Website. Transfer wise money transfer services for Individuals, Businesses, and Freelancers. The company claims to support over 750 currency routes thus making money transfer to most countries possible from UK.

Advantages of Using Transfer Wise

Some of the competitive advantages of TransferWise includes:

i. Cheap transfer rates which is 8 times cheaper than banks

ii. It can be used by both Individuals and business just like PayPal.

iii. Transaction cost can be calculated on Google unlike other companies that the transaction cost is determine on their websites.

iv. Money is transferred on the internet eliminating queues at the bank or talking with some boring accountants.

v. Transfer wise is regulated in a similar manner as banks.

vi. It permits bank to bank money transfer at a cheap rate.

vii. Over 40 million people are using transfer wise with a 5/5 rating on Trust Pilot at the moment we are updating this post.

In all Transfer Wise the money transfer company in Europe that cut out exchange rate and makes use of transfer fees only in it money transfer process. This smart approach gives people a cheap way to send and receive money in a more secured manner.

If you have used transfer wise before, we will be glad to know about your

experience in the comment section.