How Does TransferWise Work – If you’re searching for the most efficient and easiest way to transfer money abroad, you’ve probably heard of transfer wise and it’s the best way to transfer money abroad. This article will give you an in-depth knowledge of transfer wise service and how it works – very important, do not forget to grab a drink.
Transfer wise is the smart new way to send money abroad as easily as possible for as little as possible. TransferWise has a mobile app that helps toy manage all TransferWise activities from a smartphone. This app is dedicated to individuals, companies, and professionals.
Highlights
- You get true mid-market exchange rate.
- Low and transparent transfer fees.
- A better user experience.
The only drawback of this service is its inability to send money to multiple bank accounts. TransferWise only allows you to send money to a bank account at a time.
How It Actually Works
How Does TransferWise Work? It’s very simple, TransferWise works by having you make a bank transfer to someone abroad through your transfer wise account. Once TransferWise receives your transfer, they quickly exchange currencies in the transfer in a transparent way.
When the currency exchange has been made, transfer wise then makes a local transfer to the person you’re sending the money to. Transfer wise takes a small percentage of the transaction rather than having you pay a credit card transaction fee or a bank transfer fee.
Bank transfer fees can be up to 5% in hidden fees, but transfer wise is 8X cheaper than banks.
TransferWise is a great money transfer service, they focus on making bank transfer more affordable than traditional banks by charging low and transparent transfer fees.
Send Money with Transfer Wise
To send money abroad using TransferWise, you need to have a TransferWise account. If you don’t have one you should hurry up and sign up. If you already have a TransferWise account, follow the steps below to easily send money abroad;
- Sign in to your TransferWise account.
- Head over to the home tab.
- Choose s ND money to set up a transfer.
- Enter the amount you’d like to transfer.
- Select your kind of transfer.
- Enter your personal details.
- Enter the recipient’s details.
- Review the transfer details.
- Choose your transfer type and how to pay.
- Click send.
TransferWise receives the money and confirmation the transfer via email. Both you and the recipient will get notifications about the status of the transfer.
In many situations, TransferWise is a top notch but in some circumstances, transfer wise may not be the right choice for you. The only reason it may not be the right choice is its inability to send larger amounts and to multiple banks.