Finding new and clever ways to transfer money online is always a really good idea. It all comes down to figuring what approach works for you and how you can ensure that you send or receive money without worries. Thankfully the Transferwise service is designed with a clever, unique approach in mind and it encourages you to push the boundaries and focus on great results and value in no time.

What is Transferwise, what does it do?

Transferwise is a professional online money transfer service. Its focus is on helping you transfer money from your account to a friend, colleague or relative a lot faster and cheaper. In fact, depending on the situation you will notice that Transferwise transfers can be up to 8 times cheaper than the bank transfers, and that’s exactly what you want to focus on here. The idea is that you are using two local transfers instead of an international transaction. The outcome is still the same and you can benefit a lot from that, since you focus solely on value and great results.

Brief story of Transferwise, how it started?

Transferwise was created back in 2011 and it resides in London. The founders wanted to create a powerful, reliable and also very affordable alternative to bank transfers. Even at that time people were very focused on sharing money with friends and family, especially if they work abroad. But bank transfers come with huge charges and that made it harder for people to send money to those persons they love. And that’s why Transferwise was created.

The idea was to offer an easy and simple international money transfer system that would help people with this type of approach. Transferwise is widely known now for the fact that it’s seamless, fast and people are sending more than $1 billion each month via this service, which is extremely helpful and

What can you do with Transferwise?

The reason why Transferwise is so popular is because it allows you to transfer money to people in another country fast and easy. The interesting thing is that if you want to convert pounds to euros, you send the money to the UK account. The equivalent amount is sent from the Euro account to the recipient.

Basically the system ensures that money doesn’t move across borders and you still have it in your account, but you get to avoid currency conversion rates that are super tricky and challenging. There are situations when rates can be rather unfair, so having such a good approach does make a lot of sense and you just have to pick this adequately and focus on using it the right way if you can.

Aside from that, Transferwise money transfers are super fast, they can take 24 hours or less and around 25% from the UK to Europe transfers are made in seconds. So the entire process is fast, seamless and super convenient. That really helps eliminate the need for additional systems and the results can be downright impressive every time due to that.

Also, Transferwise has a borderless account, which means that you can hold around 40 different currencies in the same account. You can then spend money overseas with ease thanks to the Transferwise debit card.

Transferwise can also be used to fund any digital account and allow you to shop online or even trade forex with a trusted forex broker.

How does it work?

Transferwise has a rather seamless system. You first need to create an account, and then you will need to go through their own verification process. You might have to send your proof of address and your ID, just to be safe. Remember that the verification process can take a little while, so keep that in mind and avoid any potential issues that might appear. Once you did that, set up the transfer by adding information regarding the person you want to send cash to. Now you will have to send the money to Transferwise with the desired payment method, and then this system will send money to them. It’s convenient and fast, which is exactly what you want.

transferwise card

How to top up Transferwise card?

Once you get the Transferwise card, you will need to make sure that you set it up adequately with the right currency in your account. The way you add money to the card is by uploading the desired amount to your Transferwise account. This will be added directly to your balance, and whenever you want to use the card it will just take money from your balance. It’s a very fast and clever system, one that has the potential to help eliminate frustration and just focus on results, exactly you want in a situation like this.

Transferwise Fees (transfers and card usage)

You can check the exact fees for your currency at https://transferwise.com/price-change, but what you will notice with Transferwise is the fact that they do try to keep the fees as low as possible. For transfers you will end up paying around 1% or a bit more in fees, which is not bad at all. That being said, if you want to add money the fees are also very similar, around 1.2% of the total amount. Again, the link shared above has all the latest currency changes, so if they did make any changes, you will find them listed there without a problem.

transferwise fees

Pros and Cons of Transferwise

Pros

  • Transferwise offers some of the best and cheapest ways for you to transfer money from one bank account to the other
  • They have lots of FAQs and the entire process is heavily detailed, so you always know what fees you have to pay and when the recipient can get their money.
  • You can access a multitude of payment methods, you can easily find the right method to suit your needs.
  • There’s a dedicated delivery option for same-day deliveries.
  • Very good customer service, they really care about clients and provide them with a top of the line user experience every time.
  • Transparent, low fees that really makes them stand out on the market

Cons

  • Cash deposit is a bit difficult, not to mention costly
  • Bank transfers can have slow delivery times when compared to the competition
  • You can only send to a bank account

Is Transferwise Safe?

Whenever you want to transfer money to someone, you want to make sure that the service you are using is safe. And based on what we know and what we experienced with Transferwise, this is a very reliable and easy to use service. They really provide you with the value and quality you would expect from this, and the return on investment is huge to be honest. It really goes to show that you can obtain great results without problems.

Do keep in mind that just like any other service out there, Transferwise can have delays. But if you do encounter issues, don’t go and just throw this service under the bus with some bad reviews. What you want to do is to enter the customer support portal and talk with Transferwise support. They are actually very reliable and fast, to the point where you will be super impressed with their work and what they can bring to the table. They are downright amazing and honestly you will enjoy and appreciate the commitment and the hard work that they are offering here. That’s something else and you will definitely like everything and the process as a whole.

The bottom line is that yes, Transferwise is very safe and the support team will always help you if there are problems. They know that handling this sort of thing can be really important. But most of the time you won’t really need their help as Transferwise is seamless, fast and super convenient.

How long does a Transferwise card take to arrive?

This does depend on where you live. They are sending the card within a few working days and then it’s up to the shipping companies. You can expect the Transferwise card to take a week or two to arrive. But a lot of people receive them in a few days. Basically, once you apply for the card all you have to do is wait. The card will be coming, and you can contact the customer support team in case you are not entirely sure when that card will arrive. Don’t rush it, the card will be there for you and there’s no real need to worry about this kind of stuff.

Does Transferwise Charge for transactions?

Yes and as we mentioned earlier, the fees are around 1% or a little bit more from the entire transaction. Thankfully you will always know the charges because the fee is calculated according to what amount you want to transfer. Adding money to your account will also come with a fee. But yes, every time you want to use this service you will have to pay a fee, and you will know the total price for that fee in no time. It’s a very professional approach and one that works amazingly well to be honest.

You do need to keep in mind that despite the charges you can see here, you still end up paying way less than what you would pay for a bank transfer. That’s the main power behind Transferwise, the fact you can get so much done and you can transfer whatever amount you want without really having to worry about any major downsides. It’s a great, worthwhile approach and one that you will enjoy and appreciate all the same, so try to consider that and the payoff can be huge.

 

How do I transfer money to Transferwise?

The first thing you want to do is to have an account and once that’s done, you just transfer the amount from your account to the other person’s account. As we mentioned already, there are fees involved, so all of this is not transferred for free. But it works amazingly well and the fact that you can adapt all of this as you see fit really pushes the boundaries to the next level.

Moreover, since the Transferwise account can hold multiple currencies, you can transfer from one currency to the other or you can just have a single currency and that’s it. Every detail matters here and you really need to push the boundaries and actively focus on what solution suits your needs. They provide some great services and as a whole you will be quite amazed with the payoff and tremendous attention to detail brought to the table. It really is something powerful and unique, exactly what you may need.

Is Transferwise a bank?

No, Transferwise is not a bank, but it is a website that helps you transfer money just like you would transfer with a bank. The difference is that most of the system is online based. And the fact that you pay less fees also helps immensely, as you do get an amazing value and quality for the money without any hassle.

Should you use Transferwise or not?

As we mentioned earlier, Transferwise is all about making it easy for you to transfer money to friends or your loved ones. The attention to detail is downright amazing and you will appreciate the tremendous focus on results and the rewarding attention to detail. It’s unique as it is exciting, and the fact that you have so many great things to consider really pays off in ways that you would not imagine at all. Rest assured that there’s a lot to be seen and to be done with Transferwise.

The best part is that the entire service is fast, seamless and you have a great FAQ with all the info you may ever need. They really deliver an amazing quality work and the value on its own is among some of the best that you can ever find out there. Some would say there are better money transfer services out there, but if you want the best money transfer experience, with Transferwise you do get that and so much more. You should totally check it out right now and you will not be disappointed with it in the end!