Everything You Need To Know About TransferWise
TransferWise is a British company that specialises in online money transfers
. They are based in the city of London and they have been around since 2011 operating in Europe and many other countries in the world. More than 750 currencies are supported and it is possible for a user to have access to more than one while using a single TransferWise login account, for more information, please read our in-depth TransferWise Review
. The whole concept behind the company is to allow people to take advantage of the inter-bank mid exchange rate in exchange for paying a small commission. The site is available in multiple languages, including English, Spanish, Japanese, Portuguese and Russian.
- TransferWise History
- TransferWise Benefits
- TransferWise Process
The company was started by Kristo Käärmann and Taavet Hinrikus, who was the first employee of the popular telecommunications app Skype. They were both Estonians who were working in the UK and they were upset about the amount of money they were spending in bank charges trying to send money back to their native country. Because of the high exchange rates, they were losing a large amount of money annually using the traditional bank transfer payment system.
Since they were both paid in the currency that was needed by the other, they decided to make an exchange when needed to save on the fees. In February of 2012, they were approved by the Financial Services Authority (FSA) and are licensed by several other financial institutions. More than 10 million Euro were earned the first year TransferWise was in operation as a registered business and by 2007, this number had dramatically increased to more than 1 billion pounds per month.
There are many benefits associated with using TransferWise. Besides the fact that users can save money on fees when sending money to those who use a different currency, there are other advantages to choosing this service over their competitors. These include:
- The opportunity to have a borderless account, which allows users to have access to multiple currencies simultaneously.
- Free, quick registration. All that is required is a valid email address and a Facebook or Google account, although have your bank details to hand
- Global support in multiple languages.
- More than 80,000 reviews and a 4.6 rating on Trustpilot, meaning you can feel safe doing business with them.
- A handy TransferWise mobile app that can be used to transfer funds while you are on the go.
- A free debit card that can be used internationally. The rates are 4 times cheaper than other cards including mastercard that are available.
- The actual exchange rate is used when transferring money; not an estimated figure.
- Another great feature is a free easy to use currency conversion calculator option available on the home page of the website.
When you send money across borders using this service, it is extremely easy to use. Even someone who has never tried sending money this way should not encounter any difficulties. It is as simple as deciding how much you are going to send, selecting the currency you are sending and the one that it needs to be converted to and submitting the request. There is a place where you can see how the exchange rate and fees
are calculated. There is also a place where you are told the balance you have left in the account and how much you have saved using the service as compared to a traditional bank fees.
In respect of transactions, you are told when the funds will arrive to the recipient and there is a tracker that allows you to keep an eye on it until it is received. Again, this is not a difficult process at all and it can be initiated in a matter of minutes. It is important to note that all countries do not have the same capabilities when it comes to sending and receiving, so you will have to check the chart on the site before you get started to make sure you will not encounter any issues. For more information, please read TransferWise FAQ’s
TransferWise has received all types of praise and accolades from the media since its launch. This includes being named one of the best tech startups by The Guardian and having TechCrunch naming them one of the startups to watch in 2012. Recent mentions include praise from CNBC and being named a pioneer at the World Economic Forum.
As you can tell, there are many things that differentiate this company from other money transfer providers and the banks. One of the main factors being that the company is steadily on the rise without any end in sight. Not only have they revolutionized the way that people and businesses send money to others, but they are constantly making improvements that can make things even better for consumers.