TransferWise Review: Best Money Transfer Service for Business
The rising rate of individuals and companies operating online has given birth to the need for trustworthy money-transfer service. These online money transfer services create tremendous benefits for both the sender and receiver. Hence, the overwhelming usage of this technology around the globe.
One of the top advantages of online money transfer includes the speed and efficiency of each transaction. It has no waiting times and just requires a stable internet connection to start with. Usually, transactions are completed instantly, or within a maximum of three days. Online money transfer completely eliminates the need for physical presence, thus, giving users access to the online banking and finance world at their fingertips. Some advantages that are raved about is it's 24/7 service and the user-friendly interface that makes sending and receiving money manageable.
With Payoneer and PayPal pioneering the field of online money transfer, a new player, TransferWise is now one of the trusted names to consider in the same field.
Trustpilot presents an amicable 4.6 rate out of 5 stars for TransferWise. Somehow, the feedback proves that the satisfaction rate among users is high enough for TransferWise to be one of today’s most recommended money transfer services worldwide. The question is, what sets TransferWise apart from other money transfer services?
This review intends to outline some of the pros and cons of using TransferWise. Highlighting how they serve their clients, and how extensive their range is, in terms of global reach. At the same time, this review tends to offer a sense of comparison as to why many online workers, and businesses, choose to use TransferWise apart from its competitors.
What is TransferWise?
TransferWise is an online account for various services such as sending money, getting paid, and spending money internationally. By creating a TransferWise account, it enables users to send money overseas, get paid in different currencies, and spend abroad through TransferWise debit card.
With a simple user interface and an uncomplicated system, TransferWise seems to compete properly with the other money transfer services that are already in place.
The creators and managers of TransferWise certainly created a huge distinction on how the system would work and made sure that the situation that made other services less trustworthy will be fixed in the system and services that they offer.
One of the issues that TransferWise resolves is the existence of pricey international money transfer fees. Since a lot of online money transfer users’ points out the dismay of clients over high transfer fees. TransferWise created a system that will help clients avoid this from happening. Through using two local transfers, instead of one bulk international transaction, clients could avoid needing to pay high fees, especially when transferring money internationally.
This happens through immediately converting the money to be transferred into the local currency of the country to where the money is to be sent. This way, the system would identify the transfer to be local rather than international- thus resulting in lowered fees. Along with the lowered transfer fee is the fact the bank service fee is also decreased.
Is TransferWise Safe?
In consideration of all these, there is one factor to take note. Is TransferWise safe?
Regulated by the Financial Conduct Authority, TransferWise’s operations are closely observed and confirmed for safety. Its connections and alliances to other financial agencies like banks and other local money-transfer services are regulated by FCA- thus establishing a sense of safety on how it completes transfer transactions worldwide. Issues on fraud and money laundering are all carefully investigated- to assure every client’s safety and protection.
Transferwise Currency Exchange
As for exchange rates, it takes from the real-time exchange rate adjustment as presented in google. This means that customers will get the mid-market exchange rate when they intend to adjust the transfer from one currency to another. However, TransferWise does not control how banks would practically affect the rate of the transfer depending on their rules on the currency exchange rate.
How does TransferWise work?
Once users access the TransferWise website, they will be asked to type in the details of the recipient, and the amount of money they would like to transfer. In addition, requirements such as where the money would come from is required. Users can add in their debit information or simply use the bank-to-bank services of TransferWise to send the funds directly from any bank to a TransferWise account.
To keep users posted on the track of their transaction, they are to receive a confirmation email about the receipt of funds.
If the receiver doesn't not have a TransferWise account, the money will be sent straight to the bank account.
To summarize, here are is a basic list of the base fees and operations that TransferWise Offers:
- Transfer Type: Online Only
- Range of Fees: $2 up to $400 [-0.55 for transfers over $400]
- Transfer Speed: Same Day Transfer
- Mobile App: Available
- Minimum Transfer: $1 or £1
What is great about TransferWise?
TransferWise, although only new to the global money transfer industry, is now offering transfer options to over 750 currencies around the globe- a huge progress from when it began in 2011. In a way, the larger the expansion of TransferWise is, the cheaper the transfer fees are likely going to be.
TransferWise serves as a bridge that connects businesses and clients, banks and for-profit organizations, and other connections that are bound within efficient monetary exchange cultures. Established in Britain, TransferWise is now in constant competition with companies that came in earlier into the industry such as PayPal and Payoneer.
Clients who used these two money transfer service options have also considered TransferWise’s service, and find it rather more convenient.
Here are some other points that define the reason behind the positive feedbacks posted by clients online:
- Clients can send money with cheaper fees compared when using bank-to-bank transfers
- Everything is transparent. Everything that you spend, down to the last centavo is reported to you which also increases the accuracy of the system in identifying the latest and most effective markup in terms of measuring the international exchange rate amount for different currencies in the system.
- Transactions between UK and Europe only last 24 hours of completion. In recent record, the fastest recorded completion of a transaction with TransferWise was recorded to have been accomplished only within minutes.
- Allows for the arrangement of money transfer- all within a few clicks- all online, which improves the value of convenience that TransferWise offers to its clients.
- Everything that happens within the TransferWise money-exchange platform is authorized and regulated by the Financial Conduct Authority; which means that TransferWise is to be held accountable for any mischief that may happen between the management, the system, and the clients. This insists on the protection that everyone is given when it comes to transacting with TransferWise
- Your money is transferred directly to the designated bank account and notifications are sent accurately and instantly once transfers are confirmed and by the time that they reach the target destination.
- Provides an open option of access for businesses, freelancers, as well as one-time transfer clients.
TransferWise for Businesses
With more businesses investing in online operations and other organizations intending to provide services through online connections, a lot of these entities are sending money to different designated bank accounts online. TransferWise has created an efficiently set system that would allow businesses to safely transfer funds directly from their bank accounts to the bank accounts of their workers. With much lower fees offered by TranferWise, business entities are invited into the system that this money-transfer service offers.
TransferWise also offers a batch payment option. The system allows for up to 1000 different transactions processed through a single CSV file. With bulk transactions like this, you are surely going to get a lot more savings from the transfer fees.
If you sign up for TransferWise’s borderless account, you can surely get more perks apart from the ones that are already listed herein.
TransferWise for Freelancers
TransferWise believes that every money that freelancers earn has great value for them, even to the last detail. This is the reason why the company aims to give freelancers an easier way of getting paid by different clients from different parts of the world directly sent to their bank account.
Gone are the days when the banks and money-transfer services are eating up your hard-earned money. This time, with TransferWsie, you are surely going to receive the right amount of pay for the hard work that you have done.
If you sign up for the borderless account, you may be able to receive payment from over 40 currencies around the globe which includes GBP, EUR, USD, and AUD.
TransferWise for One-Time Transaction
Being a fast and safe money-transfer option, there is a fast and safe payment process that TransferWise offers to one-time clients.
Unlike other money-transfer services online, TransferWise does not control the amount of money you can send especially if it is just a one-time transaction. There are no limits as to how much you are going to transfer at one time. The fees continue to be regulated at the cheapest rate possible to serve you and give you the convenience that you deserve as you use TransferWise for your transaction.
What can we say about TransferWise
TransferWise has certainly outdone its competitors in the field of online-money transfer services.
It cannot be denied that making sure they respond to the demands of global clients for cheaper fees and safer transactions have made TransferWise one of today’s most successful money-transfer service providers online.
With such an edge apart from its competitors, TransferWise is expected to grow even more and provide a much more effective sense of service to global clients in the near future.
What do you think? Is TransferWise a good Online Money Transfer Service?
We would love to hear your experiences with TransferWise.
eCommerce Paradise was created by Trevor Fenner of Seattle, Washington in 2015 to help you, the entrepreneur, to start and scale your own eCommerce business. Trevor owns multiple 7-figure eCommerce stores and is a digital nomad, traveling the world while working remotely with the help of his team of virtual assistants from around the world. Trevor is currently located in Bali, Indonesia, and is a passionate skateboarder, surfer, scuba diver, photographer, environmentalist, outdoorsman, fitness and tattoo enthusiast.
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