When you need to trade money without the over-the-top charges from banks, a shared peer to peer exchange is a reasonable alternative. TransferWise is one of these services. So, how does it work? It basically lets you trade different currencies freely with similar people looking to swap money in the opposite direction, all without being associated with the rigid banking framework.
At the point when the idea was conceived by two young Estonian entrepreneurs, many venture capitalists threw their weight behind the organization. The VCs weren’t just any old lot, they comprised of PayPal’s key players, Peter Thiel and Max Levchin. Later on financiers such as are VALAR Wanders, Kima Ventures, and List Wander also came on board.
TransferWise has a basic methodology at heart. Assume you require Sterling Pounds when moving to the United Kingdom from Australia, and someone else needs Australian dollars when leaving the UK for the land Down Under. TransferWise lets you swap the currencies between the two of you, so everyone gets the money they need. The exchange is done online where both of you are subjected to as little charge as possible for processing the transaction.
Also, the financial service regulators authorise TransferWise to foreign exchange transactions pretty much as conventional banks do. In 2012, the TransferWise made exchanges totalling over €10 million, allowing clients save almost €500,000 in bank expenses. In 2014, self-made millionaire Sir Richard Branson supported the organization with an additional $25 million in funding.
By the end of 2014, TransferWise’s payments to customers exceeded €1.5 billion, saving over €55 million in fees. With an average transfer cost of only 0.5%, TransferWise has become a very effective solution for anyone looking to send money to their friends and family. It has become so effective, in fact, that many businesses are also taking advantage of their service.
TransferWise has also received praise in the media. When the company launched in 2012, TechCrunch named TransferWise as a start-up to watch; and it’s hardly any surprise why! Following this in 2013, TransferWise took out the top spot in a local Estonian e-commerce competition.
There is arguably no other cash exchange service as straight-forward as TransferWise. There are no concealed charges by any means, as it uses the official mid-market exchange rate. Small exchanges under £200 are charged just 0.5%, making it one of the most cost-effective services available to the public. They also offer your first payment absolutely free!Its closest competitor is probably CurrencyFair, which provides a similar marketplace service. In my experience, CurrencyFair is most effective for larger scale transfers in the tens of thousands of dollars. Both, however, provide clear and distinctive benefits over
Its closest competitor is probably CurrencyFair, which provides a similar marketplace service. In my experience, CurrencyFair is most effective for larger scale transfers in the tens of thousands of dollars. Both, however, provide clear and distinctive benefits over using the banks!When you get started with TransferWise, you can expect you payment to take 2 to 3 days to arrive at its final destination. While this may be a little annoying for some, it is a small period of time to wait considering the huge cost advantages it provides over its
When you get started with TransferWise, you can expect you payment to take 2 to 3 days to arrive at its final destination. While this may be a little annoying for some, it is a small period of time to wait considering the huge cost advantages it provides over its competitors.
Take a look at what some of their customers have said on TrustPilot:
- “Reliable, fast, cheap” – Davide
- “The money arrived when it was supposed to and there were no hidden fees. Very transparent and just works. I did a pretty sizable transfer too (6 digits), and everything worked great.” – Steven
- “Its easy, fast and secure” – Geoffery
- “Hard to see how this service could be improved any further” – Richard
Last but not least, TransferWise’s services are totally secure. Exchanging money can be a hazardous activity, and you need to know who to trust. You never know when thieves are waiting in the shadows. But don’t worry, with TransferWise your money is safe and sound.I recommend that you give TransferWise
I recommend that you give TransferWise a chance today and you’ll be happy that you did.