What is Transferwise?
TransferWise is an online platform, which allows you to make international money transfers in different currencies. They support over 40 different currencies and allow you to send the money using regular bank wire, SWIFT network or with credit and debit cards.
The platform can be an alternative to services such as PayPal or Western Union. Many users are encouraged to use TransferWise, because of the special “Borderless” account, which allows you to store multiple currencies in one place. Moreover, you can order a debit card and use these currencies to purchase items all over the world.
We’ve taken a closer look at TransferWise’s offer, features and fees in our full-length review of their services. We also gathered users opinions and reviews about the platform to help the reader choose the best money transfer service. If you want to learn about other remittance platforms, visit our list, where you can check their ratings and sort the companies based on their transfer speed or prices for example.
Does my recipient need to have TransferWise account?
No. You can use TransferWise to send money internationally directly to someone else’s bank account. The platform wants to offer cheaper transactions than if you’d choose international bank wire. Banks can charge for such transaction even up to $30, so you can instead use some of the online platforms to send such transaction for fraction of the cost. We try to keep up with money transfer companies and their offers, so you can check out our list to find the cheapest services for international transfers.
How to send money with TransferWise?
The process itself is quite simple and after registration, it takes only a few clicks to order an international payment. As an advantage acts the fact, that you can choose multiple transfer options or order it with a credit card.
Step 1: Register an Account
When you visit TransferWise website, you can already use their transfer cost calculator and enter which currency you want to exchange and how much are you going to transfer. You will immediately see the fees breakdown and total costs estimation. If you are satisfied with the costs, you can click on the “Get Started” button, which will redirect you to a registration panel.
There, you can either fill out your personal information or speed up the process and connect to the platform via Facebook or Google account if you already have one.
TransferWise may require you to provide some additional information and undergo a verification process. There, you will need to send them a photo of you, your ID or other documentation to prove your identity. It’s a standard procedure, which is required for most online money platforms. That way, the transfers are much safer and the platform meets the worldwide regulation and policies about preventing money laundering.
Step 2: Enter transfer details
This time fill out detailed information about your transfer. Enter the amount, choose if you want to exchange this money to other currency and set the destination country.
You need your recipient’s full name and bank account number. The money will be transferred to your recipient’s bank account directly and he doesn’t have to have a TransferWise account. It’s important to fill out all of the bank details like SWIFT or BIC codes. If you are sending money to Australia or New Zealand, you may need a special BSB or NCC codes for these countries. You can read our article, which explains how these codes work and where to find them.
You can also save your recipient’s information for the future if you plan on making regular transactions to this person. That way, next time you want to send money to this address, it will take only one click.
Step 3: Pay for the transfer
Once again, you will see all of the charges, choose your payment method and you are done!
The platform remains transparent with their costs. Remember that the final price may vary depending on currencies, payment method and other factors. You can see that some currency pairs or countries are much cheaper to send money to.
It’s worth noting that the most expensive transfer method is using a credit card, as there is an additional percentage-based charge added and your bank may also charge some additional fees for processing this transfer. It’s best to pay for the transfer with a regular bank wire.
How long does it take for money to arrive?
There is no direct answer to this question, as it all depends on what country do you send money to. You should expect the money to arrive within 3 days usually. The company says that 90% of the transfers are delivered within a day. Judging by the user comments, 2-3 working days is an expectable period of time.