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Transferwise, which is an online payment platform, offers a special account for business owners. You can send, spend, and receive multiple currencies with the real exchange rate and handle your international money transfers, payments, and invoices. With a special API, you can connect the system to your eCommerce store. Transferwise supports multiple currencies and lets you hold them all in your one borderless account. You can send money directly to banks to over 50 countries.
Open a business account on their platform, and you will get access to all of the tools such as international payments, currency exchange, and API documentation.
It’s free to open up the account, and there are no monthly costs. You can also set up a UK account number and sort code, U.S. routing and wiring number or IBAN without any additional costs.
While transfer fees depend on the currency pairs and targeted countries, the costs are set at around 0.5% of your transaction amount. The costs are cheaper for the major currencies, while the more remote countries may generate extra processing fees. For example, it costs 52GBP to send 10,000GBP transfer to India in their local currency, but only 37GBP to send it to the USA in dollars.
Receiving money in most of the major currencies like EUR, USD, GBP, AUD, or NZD is also free, for other currencies, you may need to pay extra exchanging costs.
The company claims to offer services “14 times cheaper than PayPal,” and judging by the available price charts and fees, Transferwise indeed is able to offer cheap transfers.
You can read positive reviews from a few business owners who switched to Transferwise and are happy with the overall costs: “We were paying hundreds of thousands of dollars in overseas fees every month. As we scale, TransferWise has become increasingly important to the bottom line of our business" ~ Lachlan from LegalVision
Apart from paying the transfer fees, there is also a markup on the exchange rate, which is set at around 0.33%-3.56%, depending on the amount and currency pairs. The more money you send, the more attractive are the rates.
The ATM withdrawal limits are set quite low, with only 200GBP per month. For bigger amounts, you need to pay additional fees of 2% of the amount.
While most of the companies still need to operate and handle their finances with mainstream banks, Transferwise for Business seems like a good alternative or at least an addition for handling your online and international transactions. It’s significantly cheaper to send the money overseas through Transferwise than with your bank. You can also store multiple currencies, which can be useful if your business has clients all over the world.
API is a tool that helps different online platforms and systems to communicate with each other and conduct various tasks together. As the company explains, with the business API system, you can “automate payments, connect your business tools, and create beautiful ways to manage your finances.” There are well-explained instructions and detailed documentation about the API and how to connect it to your business. In case of trouble, you can contact their customer support, who is available 24/7.
You can use it to automate your payments or to keep track of your business finances simply. If you are an owner of an online store, you can connect Transferwise as a payment processor to your platform or for example, set up notification from Slack or other sites.
When registering, you can choose between creating a personal or business account. Fill out all of your information and undergo a verification process.
As with any other legal financial services, you need to provide your information and upload images of your ID for identity verification. You need to scan it, or you can simply take photos with your smartphone and upload it to their site. Sometimes, you have to take a photo of you holding the documents so that they know it’s really you.
In terms of reliability of Transferwise Business account, the platform is made by experienced developers who have created Skype, while Richard Branson, who is the founder of Virgin Group, is the key investor of the project. With more than 4 million customers globally, it seems like the platform should be considered legit. Moreover, Transferwise is officially registered with FCA and complies with all of the financial regulations and laws, meaning your money, and the transfers are well protected.
Their payment system is being used by projects such as Taxify or Wolt, just to name a few.
You can reach Transferwise via a phone call or through an online chat.
It’s worth noting that there is a 24/7 customer support, which can be especially helpful when setting up the API or connecting your store to the platform for processing the payments. If you have any problems, you can read the detailed documentation available on the website or contact their representatives, which will guide you.
While the platform may not be able to substitute a business bank account, it can, without a doubt, act as a great extension for handling the finances of your company. The overall costs and fees seem to be one of the cheaper on the market, and the markup on the exchange rates is not that bad. Transferwise supports multiple currencies and allows you to store, send, and receive them all, which can be useful if you have clients all over the world. There is also an API, which has detailed instructions on how to connect it to your website and business. The customers' reviews found online seem quite positive, and many users make regular transfers with Transferwise without any problems.
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