How to use TransferWise and start saving money

If you live abroad or travel frequently you probably know that sending money back home or overseas can be problematic. It’s not only time you spend to go to a money transfers office (like Western Union) but high fees and a currency exchange rate that is usually not great. You can try asking your bank to make an international transfer for you, but in most cases, this will be the slowest and the most expensive option. Fortunately, there are more options available at a cheaper price, faster and still absolutely safe to use. I leave abroad and deal with international transfers every time I send my salary for my British pounds account in NatWest to my Spanish bank account in euros. TransferWise works great for me for many years and it is definitely worth trying for your next international money transfer.

Key benefits

I have a post that explains how does TransferWise work in details and here I will just highlight the key features of services they provide:

  1. Really low fees that are transparent and easy to understand.
  2. TransferWise uses real mid-market currency exchage rates without any added margin. They also warranty the exchange rate for your transfer for most of the destinations.
  3. Transfers are fast. Can be instant if you send money within the EU.
  4. You can get a personal bank account in various currencies for free. Completely online, quick and without any usual paperwork.

Sign up in minutes

Our days we deal with various online services daily: social networks, online stores, online banking and many more. Adding another one to your list may sound inconvenient, but guys at TransferWise made the registration process simple and quick. You can even signup with your existing Google or Facebook account so that you don’t have another password to remember. Once you get an account you can start sending money immediately. Or you can start simply by making your first transfer and the process will include all steps required to register your account. The key takeaway – you get your account ready for sending money immediately.

Step by step guide

Step 1: Enter the amount you want to send and the currency you are sending from and to. The exchange rate and total fees will be displayed instantly. You will also see:

  • How much you will save comparing to a regular bank transfer
  • The estimated delivery date and time
  • If the exchange rate guaranteed for 24 or 48 hours. More on that a bit later.
  • Option to compare TransferWise fees with other similar payment providers

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CurrencyFair Review

CurrencyFair Review

Long gone are the days when needing to transfer money meant going to Western Union or the bank, paying whatever rates they wanted to give you that day. Now there are now hundreds of online companies that offer all manner of transfers. CurrencyFair is one such company. Like many others, CurrencyFair utilizes a peer-to-peer system to make transfers cheaper, faster, safer, and easier. But are they the best? Let’s take an in-depth look at everything CurrencyFair offers and see how they stack up against similar companies in the online transfer business.

Spoiler: If you are searching for a coupon code for a free transfer then here it is: coupon 3 TRANSFERS for FREE. Anyway, I would recommend keeping reading to learn more about the provider and see if it suits your needs.

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Brexit Causes UK Fintech Startups TransferWise and Azimo to look for new European Headquarters

UK and EU flags

Britain has chosen to exit the European Union causing UK fintech companies to rethink their choice of London as their European HQ. This change can see economic momentum shift to other international hubs such as the USA and Asia which can spell a financial drain on Europe. Cities such as Berlin and Frankfurt stand poised as alternative options to London. Azimo has already confirmed their new Headquarters will be set up in Dublin. TransferWise has also started vetting locations such as Berlin to establish their HQ.

While these companies show no interest in closing their doors in London they are set on establishing a plan B to ensure their passporting license remains intact and their consumer service remains uninterrupted. TransferWise has assured their members that measures are already in place to ensure boarderless accounts remain secure and accessible regardless of the outcome with Britain’s negotiations. Growth and expansion for them continue with a Belgium license soon to be acquired.

With the competition circling in all directions, Britain has a long and quite possibly painful fight on their hands if they expect to maintain their standing and reputation within Europe as a fintech capital.

How to transfer money from the USA to Australia

Australia Sydney Opera view

Sending money to Australia can be challenging and expensive, especially when making regular bank transfers. Not only money but time matters. Western Union estimates up to 7 days to complete a transfer of 1000 USD to Australia. So how to send money from the USA to Australia avoiding high fees and slow delivery? Fortunately, three are better options provided by well known and trustworthy P2P providers like TransferWise and CurrencyFair. Let’s dive deeper into the topic and see what do they offer comparing to your bank and Western Union. Continue reading

Honest opinion on changes in TransferWise fees

GBP to EUR fee dropped from 0.5% to 0.38% + 80p

Recently TransferWise announced various changes in their fees under very catchy title: “Mission Zero”. What does it mean for us who are their customers? Despite of the title you can actually get even slightly higher fees depending on currencies you convert and money upload method you use. These are main points to cover in this review post:

  • Lower fees for most popular destinations with minimal fee removed
  • Fees for debit and credit card payments increased
  • Fees for several destinations will increase as of January 2018

Let’s dive into details. Continue reading

PayPal vs TransferWise: Which is better for money transfers?

PayPal vs TransferWise

Do you need to send money to somebody in a different country? Do you need to pay somebody in different currency and not lose money on exchange rate? Shortly, if you use PayPal for this purpose you would have to pay much higher fees comparing to TransferWise. You should understand it’s not an alternative but different payment system. PayPal’s primary function is to make and receive payments (for goods and services) not to make money transfers. TransferWise is designed for international money transfers at first pace. In this article I’m going to explain main differences of these two providers. Continue reading

TransferWise introduces Facebook Bot to make transfers easier than ever

TranSending money abroad can be pain if you not aware of right tools. Banks, services like Western Union and other “classical” big players on the market usually have non-competitive currency exchange rates and high fees. Fortunately there is a new way of sending money overseas – peer to peer payment services. TransferWise is number one choice in most of cases. It’s online peer to peer financial service that is transparent and legally regulated business. Over £800 million passes through TransferWise every month and it’s used by private persons, businesses and banks like N26 and LHV.

Recently TransferWise announced their new feature that will allow sending money abroad event easier than before. They created Facebook chat bot application that resides in your Facebook messenger on your smartphone or tablet. TransferWise Bot is available for all existing customers and it can become your personal assistant in money transfers. It can do many things, lets quickly review how it can make your life easier. Continue reading

CurrencyFair Growth Foundation In Place

Brett Meyers, the founder of CurrencyFair, has positioned his Irish-based fintech firm for growth. In a series of funding, rebranding, and recruiting, the firm has sought to garner the human and financial capital aimed at giving the company the resources it requires to grow its business.

Brett Meyers CurrencyFair at Web Summit

To this end, CurrencyFair has raised €8 million $8.8 million in its latest round of funding as well as recruited top-rated management team in Sylvie McDermott and Paul Byrne. Lead by Octopus Ventures and Frontline Ventures, the latest round of funding bring the total amount of funds raised by the Irish-based startup to roughly €20 million, giving the company sufficient funds to finance its growth ambitions. Continue reading

Western Union – Pros and Cons for sending money abroad

Western Union LogoSeveral years ago, I was using the services of Western Union to send money overseas, seeing as it is a reputable company that has been in the market since 1851 as a leading money transfer service. For the most part, I had no problems with their services, and I settled into accepting what Western Union has to offer. However, I later came across TransferWise and realized that it was possible to get better service. The rates were noticeable better, and the transfers are fast, taking a day, half a day, or sometimes, just a few hours. Continue reading