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.
Making payments with Transferwise is very easy. I will try to explain how to use TransferWise and also share my suggestions to make transfers cheaper and faster. First, you need to create an account (assuming you are a new user). You can do it on your laptop or a mobile device, they have apps both for iOS and Android. You also have a nice option to sign up with your Google or Facebook account. The signup form is soo minimalistic that it will take you less than a minute to create an account. If you don’t want to signup with a social account then you will be only asked to provide your email and choose a password for your TransferWise account. You can start sending money immediately:
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
(promotion applies for your first transfer only)
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
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
Searching for an easy, quick and cheap way to receive and send money internationally? The new TransferWise service named Borderless account has it all covered. You can open a bank account online, hold and manage money in 15 different currencies on it.
TransferWise is an international company which has bank accounts in most parts of the world, so they are using peer-to-peer technique, providing very low fees for currencies conversion.
Borderless account is their newest service introduced this month, which allows you to open a bank account quickly online in order to have money deposited on it. This makes it great to be used by expats, freelancers, business owners and whoever has the need for international transactions. Continue reading
Sending 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
Before I make any decisions to purchase a product or try out a new service, I take the time to find out what customers have to say about the product. For me, customer reviews, especially the TransferWise complaints, give an indication of what is really happening with the company. TransferWise takes the time to listen to their customers, understand their problems and solve them as soon as possible, and better than the customer expected. It is clear to me that they place emphasis on managing their reputation. Here are some of the typical TransferWise complaints I have come across, including the steps that the company has taken to resolve the issues. Continue reading
I’m living and working abroad for about five years so far and as any other expat I quickly faced the problem of sending money to home country. Moreover, I’m frontier worker who work in Gibraltar and live in Spain. Different countries, different currencies and I had to find a way how to sort out my money transfers between them. The cost of a transaction makes me think twice about how much I am sending, and how often. Then I discovered TransferWise and it was as though my eyes opened for the first time. Continue reading
Choosing between any two competing service providers can be a very daunting task. This is what hits you when you want to choose between HiFX and Transferwise. Transferwise is a British start-up money service company established by the founders of Skype and PayPal in 2011. They started an easy and new initiative to convey money between people instead of countries.
HiFX was founded in 1998. It has its head office in UK Windsor, Berkshire. It was formed solely to solve the question why it cost so much to send money overseas and seek to provide a cheaper means to do so by offering better exchange rates. HiFX is privately owned. It was acquired in 2014 by NASDAQ listed Euronet Worldwide, Inc. Continue reading
When I first started sending money overseas, I made sure to do plenty of research to find out the best peer to peer payment providers that I could use. My basic criteria were that the company should be legal, easy to access, safe, and have no hidden fees or charges. My final choice came down to TransferWise vs. CurrencyFair, and I made the decision to go with TransferWise. Here are the five reasons that made my choice possible. Continue reading