Transferwise introduces Get Paid

Get payed with transferwiseRecently Transferwise introduced Get Paid service that must be loved by freelancers and remote employees at the first place. You can specify how much money in given currency you’d like to get from someone and generate a short link for this payment. The only requirement – you both need to be registered at Transferwise.

Benefits of Get Paid

Get paid links are addition to existing money transfer service with the same fees applied. There is flat 1 GBP fee for payments below 200 GBP and regular 0.5% commission for bigger payments. That is probably 10 times cheaper comparing to PayPal and bank transfers that are typical mechanisms for getting paid. You can receive payments in around 20 currencies and payers can pay with about 10 currencies and counting.

You can get payments in EUR, USD, GBP, PLN, NOK, SEK, DKK, CZK and many others. Your customers will pay only 0.5% commission for each payment!

Transferwise gives even more benefits

There is another awesome option for website owners – “Pay with Transferwise” button. That’s similar to what PayPal offers but having regular 0.5% commission fee.

Is there any disadvantage?

I can think only about three minor disadvantages that are nothing comparing to benefits you get from this service:

  1. Your customer may have to create a Transferwise account
  2. 1 GBP flat fee is too high for micro payments
  3. The amount customer pays and you get depends on market exchange rate

All Transferwise payments are not immediate and making a payment you see only estimated conversion rate for your payment. The exchange rate is applied only when the match for your payment is found. The effective conversion rate will be the one that is current market exchange rate at that particular moment. That will mean your customer probably would pay a bit less or more than was stated depending of how financial market is doing.

Conclusion

I think Transferwise introduced very interesting service that can save money to your customers and make them happier. Behind this feature is the same process of money transfer that thousands of people already use. You customers can feel safe when sending payments through Transferwise and say goodbye to bigger fees.

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