Tag Archives: TransferWise

Wise, formery Transferwise – how it works?

Online Money Transfers,

Transferwise puzzleWise is a revolutionary money transfer service that’s changes the way how we think about fund transfers. You may have heard about it as TransferWise as they changed their name to wise in April 2021. Unlikely banks and typical payment systems they transfer money between people rather than countries. It may sound complicated from the beginning but the idea under the hood is very simple.

 

The remarkable thing is that all people who take part are helping each other to make their payments happen. Continue reading →

How to use Wise, formerly TransferWise, and start saving money

Online Money Transfers, ,

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. If you are seeking for cheap and reliable way to send money abroad you may already heard something about Transferwise. The started as a international money transfer company and grew to a full featured online banking solution. This is the reason the rebranded to Wise recently as transfers are no longer their limit. Wise works great for me for many years and it is definitely worth checking what they can offer in international money transfers market.

Key benefits

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

  1. Cheap and from fast to instant international money transfers
  2. Real mid-market currency exchange rates without added margin
  3. Warranted exchange rate for your transaction (for some currencies)
  4. Online bank account in different currencies, no waiting, no paperwork
  5. Free debit card attached to your account

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 Wise 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 Wise fees with other similar payment providers

Continue reading →

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

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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. Wise, previously known as 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. Wise 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

Online Money Transfers, ,

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 Wise, previously know as 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 →

PayPal vs Wise (formerly TransferWise): Which is better for money transfers?

Online 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 Wise, previously known as 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. Wise 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 →

Wise introduces Facebook Bot to make transfers easier than ever

Online Money Transfers, ,

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. Wise (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 Wise every month and it’s used by private persons, businesses and banks like N26 and LHV.

Recently Wise 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. Wise 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 →

Wise, formerly TransferWise, Complaints and Quick Resolutions

Online Money Transfers, ,

transferwise complaints and resolutionBefore 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. Wise 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 complaints I have come across, including the steps that the company has taken to resolve the issues. Continue reading →

Money transfers now are much faster with Wise

Online Money Transfers

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, which changed it’s name to Wise recently, and it was as though my eyes opened for the first time. Continue reading →

HiFX vs Wise, formerly TransferWise

Online Money Transfers, ,

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 Wise. Wise, originally 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.

No one likes wasting timeHiFX 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 →