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:
- Cheap and from fast to instant international money transfers
- Real mid-market currency exchange rates without added margin
- Warranted exchange rate for your transaction (for some currencies)
- Online bank account in different currencies, no waiting, no paperwork
- 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