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.
I am yet to find any money transfer service that has such transparent and trustworthy fees. Every transaction above 200 GBP/EUR has a fixed cost of 0.5%, which is great to know for my planning. When I want to carry out a smaller transaction, the cost is a little higher at a fixed rate of £1 or €1, but the speed of the transfer more than makes up for this. I have also noticed that the smaller transfers are considerably quick, as most of them can be executed within one day. From my experience everything that is up to £1000 will get transferred withing 24 hours, and up to £500 normally within 8 hours.
I believe that the model that Wise uses is P2P which helps find a direct match of two people who want to send money. Dealing with people is so much nicer than just dealing with countries which is another reason I enjoy using Wise. To get the best rates, currencies may take up to one day to convert. However, I have noted the conversions for GBP and EUR are almost immediate, which means that Wise already has huge pots of these currencies. The conversions for these two currencies take around an hour or so, which allows me to finalise my transfer much faster.
The satisfaction I have received from Wise is immense, and I have not hesitated to give a referral to all of my friends. I recommend that they click on the refer a friend COUPON LINK so that they can take advantage of the Wise coupon promotion that allows them to carry out their first transfer of up to £3000 entirely for free.
I started using Wise after receiving a USA referral, and I was excited to discover all the currencies that I could use for money transfers. Initially, I would simply upload money using a local bank transfer, although this would take a few hours to be received by Wise. Then I realized that I can use my credit card for a transfer, and this speeds things up quite a bit, so that my transfers are now almost immediate.
There is one concern that I no longer worry about, and that how quickly the transfer can be executed based on the amount that is to be sent. In my experience, it is possible to transfer £8,000 and have it executed on the same day, an advantage which I have not benefited from with competing services that will probably offer significantly higher fees for express delivery.
There are so many people using this service that you should look out for a Wise invite which someone is bound to send you. Otherwise, take the time to log on to the site, and remember to refer a friend so that he or she can also benefit from Wise free payment.