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When it comes to online money transfer, sometimes it is difficult to find a reliable money transfer service provider. I know how it feels when you are in a country that does not accept Skrill or PayPal. It is irritating when you cannot find a good option. If you are in such a dilemma, I have a solution for you. It is TransferWise. This TransferWise review will share everything you need to know.
The UK-Based money transfer service provider has its headquarter in London. Although it has been around for some years, many people seem not to know how it works. Some people usually ask;
- Is TransferWise safe and reliable?
- Are its services affordable?
- How long does it take to receive money?
Well if you are one of the people asking these questions, relax and grab some popcorns. Your answers are right here. Continue reading this TransferWise review to learn more.
Is TransferWise Safe to Use?
The answer to this question is without a doubt a yes. As someone who has used TransferWise severally to receive money, I can guarantee you that it is safe. You can rely on it to send and receive money from abroad.
Apart from that, the Financial Conduct Authority regulates TransferWise. Also, TransferWise verifies its users to prevent money laundering and fraud. Therefore, we can say it is safe and also reliable.
Want to try TransferWise? Check it here.
Why Should You Use TransferWise?
I know we all want to use something that benefits us. You have more reasons to use Transferwise to receive money from abroad than you can imagine. Let’s see below.
Good for everyone
You can use it individually and for business
It is economical
You can send money abroad cheaper using TransferWise than when using the banks.
Using this online money transfer service has many benefits. It has the borderless account that makes it the best. Let me make it clear. The borderless account is similar to a multi-currency account. It lets you hold more than forty different currencies. Furthermore, you can spend and send money abroad easily with the contactless TransferWise debit Mastercard.
Note: The borderless account is not available for all countries.
When it comes to transparency, this money transfer service provider tops them all. It’s transparent on transaction costs. Also, there are no extra fees.
The Finacial Conduct Authority regulates TransferWise making it one of the most trusted online money transfer service providers.
Receive money directly
The money does not pass other channels but goes directly to the bank account of the recipient.
Receive money instantly
You can receive the money within thirty minutes after the transfer. But there are times you can wait up to 24 hours before you receive the money. The waiting period before you receive money depends on the method of transfer.
TransferWise Review: What Fees Do They Charge?
After reading all the above benefits, I know the next question you have is about the TransferWise fees. Well, I have you covered. As I said earlier, this is one of the cheapest modes of money transfer. Their transfer fees depend on the following:
- Exchange rate
- Payment method
- The amount you are sending
Let me explain the above three points into detail below. It will help you know what to expect when sending or receiving money from abroad.
The best thing about Transferwise is that they offer you the exchange rate that you can Google and see. It is not like other companies that have their costly exchange rates. This is what is known as the mid-market rate. Banks use this one to do business between themselves.
Their money transfer service gives you the exact rates in the mid-market. However, you need to understand that these rates are never constant. They continue to change.
Most people always wonder how a payment method can impact TransferWise fees. Let me explain this. There are different methods that you can use to transfer money online. Each payment method has its charges. If you are reading this TransferWise review, you are lucky.
Let us say I am sending money to a recipient in Kenya. Assuming I am using Bank Debit. I will be charged $2 by my Bank Debit and $10.71 by TransferWise. My total cost is $12.71. Check the screenshot below.
The amount you are sending
The more money you send to your freelancer, the more fees you will pay. The TransferWise fees are worked out as a percentage of the money you are sending. But the percentage is not the same for every currency. It differs from one currency to another. Check their pricing here. When you send a small amount of money, the transaction fee reduces. I mean, it is cheap.
TransferWise Review: How Does It Work?
One of the most confusing situations is when you want to use a tool and don’t know how it works. It can be confusing when it comes to money. You don’t have to undergo frustration when you need instant cash. I am going to show you how TransferWise works.
If you want to send money to someone, the first thing to do is to create an account. The signup process is easy and fast. You will be through with it in a few minutes. The give you some options to choose from. You can create a personal or business account. Therefore, freelancers and large businesses can use TransferWise to send and receive money.
If you are blogging for a client, tell him to start paying you through this easy method. Also, you can signup using your email, Google, or your Facebook account. The choice is yours.
The second stage is to get verified. This may vary based on your location. The verification process is easy also and quick. All you need is to upload your scanned ID and proof of address. And this is how to verify TransferWise account.
After that, you need to set up your account. This includes the method you want to use to send money. It could be a credit or debit card, bank transfer, Apple Pay, or M-Pesa. The transfer method you choose depends on the currency. There are many to choose from. Well, you are all done and good to go.
How to Receive Money from TransferWise
Receiving money with TransferWise is as easy as A, B, C. This is especially good for Kenyan freelancers. You can receive money into your bank account directly without having a TransferWise account. All you need is to send your client or whoever is sending you money the following details:
- The name of your bank
- Account number
- Swift code or routing number depending on your country
Also, you may send other details like address if your client asks for such details. Don’t forget to share your email address with the sender. You will be notified as soon as the money is in your account.
For Kenyans, you can receive money through your bank account or M-Pesa. If M-Pesa is your preferred method, share your phone number with the sender.
How Long Do the Transfers Take?
The period a transfer takes depends on the method used. Your money can arrive in 59 minutes or three hours. But usually, the transfer is complete within one business day. So, if you need instant cash this your preferred online money transfer service.
TransferWise Review Conclusion
The answer to whether TransferWise is safe or not is yes. It is safe, reliable and easy to use. Both freelancers and offline business owners can send and receive money internationally using TransferWise. We urge you to write and get paid instantly using TransferWise.