How to Use TransferWise: A Comprehensive Guide

Your Guide to buying the best TransferWise

Overview

TransferWise is an innovative online money transfer platform that allows users to send money quickly, easily, and securely to friends, family, and businesses around the world. This buying guide will provide a comprehensive overview of TransferWise, including its features, pros and cons, costs, and more. By the end of this guide, readers should have a clear understanding of the TransferWise platform and all it has to offer.

Key features

  1. Transaction costs and limits - TransferWise's fees and exchange rates vary depending on the currency pair and amount you're transferring. It's important to be aware of how much you'll be charged for each transfer and any limits applied.
  2. Receiving options - TransferWise supports different receiving options, including bank accounts, debit cards, and mobile wallets. Make sure to choose the one that fits your needs.
  3. Payment methods - TransferWise supports payment methods such as debit cards, local bank transfers, and the TransferWise Mastercard. Consider which payment method is best for you.
  4. Security and privacy - TransferWise protects your data with bank-level security and encryption. Consider if the security measures TransferWise offers are sufficient for your needs.
  5. Customer service - TransferWise offers 24/7 customer support through email, phone, and chat. Consider how important customer service is to you and whether TransferWise is the right option for you.
  6. Transfer speed - TransferWise offers various transfer speeds, depending on the currencies and payment methods you use. Consider the speed of transfer that suits you best.

See the most popular TransferWise on Amazon

Important considerations

Pros

  • Cost Savings: TransferWise can save you money on international transfers compared to more traditional methods. Fees are low, and the exchange rate is the real mid-market rate.
  • Speed: TransferWise transfers money quickly, often in a matter of minutes. You can also choose to pay extra for an expedited transfer.
  • Global Coverage: TransferWise covers over 50 countries, making it easy for customers to transfer money across the world.
  • Multiple Payment Options: You can pay with debit cards, credit cards, or bank transfers, giving you more flexibility when making payments.
  • Secure: TransferWise is regulated and monitored by the Financial Conduct Authority and other governmental organizations, making it a secure way to transfer money.

Cons

  • Fees: TransferWise charges a fee for each transaction, which may be higher than some other providers.
  • Speed: For some transfers, it may take up to three days for the money to arrive.
  • Limits: TransferWise may have limits on the amount you can send per transfer or in total.
  • Availability: TransferWise may not be available in all countries.
  • Currencies: TransferWise may not support all currencies.

Best alternatives

  1. PayPal - Popular online payment system for transferring money to friends and family.
  2. Venmo - A popular mobile payment app for transferring money to friends and family.
  3. Google Pay - An online payment solution for transferring money between people.
  4. Western Union - An international money transfer service with agent locations in many countries.
  5. Xoom - An online money transfer service for sending money to other countries.

Related tools, supplies, and accessories

Common questions

  1. What is TransferWise?
    TransferWise is an international money transfer service that allows you to send money to over 60 countries around the world. It is a fast, secure, and cost-effective way to transfer money abroad.
  2. What are the fees associated with TransferWise?
    TransferWise charges a fee for each transfer, which depends on the amount of money being sent and the destination country. The fee is typically between 0.7% and 2.5%.
  3. What methods of payment can I use with TransferWise?
    TransferWise accepts payments via a variety of methods, including bank transfer, credit/debit card, PayPal, Apple/Google Pay, and more.
  4. How long does it take for a transfer to be completed?
    The amount of time it takes for a transfer to be completed depends on the destination country. Most transfers are completed within 1-2 days, but some countries may take longer.
  5. How secure is TransferWise?
    TransferWise uses bank-level encryption and is committed to keeping customer data safe. It also has an extensive fraud prevention system in place.

Trivia

TransferWise has become quite a household name in many countries, but its founders had humble beginnings. In 2010, two friends from Estonia - Taavet Hinrikus and Kristo Kaarmann - were living and working in the UK and needed to pay their salaries back home. As it happened, they had friends in Estonia who needed to do the same in reverse. The two realized that the safest, cheapest and most efficient way to do this would be if they swapped money directly. And so, the first TransferWise transfer was born - Taavet sending money to Kristo and Kristo sending money to Taavet. Since then, TransferWise has become a trusted and reliable way to send money abroad for millions of people worldwide. Source: https://transferwise.com/gb/blog/the-story-of-transferwise

Disclaimer: This buying guide was not created by humans, and it is possible that some of it's content is inaccurate or incomplete. We do not guarantee or take any liability for the accuracy of this buying guide. Additionally, the images on this page were generated by AI and may not accurately represent the product that is being discussed. We have tried to convey useful information, but it is our subjective opinion and should not be taken as complete or factual.