TransferWise is an easy way to transfer money from abroad which avoids you having to pay crazy commission fees to the bank. Moreover, there are no last-minute exchange rate changes, so you are 100% sure that the people you are sending the money to always receive the exact amount in their own currency. Simple!
So 5 good reasons to use TransferWise:
1) This kind of transparency is not easy to find on the market. Both you and the recipient will receive an email confirmation and will be able to check the status of your transaction.
2) Using TransferWise, the transfer will be much quicker than with a normal international bank transfer. All the process is usually completed within the same day.
3) It`s cheap: most banks will charge you up to 5% to transfer your money while TransferWise only charges 0.5% of the total amount transferred.
4) It`s a very safe way to transfer your money and is a recognized financial institution in EU and USA with excellent feedback from all over the world. It is officially recognized by the FCA (Financial Conduct Authority)
5) It`s really simple and easy to use! If your parents from abroad want to send you some money but they are not really familiar with online operations you can make it easier for them by using the “Request Money” function. They will receive your request via email and will just have to follow the instructions.
Here you have an example of what happens if you transfer 1000 Euros to an English bank account. (Data from Sept ‘16). Below is the comparison between TransferWise and one of the biggest Italian banks.
|Type of exchange rate
||Exactly as it was when you made your payment
||4 working days
||On the same day