Transferwise Review - Send Money Online

Published on Wednesday 15th July 2015 in Advice on Making International Payments by raff

How to send money with TransferWise in three steps.

• First Step  - Log in.

• Second Step - You need to Set-up a payment plan first by tapping in the intended destination and account, thereafter choose either bank transfer or pay by prepaid card or debit card.

• Third Step - Enter recipient details and confirm upload of funds. This takes just a couple of minutes. That's it.

What is the process Transferwise use?
When you send money with Transferwise this is all completed in the background where Transferwise try to convert your currency not just in the cheapest way possible but also the quickest way.

Who can I send money out to?
Transferwise is a simple to use online remittance platform where you can send money online to any recipient who needs money in another country. The Transferwise currency platform is set up so it can be used by businesses as well as consumers. So as long as the recipient or company is overseas with their own overseas account.

Transferwise Review

How to receive money with TransferWise in three steps.
If you are receiving a payment this is also known as requesting a payment.

• Step 1 - Login.

• Step 2 - Input the amount you are to receive. You can select how much freedom you want to give the payee (currencies, amounts etc.)

• Step 3 - Choose the account you would like your payment sent to. This then generates a web link called a pay link’. Copy, paste and send this link to the payee.

What is a paid link and how do I Get Paid?
Once the recipient receives the pay link via web link the recipient clicks on your paylink. This will then take them to TransferWise. The recipient then inputs their contact details such as name and email address where they can then pay in their local currency.

How will I know when funds are in and payment has been sent?
Transferwise will send you an email when your payment is on its way and tell you how much you intend to get and what is the timescale you will receive the funds directly into your account. Sit back, relax and you’ll receive your payment shortly.

Does Transferwise offer a currency guarantee?
Transferwise is so confident that they can beat other suppliers they have set up a small table just to show you the difference you will get if using other currency exchange companies.

Transferwise Vs Currency Brokers?

So how are Transferwise different well they use real mid-market rate to calculate your currency exchange rate and show you a clear and transparent fee for handling your payment? Both of these factors combined will give you a much lower cost which is in the region of saving up to 85% less than your bank or PayPal

TransferWise Exchange Rates - Pricing comparison based on the mid-market GBP/EUR rate taken at 12:00 on 19/09/2016.

How much does it cost to send money to TransferWise?

Pricing Level 1 - where minimum fees and Percentage fee is 0.5% Currencies.

• GBP - £1 flat fee on transfers up to £200.
• Euro - €1 flat fee on transfers up to €200.
• CHF - 1.50CHF flat fee on transfers up to 300CHF.
• PLN - 5PLN flat fee on transfers up to 1000PLN.
• NOK, SEK, DKK - 10kr on transfers up to 2000kr.
• HUF - 300HUF on transfers up to 60000HUF.
• GEL - 2 GEL flat fee on transfers up to 500GEL.
• BGN - лв 2.00 on transfers up to лв 400.