Remit.CashChanger’s guide to TransferWise – How does TransferWise works?
TransferWise is a digital remittance service provider that offers customers the actual mid-market exchange rates on transfer without any hidden fees. They charge only the transfer fees, which are low and transparent to the customers. TransferWise provides remittance to 71 countries and from 43 countries with over 40 currencies.
What I need to do to send money via TransferWise?
Simply create an account, decide on the amount you intend to remit, input the recipient’s bank information and submit the transfer order. You can track your transfer by logging into your account, locate for the transfer under “Activity”.
How do I send money on TransferWise?
- Register for free
Begin with either email address, Google or Facebook account - Select the amount you intend to remit
TransferWise will inform you about the fees charged and the duration of the transfer - Add recipient’s bank details
Information such as receiving bank account will be required - Verify your identity (Not compulsory)
Large amount transfers or certain currencies would require you to upload a photo of your ID for KYC requirements - Complete the transfer
Make payment for your remittance with PayNow, debit or credit card - Track your transfer
TransferWise will inform the recipient when the money will be received
Is TransferWise good?
TransferWise is one of the top choices when it comes to international money transfers services. It’s been flourishing since 2011 and was considered a high-profile disruptor of the traditional money transfer means. They are recognized for excellent customer service and reviews on platforms such as Trustpilot. More importantly, they provide fast transfers and complete transparency to their customers. There are no markups or additional costs. Not to mention, TransferWise offers a great deal of promo code to offset the transfer fees.
Is TransferWise safe?
TransferWise is also very safe and secured. They are licensed by the Financial Conduct Authority which had requirements such as identity verification, to prevent against fraud or money laundering. Access here to see a list of countries that TransferWise are licensed.
How long does the money reach the recipient?
Does TransferWise send money instantly?
TransferWise transfers money very quickly, in less than a day. It requires at most two working days to convert the funds. The speed of transfer depends on recipient’s bank processing duration, type of payment methods, timing of transfer and verification processes.
Is TransferWise cheaper than bank transfer?
TransferWise is cheaper than bank transfer because it only collects 0.5% for the processing fee. Besides, TransferWise provides transparency to customers by offering them true mid-market exchange rates without any markups. Unlike the bank, it does not include currency exchange rate mark ups and other hidden charges.
How can I track my TransferWise money?
Log in to your account
Go to activity
Search for the transfer
Note its status and whereabouts
Is TransferWise regulated by MAS?
TransferWise is regulated by the Monetary Authority of Singapore (MAS) as an Electronic Money Institution. Every customers’ money is kept safe and secured in the low-risk financial institution. It is also regulated by the Financial Conduct Authority which requires identity verification to prevent fraud or money laundering.
Is TransferWise better than bank?
TransferWise is quick, convenient, less expensive, specialises in overseas money transfers and offers seasonal promotional campaigns to customers. It is said to be 8x cheaper than the banks because TransferWise only charge fees for the money transfers, as compared to the bank which includes hidden costs and markups on the mid-market exchange rates.
Does TransferWise have a fee?
Yes, TransferWise charges a small fee, between 0.5% to 2.5% for adding money to your account and for converting between currencies. Other than that, there are no intermediary bank fees, exchange rates markups and recipient transfer fees. It is a very low costing money transfer service.
Can I keep money in TransferWise?
Yes, you can keep your money in TransferWise by opening a free borderless account with them. This account is good for customers who travel or remit overseas very often. Besides, you may also apply for a contactless debit card for the ease of spending in any currencies, at the true exchange rates.
Is TransferWise safe for large amount?
TransferWise is definitely safe for sending a large amount of money overseas. It is not only fast and safe but it also offers you low transfer fees. TransferWise helps you to save on the transfer fees, which is especially good for anyone, regardless of whether you are a one-time or infrequent user.
What is the maximum I can transfer with TransferWise?
There is a limit on how much you can transfer overseas. It depends on the type of payment method, currencies from and where to. Alternatively, you may also set up several transfers for sending a large amount of money. Check out here for the limits on all currencies.
We hope this helps you.
You may also refer to How to Send Money Overseas
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