TransferWise is an online money service that allows you send money, get paid, and spend money internationally. It is a money transfer service based in London. In this article, we’ll tell you more about TransferWise borderless account. So that you can realize why it is a good service to use to transfer your money.
With a TransferWise account, you can transfer money abroad, get paid in other currencies and spend abroad with a TransferWise debit card. TransferWise UK allows you to send money from one country to another at low rates and without suffering hidden transfer fees. Transfer Wise allows users to send money along 1600 currency routes at 15 percent or less of the fee bank normally charge. It allows you to make payments through bank transfer using your debit and credit card. Irrespective of who you are, you can make yourself comfortable and make transfers from your phone using the TransferWise iOS or Android app.
Furthermore, TransferWise exchange rate is fast and the money usually only takes one to four days to enter into the recipient’s bank account that you select. TransferWise allows you transfer money up to eight times at cheaper rates than with a bank. The platform is beautifully easy. Its transaction costs are always transparent, unlike some other providers which add a markup to the real exchange rate in addition to their fees. It is suitable for personal and business use. Also, TransferWise international payments on major routes from UK and Europe are delivered within 24 hours. Unlike banks which uses 3-7 days. Like a multi-currency account, it allows you hold over 40 different currencies and send and spend money overseas easily.
Is TransferWise Safe
TransferWise is highly reputable and trusted by millions. It has a very high number, offers competitive rates and very easy to use. Transfer Wise bank is fully controlled by the financial conduct authority. And just like banks and financial institutions, verifies it users to protect against money laundering and fraud. So, TransferWise is safe, legitimate and legal to use.
However, you don’t need to pay any fees for receiving funds or making payment in a local currency. You only pay fees when you convert money between different currencies. You do pay for adding money to the account using debit and credit cards. There is a small fixed fee for moving money between your borderless account and a regular bank account. TransferWise fees is the most competitive in the business, it offers low fees. The amount you will be charged will be based on the amount you are sending and the currency you are going to send in it.
How to Use TransferWise
To start using Transfer Wise, you need to create a TransferWise borderless account. You can do that by signing up with your existing Gmail or Facebook account. So, that you don’t have another password to remember. Once you get an account you can start sending money immediately. And you can start simply making your first transfer and the process will include all steps required to register your account.
How to Make a Transfer Using the TransferWise Website
It is very easy to transfer money overseas through the TransferWise website or app. Hence, you can follow these steps to make your transfer.
- Visit the Transfer Wise website and login your account.
- Enter the amount you want to send and where you want to send it to.
- Choose your payment method either debit or credit card or Apple pay.
- Transfer Wise will convert the money at the mid-market and send it to your recipient’s bank account.
Once you have done that, you will receive a notification email that you have set the process in motion. You will also be notified once the money gets to its final destination.