Transferwise is an online money transferring website. It is an authorized Electronic Money Institution regulated by FCA in United Kingdom. Transferring money using Transferwise is upto 8x times cheaper than ordinary bank transfer.
You can send money to abroad and receive money from other countries using Transferwise. The recipient does not need to be a registered Transferwise member in order to receive the Payments.
Why use Transferwise instead of Ordinary Bank Transfer
Through Banks, we may suffer limits on sending money to abroad. Some banks may not even send money to abroad. By using Transferwise, you will not suffer such problems. The Banks and other Money exchange agencies use International transaction for sending money from one country to another.
Instead of this single International transaction, Transferwise will sent money in two local transaction. The two local transactions are done because one International transaction is more expensive than two local transaction.
Suppose someone from United States sends money to India. The sender money will transferred to local Transferwise United States account. Then from the Indian Transferwise account, the equivalent amount will be send to the Recipient bank account. This saves money by avoiding the International transaction charges and other bank charges.
The Transactions done using Transferwise is protected by HTTPS encryption and two-factor authentication. Transferwise uses real time exchange rate to transfer the money. We need to verify our identity when we register an account in Transferwise. The details for verification are our Identity card, Address proof, and Personal picture holing the ID card. The verification usually take 2 working days and may change in some regions.
The Guaranteed rates in Transferwise will avoid fluctuations in exchange rate and makes sure the recipient will receive the same amount the sender transferred. The guaranteed rate will be applicable around 24 to 48 hours. We can also set alerts on exchange rate for knowing best exchange rate. If you send money from a joint account, you need to give necessary informations of joint account in order to complete the transaction.
From the Transferwise homepage you can see the rate calculator where you can enter the amount you are sending. This rate calculator will show you the amount you are sending, charges for different payment method and the Guaranteed exchange rate.
How to Transfer Money using Transferwise
- Register an account on Transferwise.com.
- From the homepage, you can see the Rate calculator.
- Select the sender and receiver currency.
- Select your preferred Payment method.
- Enter the exact Amount where Recipient needs to received.
- You can see the charges and exchange rate. Click on Continue.
- Enter the Recipient Personal details and Account details.
- Proceed to complete the Payment.
TransferWise send money to most of the European countries, Asian countries, United Kingdom, United States of America, Canada, New Zealand and Australia. International money transfer with low transfer charge and high guaranteed exchange rate is the advantage of sending money through TransferWise.
The Recipient will receive the payment after the Verification process. The transaction time of the amount to recipient account will depend on the currency of both sender and receiver, time of payment, payment method etc. Transferwise also allows to cancel a payment we have already done. For this the Transaction must be in Progress State.
Transferwise Business Account
This account is made for Businesses to pay invoices, buy inventory, and handle payrolls. This Business account is 14x times cheaper than PayPal Business Account. After the registration, Transferwise will verify the Business and profile for activating the Business account.
The verification details will be Photo ID Card, proof of address, and informations of the Business. You also need a Business Bank account to register Transferwise Business account. Transferwise uses the same method of normal account transaction for sending and receiving money in Business Account. This account can sent money to other Business accounts and Personal individual account.
Transferwise Borderless Account
Borderless Account is just like our Local bank account. We can manage and convert more than 40 currencies in real exchange rate by using the borderless account. You will get a Personal account number and bank accounts details when you open an account through Borderless. You can share this Borderless account details to receive payments from others.
We can also add money to this account. This account helps to pay bills, send money to friends and also helps to pay merchants. There is no limit for receiving payment and storing the amount in borderless account. All the money in Borderless account is stored and safeguarded on Transferwise dedicated bank accounts. You can see all the transactions history of Borderless account from your Balance menu in your Transferwise account.
Adding Money to Transferwise Borderless Account
- Open Balance tab from Transferwise Account.
- Choose the currency of your payment method.
- Enter the amount you need to top up.
- Choose the currency of your card.
- Proceed to complete the payment.
- Your account will now updated with the new balance.
There will be also a free Transferwise Debit card along with Borderless account. You will not have to pay any conversion fees or transaction fees to use this card. This card can be used anywhere in the world where Mastercard is accepted. If you have any questions or problems with your Transferwise account, you can contact Transferwise Customer care from your account.