7 Benefits of Using TransferWise

Basak Karsu

Basak Karsu

4 min read


7 Benefits of Using TransferWise

TransferWise is an innovative international money transfer provider that is often dubbed the “Robin Hood” of the money transfer industry.

They focus on executing bank transfers more affordable than traditional banks by charging low and transparent transfer fees and converting money at the true mid-market exchange rate.

In other words, there are zero markups on the exchange rate. As a comparison, banks usually give customers an above-market rate, the margin is part of their fees and in general, they are not transparent about this.

TransferWise currently supports sending money to 71 countries and sending money from 43 countries. The company covers 1000+ routes (country combinations) across 49 currencies, and they are also one of the few companies offering the true mid-market rate.

TransferWise Speed

Most currencies supported by TransferWise offer one option: a bank transfer from one bank to another. For some currencies, you can pay with debit and credit cards or use a SOFORT transfer option.

Apple Pay or Android Pay is also available for certain currencies via TransferWise iOS and Android apps. In most cases, the recipient will get the money within one to two business days.

TransferWise is a top choice for international money transfers. They are known for their great customer service, have excellent reviews on Trustpilot and provide speedy transfers.

They also provide spectacular user experience, from an easy sign-up process, you know sometimes the process only gives you pain, than nothing at all, to efficient transfers, as evidenced in our in-depth UX analysis of what first-time users think of TransferWise. Some users were so impressed by the design that they thought it is so simple to use.

They’ve seen massive growth since 2011. They are extremely competitive, high-profile disruptor of the traditional money transfer model. TransferWise is frequently referred to as a respected company that is sparking a revolution.

TransferWise Pros

  • TransferWise is completely safe
  • Send money abroad eight times cheaper than using your regular high-street bank
  • Transaction costs are always transparent, unlike some other providers which add a markup to the real exchange rate in addition to their fees
  • Arrange your transfer online for convenience
  • Your money is sent directly to your recipient’s bank account
  • Suitable for both business and personal use
  • TransferWise supports or 750 currency routes, including USD, GBP, EUR, AUD, and CAD.

+ TransferWise offers a reward for recommending them to your friends, family, etc. Every 3 of your referrals, who make a 200          Euros or pounds transfer or more, you will be rewarded with 50 pounds as a bonus.

If your team members are located all over the world, TransferWise can help you to keep more of the money you have earned by avoiding costly bank rates. Simply arrange with your team members about using TransferWise and you won’t see your earnings gone away by bank charges.

TransferWise Borderless Account

You might benefit even more if you open a TransferWise multi-currency borderless account. You’ll get local bank details to receive fee-free payments in  USD, EUR, GBP, and AUD, and can hold your balance in any of over 40 currencies within’ the same account.

It is very easy to use and, at the same time, the payment system is completely secure, regulated by the UK FSA (Financial Services Authority). So TransferWise account is totally safe.

Further Reading:

Basak Karsu
Written by Basak Karsu

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