Background of TransferWise
TransferWise is a UK based money transfer service available on online platforms. This mobile application enables users to send money across borders at cheaper rates. It provides multiple currency exchange media, as well as the ability for multi-currency accounts.
Trustpilot ranks TransferWise as an excellent service provider. It is rated at 9.3 by Trustscore. If this is anything to go by, this is one the best result among the top providers in the industry.
The pioneer of the TransferWise service provider was the TransferWise UK branch. The experiences of Estonian natives Taavet Hinrikus and Kristo Käärmann led them into the innovation. Trading between UK and Estonia, they started directly depositing money in each other’s account in the required currencies, thereby saving a significant amount that banks would have charged them.
With Brexit, there is the need to transfer base of operations from London to serve the rest of the world effectively. In April 2017, TansferWise launched a hub in Singapore, having been approved. Notably, the expansion to the Middle East economic power would improve money transfer there.
TransferWise app was introduced to reduce the cost of money transfer, especially the case with multi-currency denominations. It sought to match people with others in need of their currency without using interbank exchange rates. The providers of this service would charge only a small amount of commission. Also, this service has eliminated the issues of buy and sell; where banks used to charge higher rates.
The developers of this application decided to provide a solution to the challenges they had experienced when transferring funds across borders. Precisely, their goal was to get rid of the issues of high money transfer costs across borders. Indeed, TransferWise app provides ultimate services than any other money transfer service provider.
How it works
Rather than directly transferring money to the recipient, TransferWise channels the money to a recipient with a similar need but with an equivalent amount, only conversely.
The recipient’s money would subsequently be rechanneled to somebody with an equivalent amount and need. The system avoids transfer across borders and the need for currency exchange.
TransferWise fees charged to send money is negligible. Mainly, TransferWise is 83% cheaper than the conventional bank money transfer systems. There is no need to use banks in this case since the service facilitates deposits in others accounts in any preferred currency and vice versa.
Transferwise does not charge an explicit transfer fee, but a small commission for its services. Also, its tax exemption in the UK has made it cheaper.
The TransferWise Borderless account was launched in May 2017. This new service will further improve the services offered to account holders; businesses and private individuals after being fully operationalized on a global scale. The account would start offering services later in the year.
Procedure of transfer
Create an account
To use TransferWise, the first step is to create an account by signing up on the website https://transferwise.com . Upon Transferwise login, the user can choose the service of choice. From the profile, you can initiate a transfer.
can be summarized as follows;
- Transferwise login
- Initiate transfer by providing recipient’s bank details
- Deposit money in your country’s bank account to TransferWise’s local currency account.
Easy for the sender
The procedure is easy for the sender. Once a transfer has been initiated and completed on the part of the sender, TransferWise converts the money at the real exchange rate and pays out the result in a foreign bank account to the recipient as required by the sender. In a way, TransferWise is the intermediary in money transfer; hence, a cheaper option.
This provider has incorporated the use of debit and credit cards, bank accounts domestic wire transfer, SWIFT international transfer among other media for convenience. Besides, it can work with almost every available payment platform.
TransferWise India is arguably the cheapest way to send money to India. The process is so simple that all one has to do state the amount of money to send and the recipient. The user then deposits in his/her local bank account and transfer the money to TransferWise account.
Subsequently, TransferWise converts the money at the best rate available before sending to the recipient, of course with a little deduction of commission. The process is fast and more transparent. Indian expatriates can use this service to transfer money to their homeland, as well as around the globe.
Interesting and attractive to TranferWise users is the option to repeat a transfer without necessarily starting afresh. On the TransferWise profile page, one can click on the transfer they intend to repeat and then click the repeat transfer button. Upon satisfaction with the details, they can submit.
The same can be done on both the transfer and payments confirmation pages.
Customer care/ support
In case of a problem with a transfer or inquiry, there is a customer care desk to assist. One can send an email with the transfer number to the support team and receive timely feedback, amazingly between three to five hours! Other avenues of communication with TransferWise also exist. Call numbers for different countries are availed on the website. Also, the user can live a chat message to the support.
Users of TransferWise receive prompt communication, emails, every step of the way. For example, confirmation messages are sent when one sets up a transfer, sends the money to TransferWise and when payment to the recipient is made. The process is transparent.
TransferWise review points out to the fact that the service provider is profitable enough. Having brought a much-needed solution to the problem of money transfer across borders with lower charges, many established companies and banks in this field are set to collapse. The transparency being demonstrated by TransferWise in money transfer, as well as its convenience, is commendable.
In its five years of operation, TransferWise has achieved a niche in the money transfer market, taking its predecessors by storm. The use of modern technology, the internet, is known for its efficiency, as well as convenience.
Being eight times cheaper than interbank money transfer is promising to many people. Offering such high-quality services at lower rates than banks makes TransferWise an option that cannot be overlooked by any individual with the need to transfer money to the Middle East and Africa.
Ease of use
The use of the Transferwise app is so easy that no special skills are required. All one needs is an account that can be set up for free in a matter of seconds.
Practically, all the work is done for the user. They only need to provide details of the recipient, deposit money to TransferWise account and then wait for it to be transferred cheaply.