Join the revolution. Get fast and cheap international money transfer using Wise, formerly Transferwise. With just a few clicks of the mouse.
I needed to transfer some Sterling into Euros the other day and I took a look at some online companies offering money transfer services after seeing some ads on Facebook. I looked at a few, but the one that attracted me the most was a company backed by Richard Branson, giving it credibility if nothing else.
Now you may be wary of doing an online money transfer and, to be honest, I wasn't sure of the security with using a third party company that wasn't a bank either.
But I can assure you that having used the service, it is fast and TOTALLY secure as you still have to transfer any money as an online banking transaction using your usual security protocols - passwords and OTP's (one time passwords sent to your mobile phone to process the transaction.)
The main difference is that you send the money to Wise, formerly Transferwise, and they then forward it to the receiving bank account.
Tip: If you want to try Wise, a company you can trust backed by Virgin boss Richard Branson, then you can make a transfer for FREE by using this special FREE MONEY TRANSFER INVITATION.
What I liked about the service was that it is totally transparent. The rate you get is very high and they only charge a 0.5% fee for processing the transaction so you save on both high bank commission charges AND you get a fair currency exchange rate.
So how do you transfer money online using Wise?
First you decide how much you want to transfer and it shows the exchange rate, which they say is the mid-market rate, but I actually got a higher rate than the one they gave on the first screen. I checked the "spot" rate on XE.com and it was pretty much in line. If you were to use a currency broker, as I have in the past, they always quote a rate at least a point lower so they can build in their profit margin.
Then simply enter a few personal details to set up your account and upload some ID (like a scanned copy of your passport or a driving licence card).
You then transfer the required amount to Wise,, formerly Transferwise, and within a short space of time, they transfer it to your receiving bank account. The e-mails I received from them indicated it would take up to 5 days, but that's because it was a new account. They actually verified my ID within a few hours and the international money transfer transaction was processed the following day.
I certainly won't be using any other company for my next international money transfer!
Tip: Why not try Wise for FREE by using this special FREE MONEY TRANSFER INVITATION.