When sending money internationally, it can be daunting to go to the bank and do a wire transfer. Sometimes, these wire transfers can take days before the recipient receives them. Fortunately, with the internet, we can all do almost everything, including transferring money to anywhere in the world.
Today, there are several online money transfers, and they have different fees and exchange rates to choose from. One of the best online money transfers today is Wise or formerly known as Transferwise. They have rebranded and have improved their services to cater to both individuals and businesses.
Wise, formerly known as Transferwise, is an online money transfer created by a couple of friends in 2010. The goal is to make cheap, easy, and fast money transfers anywhere in the world. They made sure to have the lowest fees in the market and the best exchange currency rate. All these earned them millions of customers from all over the world.
Wise is built for transparency, simplicity, and speed, wherein creating an account and sending money will take you less than a couple of minutes. Your recipients can expect their funds almost immediately and enjoy the best exchange rates.
Wise also features apps for iOS and Android smartphones, so transferring while you’re on the go is possible.
Cost Of Using Wise
Of course, just like other online money transfers, transferring via Wise will cost you a certain amount of money that will depend on your total transfer. Here are two different types of fees that you should know about Wise:
Wise charges a service fee that comes from the total amount of money you’re sending plus a fixed fee. This type of fee will depend on where you are sending money or the currency you are trying to convert.
Card Payment Fees
Now, if you opt to pay USD transfers using your card, Wise will also be charging you a fee. Business card fees will cost you 1.1% if you’re using a debit card and 4.33% if you prefer to use your credit cards. You can also opt for personal transfers, costing you 3.8% for credit cards and 1.25% for debit cards.
If you want to avoid these fees, you can pay using bank transfers.
How Does Wise Work
Wise a P2P or a peer-to-peer service, wherein the process is very seamless and is instantly completed. After paying using Wise and sending it to your recipient, the funds are stored in a local US account until Wise finds another person sending money to the US.
Once a match is found, it will then be sent from other customers using your bank account. The swapping of money using Wise’s local account helps in lowering transaction fees and exchange rates.
Advantages Of Using Wise
• Provides fantastic service to both businesses and individuals
• Can access through Mastercard debit card
• Available in different currencies
• Wise uses mid-market rate for best exchange rates
• Low transfer fees, especially when sending smaller amounts abroad
• Open and transparent on their charges, no surprise charges
• Very easy to use
• Great reviews by Wise’s customers
Why Choose Wise To Transfer Money
Fees Are Cheaper
One of the reasons why using Wise is a good choice is because of its cheaper fees. It’s cheaper to use Wise than your local bank, which may cost you double the fees that Wise charges.
Transfers Are Fast
Wise is incredibly quick in transferring money no matter where you send them. Your recipient can expect the funds on the same day, sometimes in just a couple of hours or less. This is because the money doesn’t need to cross borders, making transfers lighting fast.
Ease Of Use
Wise is very easy to use, all you have to do is sign up and add all the necessary details, including your bank account, and you’re good to go. After making your first transfer, you have the option to save the details for future transfers. Transferring money using Wise usually takes less than five minutes.
Available In Different Currencies
There are more than 50 currencies that Wise supports, and they are planning to add more so they can cater to more countries. This is ideal, especially for businesses that have employees from other countries because they can easily send money using the currency where their employees reside.
Regulated & Safe
Online transactions can be scary, especially for first-time users, but Wise is regulated by FCA or the Financial Conduct Authority in the UK. This means that the customers are protected under European rules and regulations.
Creating A Wise Account
Before sending money, you will be asked to create a Wise account. Don’t worry because this will not take long, and in fact, it may only take you less than five minutes:
• Head to the sign-up page of Wise
• Sign up for the account using your email and a unique and strong password
• You can also sign up using Facebook or Google.
• After signing up, Wise will send an email for verification.
• Follow all the instructions stated in the email.
• Once done, you’re all set, and you can immediately start your transfers.
How Secure Is Wise
Wise makes sure to keep everyone’s funds safe, and this is by verifying your identity. There are identity documents needed, including identification and address documents. The identification needs to include a photo of you regardless of how much you’re transferring.
Sometimes, more documents are needed, especially if you are transferring a huge sum of money.
Transferring money abroad or even to your local banks has never been this convenient, easy, and secure, thanks to Wise. Enjoy lower fees and amazing exchange rates by registering an account now so that you can send money anywhere in the world.