How Does TransferWise Work | Use TransferWise Money Transfer
How Does TransferWise Work be a question that needs an answer? In this article, we’ll answer this question. If you’re searching for the most efficient and easiest way to transfer money abroad. I’m sure you’ve probably heard of transfer wise.
Trust me, it’s the best way to transfer money abroad. This article will give you an in-depth knowledge of transfer wise service as well as how it works. Knowing this is very important, so relax and learn.
Interestingly, Transfer wise is the smart new way to send money abroad. The process is as easy as possible for as little as possible. Luckily, TransferWise has a mobile app that helps you to manage all TransferWise activities from a smartphone. This app is available to individuals, companies, and professionals.
Major Highlights-How Does TransferWise Work
- You get a true mid-market exchange rate.
- Low and transparent transfer fees.
- A better user experience.
The only drawback of this service is that it cannot send money to multiple bank accounts. TransferWise will only allow you to send money to a bank account at a time.
How It Actually Works
It’s very simple and straightforward. TransferWise works by having you make a bank transfer to someone abroad through your transfer wise account. Therefore, once TransferWise receives your transfer, they quickly exchange currencies. Then do the transfer in a transparent way.
Therefore, when the currency exchange has been made, transfer wise then makes a local transfer to the person you’re sending the money to. Do note that Transfer wise takes a small percentage of the transaction. Of course, rather than having you pay a credit card transaction fee or a bank transfer fee.
As you know, bank transfer fees can be up to 5% in hidden fees. Luckily, transfer wise is 8X cheaper than banks.
TransferWise is thus, a great money transfer service. Their main focus is on making bank transfers more affordable than traditional banks. This they do by charging low and transparent transfer fees.
Send Money with Transfer Wise
To be able to send money abroad using TransferWise, you need to have a TransferWise account. But if you don’t have one you should hurry up and sign up. If you already have a TransferWise account, that’s good. Simply, follow the steps below to easily send money abroad;
- Sign in to your TransferWise account.
- Head over to the home tab.
- Choose s ND money to set up a transfer.
- Enter the amount you’d like to transfer.
- Select your kind of transfer.
- Enter your personal details.
- Enter the recipient’s details.
- Review the transfer details.
- Choose your transfer type and how to pay.
- Click send.
Importantly, TransferWise receives the money and confirmation of the transfer via email. Both you and the recipient will get notifications about the status of the transfer. This is for the security of both parties.
The only disadvantage is the inability to send huge amounts.