Is it an alternative to PayPal?
Transferring via PayPal costs a minimal of 4.5 % when transferring money across borders. MassPay, their cheapest method charges a 2 % fee and then adds an extra 2.5 % currentness remove fee. Yep, that ’ s a total of 4.5 % that you are charged with the transfer tip and the currency transportation fees, which most times you ’ ll find out about after you make the transfers. If you send $ 1000 abroad PayPal charges you $ 45. By using Wise you are alone charged a maximum of 1 % for the transfer and no obscure tip for the currentness central which means the full price is $ 10. That ’ s quite a deviation !
Here’s how the money transfer market works
Every bank and about every money transfer party such as western Union make their money from a hide currency substitution tip. wise does not have any hidden fees and they declare all their fees upfront :
- 1% for transfers from the US in USD
- 0.5% for most other transfers
- 1% for some currencies, such as the Philippine Peso
More about hidden currency exchange fees. If you ’ re not certain what I mean by “ hidden currency conversion ” check out our explanation in this article.
Which countries can you transfer money from and to? (updated July 2017)
Here are the countries that you can transfer to:
|Georgia||Peru||United Arab Emirates|
How does it work?
It ’ sulfur in truth simple ! What you have to do is go to their web site, set up a transfer and create an account. You can start here by using the calculator below. then they will confirm the transfer come and show you the demand exchange rate then add your details :
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You can select a previous recipient or add a newly recipient role : The survive step is for you to send the money to Wise. There are a few ways you can do this, each with their own benefits and disadvantages. The fastest option is paying by debit or recognition calling card. The money will get to Wise about immediately so they can start converting it for you right aside. There is an extra tip for credit cards, however, and this method acting can only be used for amounts astir to $ 1,000. You can besides pay by lead debit, which allows you to connect your on-line banking directly to Wise, once TransferWise. This method acting comes with no extra fees and it ’ s pretty commodious. You ’ ll verify your details using your on-line bank username and password and, in some cases, micro-deposits send to your history. send debit will get your money to Wise in anywhere from 1-3 work days and can be used to send up to $ 10,000. If you want to send more than $ 10,000, you ’ ll have to make a local wire transfer. The downside to this is that your bank will probably charge you an extra fee when you have them wire the money from your account to Wise ’ randomness, but it ’ s pretty fast ; your money will get to Wise in a few function hours. You can besides send up to $ 1,000,000 per transfer when you ’ ra sending your money by electrify. Whether you choose banks, Paypal or better alternatives to Paypal, there are different options available. however, if you want a reliable and reasonably priced provider which will save you money, we recommend you Wise, once Transferwise.
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Rob Rawson is a co-founder of Time Doctor which is software to improve work productivity and help keep track of what your team is working on, even when working remotely.