How to Transfer Money Using Wise (formerly TransferWise)

Wise, once Transferwise is a new type of fiscal caller launched in 2011 by two estonian friends who realised that they were paying excessively much for international money transfers. Since then, they have revolutionised the way in which people transfer money across borders and have been backed by investors who believed in their estimate, such as Paypal co-founder Peter Thiel and Virgin ’ s founder Richard Branson. More than one million people around the global use Wise and they send $ 1.5 million every month. By doing so, they save $ 2 million every day because Wise ’ s technology allows them to transfer money abroad using the real number exchange rate and a small, upfront fee. It is cheaper to use that other providers because the transfers are actually made through local bank accounts, which means that money doesn ’ t actually cross borders. Because of this, more people are exploring how to transfer money using Wise, and we ’ ll express you how to do that in this guide.

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)

United Kingdom Croatia Norway
Euro Czechia Poland
United States Denmark Romania
Australia Hong Kong Singapore
Brazil Hungary Sweden
Bulgaria Japan Switzerland
Canada New Zealand

Here are the countries that you can transfer to:

Bangladesh Malaysia South Korea
Chile Mexico Sri Lanka
China Morocco Thailand
Colombia Pakistan Turkey
Georgia Peru United Arab Emirates
Indonesia Philippines  Ukraine
India Russia  Vietnam
Israel South Africa

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 : Transfer Money to the Philippines with TransferWise

You can select a previous recipient or add a newly recipient role : Transfer Money using TransferWise - Add recipient 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. Rob Rawson

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.

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Category : How