Reasons Why Transferwise Is Better Than Paypal
July 11, 2019
by Urmila Singh
Sending international currency has always been a headache for people across the world. Millions of people whose profession include traveling and working struggle with paying bills. High transfer costs have made it nearly impossible to send money back home and to use the foreign card in a particular country. With high transfer cost, it is nearly impossible to send money back home and use the foreign card in a particular country. Thus came the need for practical solution to this problem which did not take longer days and charge higher rates.
Transferwise thus became an effective alternative for the masses. It eased in sending money through various currencies without charging as huge as $50-$100 like Western Union bank or bother about criminal charges like Paypal.
Easy sending money at low rate
Paypal has a pretty simple and clean way of transferring money and has been in the play for a long time. It has become a go-to option for a lot of people. But is it worth paying convenience of 6.9%? Sending money not only costs 3.9% fees but they also charge an extra 3% on top of their already criminal exchange rate. Once you have the money, it becomes compulsory to withdraw it with the existing conversion rates.
For many long-term travelers, sending and receiving money is a tedious task with banks locking people out, which looked easy but never was. The bank looted hundreds of dollars of people’s hard earned money while they worked dedicatedly each and every day. When people heard about Transferwise, they started using it to send money to friends, to pay bills abroad and accept money from family and international clients. It became easy to send and receive money all over the world, to and from one’s account, in any currency, at a fee of just 1%.
It is almost revolutionary.
Converting money is a monotonous process, where the banks are the middlemen who keep the commission of the converted money. The coolest part with transfer wise is, you can convert money with other customers and is a peer-to-peer service. It cuts down the fees and is completely secure. It is pretty neat because the money actually never crosses the border and is in safe hands.
The theory is simple and really clever. To add on, you will never have to wait for some other person across the world to withdraw money. Transferwise is a big pool of money and operates like traditional money transfer, entering the recipient name, amount, and pressing send.
No excessive exchange rates
The other obstacle with Paypal is, if you wish to transfer money within your own banks, you have to sign up with multiple accounts. Also, as only one account is allowed per country, it’s a hectic process to login and log out multiple times and we are stuck paying excessive exchange rates.
The big catch is, Transferwise allows you to send money using credit cards and charges just 1%. This turns out to be a savior in front of 6.9% of PayPal and the hefty cuts of the banks.
Transferwise is thus the emerging and trust able source to transfer currency internationally.