TransferWise: What You Need to Know About This Currency Broker
June 1, 2019
by Sam Mitchell
Have you ever used a currency broker? Not sure what that is? Well, if you’ve used PayPal, then you have used a currency broker. PayPal is one of the most well-known money exchange platforms worldwide that can be used for both business and personal use. There are quite a few other websites that do the same thing, but if you are moving money on an international scale, there is a better option out there.
Meet TransferWise, a peer-to-peer international money exchange platform. It works by pairing you up with other people who are buying and selling different currencies. TransferWise offers the user the mid-range currency exchange that is in effect for the types of currency you want to exchange, for example, the American Dollar to the British Pound Sterling. With their handy online calculator, you will know exactly how much you will pay in fees to exchange currency and it is typically less than both PayPal and your local bank.
Why use TransferWise in place of other platforms?
• TransferWise offers a convenient bot to transfer money via the Facebook Messenger app. This lets you transfer money to a friend overseas without stopping your conversation.
• You can make a batch payment to up to 1,000 people. If you deal with multiple self-employed contractors, regular payments just became a breeze.
• The website offers you the option of 10 different languages: Spanish, French, Russian, German, Italian, Portuguese, Polish, Japanese, Hungarian, and, of course, English.
• You only incur a fee if paying for your bank transfer with a debit or credit card.
• TransferWise offers a borderless account option that accepts payments through USD, AUD, EUR and GBP. It also offers both personal and business accounts in 50 different countries.
• It’s very easy to open an online account and it has intuitive account functions.
One of the biggest pros of TransferWise: the borderless account MasterCard. If you are planning a trip overseas, you can order your card and fund it before you go. Your account can hold up to 40 different currencies, and you can use your MasterCard with any of those currencies. TransferWise eliminates the need for multiple cards in multiple currencies.
• It is an online platform only that allows sending and receiving money. You cannot use it to buy things like you can with PayPal.
• Banks will charge you an additional fee when you pay for the transfer with your debit or credit card, and that fee will vary depending on the card.
• Verifying your identity seems to be a concern with users of TransferWise and it can impact your transfer, making it difficult to make large, urgent money transfers.
Signing up for a TransferWise account is very easy. A few simple questions – and your business information if you are going to use it for business purposes – and you’re ready to send your first money transfer. The site is very easy to navigate, and overall, it provides the user with an easy way to send and receive money overseas, as well as providing you with a secure way for withdrawing cash to picking up those souvenirs while on vacation.