Here is my personal review and opinion about using TransferWise to Transfer money worldwide at very cheap rates and costs. Whether you are going to start a working holiday, you are planning to emigrate or want to pay a business relation, anyone who wants to transfer money abroad can use these tips to save a lot on the costs of transferring money internationally in the year 2020.
About 5 years ago I came across TransferWise from the people who set up Skype and Paypal. People who know how to deal with bureaucracy and can break through high costs. They have now succeeded again with their new project. You can now transfer money internationally at a fraction of the costs that banks charge as standard.
How? Very simple, the money is transferred in a much smarter way. You transfer it to your TransferWise account and they pay from their US account. You can transfer money globally with their system practically worldwide.
How does money transfer via TransferWise work?
The TransferWise money transfer system is really simple, safe and reliable. You can transfer money abroad in a few simple steps.
1. Create a free account on TransferWise.
2. Choose how much and to whom you want to transfer money.
3. Follow the steps and enter all info.
4. You transfer the money to their European bank via your own bank, with a credit card or iDEAL (all options are free because of European payment).
5. You will be kept well informed by e-mail: the money has been received by them until it is now transferred to the recipient.
6. In a few hours, the money is with the recipient on the other side of the world and you have to pay a minimal amount of costs (all transfers go through a local bank, both on your side and on that of the recipient).
Up to 8x cheaper than a regular bank! Also, create a free account with TransferWise and you will immediately see how much you save on transferring money abroad.
My Review experiences with TransferWise
In my Review experience, I now only pay € 2.5 for this method of transferring money abroad instead of the aforementioned €25 through my own bank. And also against the real exchange rate (banks and exchange offices often still include costs in their exchange rate). TransferWise works with the real exchange rate that you see at Reuters or in Google Currency Converter. So you don’t lose money on that. I really use TransferWise myself, even today. That’s where my enthusiasm comes from.
Since transferring money abroad for the first time, I only use TransferWise for such transfers. It is a reliable, fast and most cost-effective way to transfer international money. Whichever country you choose, New Zealand, Australia, USA, Canada or … TransferWise is always the cheapest. And you immediately see what the rate and low costs are through their handy exchange rate calculator.
Difference between a traditional bank and TransferWise
Are you still not convinced of this new way of transferring international money without the high costs of traditional banks? Then let’s look at a traditional bank like that.
The cheapest way to transfer money abroad?
To make the story complete, we take a look at the costs of transferring international money at an ordinary Dutch bank, such as Rabobank, and a number of new ways of transferring money, such as TransferWise. Look, compare and see the difference.
In this calculation image example, we transfer € 500 to New Zealand.
Conclusion: TransferWise is really the cheapest
As you can see in the calculation example above, you get more dollars for your euro through TransferWise. The costs are low, it is easy, safe and fast. In many countries, the money is in the recipient’s account within hours.
I have been transferring these facts and especially my constant positive experiences for years through TransferWise to countries such as New Zealand and the USA. Because I like to share my experience with TransferWise with you, I wrote this enthusiastic blog post.
New from TransferWise: local bank account
Transferring money to countries all over the world was already the reason to be a TransferWise mega fan … Recently, another reason was added: TransferWise Borderless. This is a virtual local bank account
in countries such as Australia, New Zealand, and the USA. Virtual because you no longer need to visit a bank for it and you request it for free from the Netherlands. You get a free ‘debit card’ (debit card / prepaid credit card) so that you can pay almost everywhere in the world without extra costs in shops, restaurants and online.
It is an ideal pass if you are going to visit many countries during your trip. With a click in the app, you can convert amounts in your account into a different currency. And all at very low costs. Read everything about this debit card and bank account for travelers and see why TransferWise makes paying on the spot or receiving money even easier for you as a backpacker or traveling freelancer.