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Man has always had a hunger to create something better than what they already have. Modern civilization and current scientific developments are all proof of that. This same drive inspired two young Estonian citizens, named Taavet Hinrikus and Kristo Kaarmann, to create a better international money transfer solution. This is how TransferWise came into existence. It’s based on a revolutionary idea, utilizing a brilliant peer-to-peer payment system. Its innovative concept and instant success brought many renowned investors to support it, such as VALAR Ventures, Kima Ventures, Index Ventures and co-founders of PayPal, Peter Thiel and Max Levchin. So what is behind Transferwise’s success?

How does TransferWise work?

The founders of TransferWise came up with an entirely new process of money transaction between two countries. Instead of sending and receiving money through an agency, the money is just exchanged between two parties sending and receiving money from opposite ends. For example, if somebody wanted to send money from the UK to the USA, then TransferWise would find another person sending money from the USA to the UK and simply exchange the currencies between them. This eliminates the huge costs of fees and bad exchange rates. The customers get real exchange rates along with fast and safe movement of their money.

TransferWise – The Best International Money Transfer Service

Advantage

TransferWise offers a very transparent service to its customers. There are no hidden charges, and the delivery time is indicated at the time of the transaction. The delivery is also quick; your money reaches its destination in 1 or 2 days. They offer business as well as personal accounts for transactions. The biggest advantage of TransferWise is their real exchange rates which helps you save a lot of money. You will get guaranteed rates for each of your transfers. The fee is also very low compared to its peers; you pay only 0.35% of the total amount along with a fixed fee of 80p.

Disadvantage

Transferwise is not without its drawbacks, however. It has limited payment and receiving options. You can pay with your bank account, credit card, or debit card. But the money can be received in a bank account only. While there are some providers who provide instant transfers, TransferWise does not.

TransferWise review

Since its inception, TransferWise has received great reviews from its customers and media. It has gained its popularity due to its low fees and impressive exchange rates. Compared to banks, it gives much better service at low prices. If you compare it with other similar agencies, you will notice that it has very competitive rates. All this has managed to create a strong foothold for them in just a few years.

TransferWise review

Let’s take examples of a few transactions to see how TransferWise performs in real life. I researched and collected details of transactions made from the UK to countries like the US, France, Australia, and India. Here is a table depicting how much money you end up with if you send GBP 100, 1000 and 10,000 to these countries.

Country Amount sent Amount received Amount sent Amount received Amount sent Amount received
USA GBP 100 USD 130.14 GBP 1,000 USD 1,310.90 GBP 10,000 USD 13,118.47
France GBP 100 EUR 111.69 GBP 1,000 EUR 1,125.05 GBP 10,000 EUR 11,258.69
Australia GBP 100 AUD 175.71 GBP 1,000 AUD 1,773.00 GBP 10,000 AUD 17,746.07
India GBP 100 INR 8,940.96 GBP 1,000 INR 89,818.72 GBP 10,000 INR 898,589.09

Another table shown here has the fee charged on these transactions. This explains why the results are so good. The real exchange rates don’t hurt either; they really make a difference in the amount received.

Country Amount Fee Amount Fee Amount Fee
USA GBP 100 GBP 1.20 GBP 1,000 GBP 4.78 GBP 10,000 GBP 40.64
France GBP 100 GBP 1.15 GBP 1,000 GBP 4.29 GBP 10,000 GBP 35.68
Australia GBP 100 GBP 1.44 GBP 1,000 GBP 5.48 GBP 10,000 GBP 45.79
India GBP 100 GBP 1.00 GBP 1,000 GBP 5.47 GBP 10,000 GBP 50.25

Here is another example of transactions from the USA to the UK, France, Australia, and India for USD 100, 1000 and 10,000. TransferWise has given great results in this case too. It is quite evident that it can be trusted to give the best results in any case.

Country Amount sent Amount received Amount sent Amount received Amount sent Amount received
UK USD 100 GBP 74.12 USD 1,000 GBP 749.62 USD 10,000 GBP 7,504.70
France USD 100 EUR 84.06 USD 1,000 EUR 848.22 USD 10,000 EUR 8,489.89
Australia USD 100 AUD 132.73 USD 1,000 AUD 1,342.52 USD 10,000 AUD 13,440.37
India USD 100 INR 6,766.67 USD 1,000 INR 68,284.03 USD 10,000 INR 683,456.31

If you compare the charges, you can see it has gradually increased from the lower amount to higher, but it is still less than most banks and many other agencies.

Country Amount Fee Amount Fee Amount Fee
UK USD 100.00 £1.99 USD 1,000.00 £8.70 USD 10,000 £75.78
France USD 100.00 £1.74 USD 1,000.00 £8.45 USD 10,000 £75.53
Australia USD 100.00 £1.99 USD 1,000.00 £8.70 USD 10,000 £75.78
India USD 100.00 £1.79 USD 1,000.00 £8.94 USD 10,000 £80.46

Customers look for options that will give them the best results at the lowest price. This service has managed to provide both. You’ll find few services which give you lower fees compared to TransferWise for transferring big amounts. For small amounts, TransferWise fee is just plainly the best. It is ideal for people making small payments every week or every month. They can save a ton of money on fees.

Is it safe?

The company is backed by very renowned investors in the market and has been trusted by millions of customers. They keep the customer’s money and company’s money in different accounts. So in any case of any financial issues, your money will always be safe. They are registered in the UK under HM revenue and have a license to operate under the Financial Conduct Authority (FCA). They have employed various measures to keep their customer’s money safe with them. The online portal is completely secured so your personal details are safe while making the transaction. Every year it makes transfers worth billions of dollars across different countries and has always proved to be trustworthy.

Is it safe?

Customer reviews

Customers’ reviews of TransferWise on Trustpilot speak for themselves. There are more than 95% positive reviews, and Transferwise has a score of 9 out 10. Customers praise its low fees and fast delivery. Many appreciate the ease of using their service while others were amazed by the overall experience. There were a few customers who had complaints, but the TransferWise customer support team answered each one of them and promised to resolve their issue.

Conclusion

TransferWise has really changed the money transfer scene in many countries. Now it’s faster, cheaper, and more efficient. Their services are now available in 75 countries, and they exchange 48 different currencies. While other services hide their transfer fees and give bad exchange rates, TransferWise keeps all costs transparent and you can see exactly how much money the recipient is going to receive. In my opinion, TransferWise is great and worth a try if you haven’t experienced it yet.

The USA is the world’s largest economy, and it attracts billions of dollars every month from other countries. All sorts of people from many different countries come to the USA to pursue their dreams, including business people, artists, and students. This results in regular money exchanges between the USA and these countries. The UK is one such country with which the USA has a lot of fund transfers. There are many online services which can help people to process these transfers. They are much more convenient than the traditional methods of overseas fund transfers, and they are cheap, fast, and secure. In this article, we will look at some of the best of these online service providers and compare each. If you are someone who sends money to the USA from the UK, this article is perfect for you.

How to send money from the UK to the USA

Online money transfers from the UK to the USA

There are so many services which can transfer money between the US and UK, but here we will discuss only a few of the best-known. We will examine a few popular services that are preferred by users. The services we are going to explore here are:

  • TransferWise
  • CurrencyFair
  • Western Union
  • WorldRemit
  • Xendpay.com

These are all web-based services, allowing the customer to simply log into their account to make a transaction. A typical transaction would take a few minutes to complete, and then the money will start moving to its destination. All of these online transfer services are very user-friendly and save a lot of time for the user.

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Some of us have financial problems, and we can’t get rid of the debts. Our medical debts grow, and we don’t know what to do. We can’t think rationally and find solutions. There are many ways to pay medical bills.

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How to transfer money from India to the USA?

There aren’t many options for sending money from India to the USA. Many companies won’t do this transfer. You can choose Ria, Xoom or Transfast money transfer. I will compare these services and help you decide which service to use.

Ria money transfer to India

Ria is a large money transfer service established in New York. With this service, you can send money to more than 130 countries worldwide. The money will be delivered in minutes or days depending on the payment and payout method you choose. You can send up to $3000 per day. If you decide to send money, you need to create an account. It is easy and will take you only a couple of minutes.

This company offers you many payment methods. You can pay online, by phone, with your bank account, credit or debit card, and cash. The fees can vary depending on the country you send money, an amount you want to transfer, and the payment method. If you choose a bank account as the payment method, you will pay the lowest fee. You can find a calculator on Ria’s website, and estimate the charges for transferring money.

For transferring 10000 INR to the USA exchange rate will be 1 INR = $0.015. You can choose bank deposit or cash pickup as the payout method. A transfer fee doesn’t depend on the payout method. It varies depending on chosen payment method.

Payment method Transfer fee
Bank account $3
Credit Card $6
Debit Card $5
Cash $9

The cheapest option is paying with your bank account and the most expensive with cash. (more…)

A review of Remitly money transfer solutions

Remitly is a worldwide money transfer online solution that permits people in the U.K, Canada, and the U.S to send out funds to different countries throughout the globe. By utilizing a digital platform, Remitly is offering its customers a much safer method of cash transfer at very low cost. It’s a mobile-optimized service that allows you to send money abroad either by using the native app installed on your tablet or mobile phone or utilizing the firm’s funds transfer digital service. The services are readily available in both Spanish as well as English.

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WhatsApp icon on the screenThe messaging giant WhatsApp is near to launching on the online transfers tool to their customers. If examinations will pass successfuly WhatsApp will release the functionality to individuals throughout the world. The brand-new function functions off a widely-used electronic settlements system established by UPI

Exactly what is UPI?

Unified Payments Interface (UPI) permits simpler real-time transfer of loan in between checking account utilizing smart devices. UPI will entirely get rid of any kind of enhancement of a recipient together with the account number and also IFS Code, as the innovation calls for simply an online take care of for immediate peer-to-peer repayments. (more…)

RIA Money Transfer OfficeRia, part of Euronet Worldwide, claims it’s the third-largest cash transfer business thanks to its representative network of over 314 thousand areas throughout 144 nations. Established in 1987, Ria presently allows you send out cash online and also personally to United States as well as worldwide locations. Along with its web site and also representative places, the business runs Walmart2Walmart loan transfers for sending out money in between US Wal-Mart areas.
Ria’s on the internet transfer costs as well as foreign exchange rate markups have the tendency to be a little far better compared to typical compared to the various other 10 top-level carriers that we assessed. Its distribution choices consist of financial institution down payments as well as money at representative pick-up areas, however the schedule of both differs by nation. (more…)

TransferWise Messenger BotSending money overseas can be cumbersome and costly, especially when you want to do it via banks or money transfer agents.
In our modern age, when everybody and their dog are connected to the internet, there isn’t any proper online foreign money transfer possibility that would save you from waiting in line at your bank.

TransferWise, one of the leading companies in the finance technology sector is just about to revolutionize sending money overseas. Their new chatbot for Facebook Messenger will soon enable its users to transfer money to their peers without having to leave their Facebook Messenger app. All you need in order to qualify for this facility is to be a TransferWise customer. (more…)

P2P money transfer how it works Over the course of my career, I found myself having to send money overseas to businesses I’ve hired for outsourcing. I didn’t really think about the most cost-effective way to transfer money internationally. That was until I realized that a lot of money went to middlemen. After some research, I discovered peer-to-peer transfers. Since then, there was no turning back.

P2P money transfers have increased in popularity over the past few years. More people realize that they banks and brokers aren’t their only options when it comes to transferring money overseas. And the primary driving factor for the shift is the noticeable savings compared to more traditional methods of sending money abroad. (more…)

Travelex reviewWhile most online money transfer services are safe and reliant, not all are trustworthy. Therefore, you need to choose your preferred service provider carefully when transferring money from one country to another. This is because there are shoddy services that charge hidden fees.

With the explosion of internet money transfer, swindlers have flooded the internet. While avoiding being ripped off by the service, take heed of dodgy individuals who pretend to help you transfer funds only to steal your hard-earned money.

Travelex international payments

Luckily, there are several trusted companies operating across the world, such as Travelex. It is one of the leading companies in Europe. Today, the service covers 177 countries where it accepts the transfer of cash in 48 different currencies. Apax Partners is the parent company that owns and controls Travelex. The controlling group appointed Hafiz Changani and Michael Phillips as the Directors.

The company set base in 1976 in London and has since expanded its tentacles to all corners of the world. Today, Travelex operates retail centers in 27 countries. The next time you are traveling abroad, you need to check out Travelex currency services for a fast, hassle-free money transfer. Like many other services, there are intermittent delays occasioned by the conversion of money from one currency to another. (more…)