TransferWisePayPal and Skype are certainly among the most reliable modern advancements today. Among the technical developers were Taavet Hinrikus and Kristo Kaarmann, citizens of Estonia. The two brains came together again to found TransferWise in 2011. They were driven by the need for an affordable international money exchange service, as the existing transfer fees were very high.

When the idea was proposed, a number of investors threw their weight behind the company. They include PayPal’s co-founders Pater Thiel and Max Levchin. Other investors are VALAR Ventures, Kima Ventures, and Index Ventures.

TransferWise review

TransferWise operates on a peer-to-peer exchange basis, meaning that two individuals exchange currencies between themselves, without necessarily going through an intermediary, such as a bank. HM Revenue and Customs duly registers the company in the United Kingdom.
Similarly, the Financial Conduct Authority of the United Kingdom authorizes TransferWise to send and receive money transfers just as ordinary banks do. In February 2012, the company made transactions worth €10 million, saving customers some €500,000 in bank fees. In 2014, renown investor Sir Richard Branson and Peter Thiel boosted the company with a $25 million investment. You can learn even more at this Transferwise review website.

How does it work?

TransferWise acts as the coordinator between two like-minded people who want to exchange money from one currency to another. Imagine you are in the United States and you want to pay fees for your daughter in India. You can use TransferWise India to exchange your dollars for Indian Rupees with a person who, for example, needs to pay rent in the US.

TransferWise FYCK Advert
It is ideal for expatriates who need to send money to their loved ones. Similarly, take advantage of the service to send payments to your business associates in a foreign country.

Is it safe?

A number of leading independent reviews and media outlets have recognized the company for its outstanding performance. During the 2012 edition of Seedcamp’s US Demo Day, TechCrunch named TransferWise as the leading start up to watch. The following year, the company took the top position in the Best E-service category in an Estonian contest.
During the same period, London Loves Business, a UK magazine named TransferWise the most innovative seed company in finance technology. The Guardian picked it as one London’s top 20 trending IT start-ups. In addition, Wired UK once named the company as Start up of the week. These are just a few testaments to the fact that TransferWise is safe and you can trust them your money.

Advantages

There is inevitably no other money transfer service as transparent as TransferWise. There are no hidden fees at all, as it uses the real market exchange rates. Small transfers under £200 are charged only £1 and 0.5% for more, making it the best service. You can get a TransferWise free transfer when registering through http://www.transferwisereview.com
Usually, the processing of a regular money transfer takes 1 day, but may take 2 days depending on a few currencies. The fact that serious investors back it guarantees you unrivalled service. At trustpilot.com, TransferWise enjoys a phenomenal 9.7 rating. Additionally, you will find innumerable positive reviews and very rare complaints.

Disadvantages

While you may not need the express money delivery option, it is quite expensive. Another drawback is the fact that transfers above £3,000 may take longer to deliver. Otherwise, there are not many downsides to report.

Customer opinion

TransferWise is awesome

  • “TransferWise – the secret of cheap transfer between currencies…it is the service that banks do not want you to know about. It is exceptionally cheap and quick…what more could one ask for?”
  • “I am absolutely satisfied with the service…the money is transferred very fast. Another benefit is that I can send money to people who do not use online banking and mailing. Perfect!”
  • “Money was delivered really quickly and saved a fortune compared to doing it via the rip off banks. Money arrived earlier than expected due to favourable exchange rates.”
  • “Funds from my UK account arrived on my Bank of Cyprus account in Cyprus within 24 hours. Exchange rates and charges excellent.”
  • “It’s fast, transparent, neat, and efficient…the best way to transfer money.”

Conclusion

TransferWise great dealAs all other transfer companies have hidden fees or high charges, TransferWise remains as the only trusted company. I would recommend it to anyone sending money abroad. The fact that it supports nearly all of the world’s currencies is a plus. Be transfer wise today and send funds through this service.

Categories: Featured, Reviews

5 Responses so far.

  1. Michael says:

    The easiest way of delivering cash between edges, clear costs and real price of trade, Therefore relaxing to locate an honest organization nowadays

  2. Stop Hidden Fees says:

    I absolutely agree with you Michael. Actually this is company of my personal choice, I’ve transferred dozens of thousands with Transferwise within last 2 years.

  3. Damian says:

    I’ve used TransferWise several times and it all worked out great for me. I recently used it to send $200 (I sent $ and she got pounds) to my girlfriend and I only had to pay 1 pound which was amazing! Used CurrencyFair a while back and their commissions are higher so I won’t be using them again. I also liked that TranswerWise sends the money really fast, the exchange rate is very good and they, as a company seem very transparent indeed.

  4. MatthewF says:

    After reading a number of articles like this and checking the rates of USForex, Xoom, and XE, I decided to try TransferWise. I sent $4500 to Norway free of fees using a referral link I found online. It was easy to set up an account and simple to send money directly using my bank account to my recipient’s account (bank to bank transfer – the cheapest way to go). It took 4 days, but the rate I got was the same rate that was displayed when I started the transfer, even though the kroner had gained in the meantime. From what I’ve heard, intra-European transfers are much faster. But since I got the rate I expected and didn’t have to pay any fees, I’m quite happy.

  5. MPJ says:

    When you send money abroad, banks and brokers charge an extra fee by hiding a mark-up in the exchange rate. That’s how they get away with using phrases like “0% commission” and “free”, and that’s why so few consumers understand the real costs.
    But TransferWise uses real mid-market exchange rates (the rates we usually see in google or xe.com). This makes them unique making it the best money transfer service. I use it to send money regularly to my family abroad. I switch to TransferWise mainly because of the transparency, no hidden costs, mid-market exchange rates and due to the fact that we get most of our money transferred cutting the costs. TransferWise makes money by charging a comparatively low transfer fees.

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