The TransferWise Company is a private company that provides financial services to its customers and clients. The company was founded in January 2010 by Taavet Hinrikus and Kristo Karmann. The company is headquartered in London, United Kingdom. TransferWise has been providing financial services for customers globally, in places like Europe, the United States of America, Canada, Asia-Pacific, and Latin-America. The company is under the leadership of Taavet Hinrikus as the Executive Chairman and Kristo Kaarmann as the CEO of the company with over two thousand employees working with them. The TransferWise company can be accessed online and this access is available in multilingual. The company supports more than seven hundred and fifty currency routes across the world including GBP, USD, EUR, AUD, and CAD. In this respect, the company also provides multi-currency accounts.
TransferWise
The TransferWise Company has over fourteen offices around the world with over seven million customers. With the services provided by TransferWise, over four billion USD are being sent every month and customers have been able to save over one billion USD every year.
TransferWise prides their selves as a cheap, fast and easy way to send money abroad, being on average 8x cheaper than the leading United Kingdom high street banks and real exchange rate can be done with TransferWise.
TransferWise services can send money from one currency to another currency. However, there are restrictions on the currencies the company can send money from. Some of the following currencies in which you can send money from include;
- EUR (Euro).
- GBP (British pound).
- INR (Indian rupee).
- USD (United States dollar).
- AED (United Arab Emirates dirham).
- AUD (Australian dollar).
- BGN (Bulgarian lev).
- BRL (Brazilian real).
- CAD (Canadian dollar).
- CHF (Swiss franc).
- CZK (Czech koruna).
- DKK (Danish krone).
- HKD (Hong Kong dollar).
- HRK (Croatian kuna).
- HUF (Hungarian forint).
- JPY (Japanese yen).
- MYR (Malaysian ringgit).
- NOK (Norwegian krone).
- NZD (New Zealand dollar).
- PLN (Polish zloty).
- RON (Romanian leu).
- SEK (Swedish krona).
- SGD (Singapore dollar).
- TRY (Turkish lira).
Through the company, you can also send money to countries in the following currencies which include;
- AED (United Arab Emirates dirham).
- ARS (Argentine peso).
- AUD (Australian dollar).
- BDT (Bangladeshi Taka).
- BGN (Bulgarian lev).
- BRL (Brazilian real).
- BWP (Botswana pula).
- CAD (Canadian dollar).
- CHF (Swiss franc).
- CLP (Chilean peso).
- COP (Colombian peso).
- CNY (Chinese yuan).
- CRC (Costa Rican colon).
- CZK (Czech koruna).
- DKK (Danish krone).
- EGP (Egyptian pound).
- EUR (Euro).
- GEL (Georgian Lari).
- GHS (Ghanaian cedi).
- HKD (Hong Kong dollar).
- HRK (Croatian kuna).
- HUF (Hungarian forint).
- IDR (Indonesian rupiah).
- ILS (Israeli shekel).
- INR (Indian rupee).
- JPY (Japanese yen).
- KES (Kenyan shilling).
- KRW (South Korean won).
- LKR (Sri Lankan rupee).
- MAD (Moroccan dirham).
- MXN (Mexican peso).
- MYR (Malaysian ringgit).
- NGN (Nigerian naira).
- NOK (Norwegian krone).
- NPR (Nepalese rupee.
- NZD (New Zealand dollar).
- PEN (Peruvian Nuevo sol).
- PHP (Philippine peso).
- PKR (Pakistani rupee).
- PLN (Polish zloty).
- RON (Romanian leu).
- RUB (Russian rouble).
- SEK (Swedish krona).
- SGD (Singapore dollar).
- THB (Thai baht).
- TRY (Turkish lira).
- TZS (Tanzanian shilling).
- UAH (Ukrainian hryvnia).
- UGX (Ugandan shilling).
- USD (United States dollar).
These options of currencies made TransferWise very effective and one of the top options for international money transfer. The company tries to charge its customers as little as possible and every transaction carried out on TransferWise has no hidden fees or extra charges to it. This is solely because the company wants to be as transparent as possible in finance to its customers.
TransferWise Money Transfer
As earlier mentioned, the TransferWise company helps you send money, make a one-off payment at a real exchange rate with the low fee charges. Money can be easily transferred from one currency to another in a matter of minutes, hours. You can send a huge amount of money and you still get to track your transactions until they reach the destination accounts.
Sending Large Amount
Although sending a low amount of money is easy and the process is simple, sending a huge amount of money via TransferWise would require a little more. To send a large amount of money via TransferWise, you need to;
- Understand your banking limits or pay in-branch: the limit to the transferable amount your account permits should be put into consideration. However, knowing the limits to the receivable amount of the destination account is also important. The limits of different banks may differ when you are sending online, over the phone, or in-branch. Your bank might allow sending a large amount of money when you go to your branch in person. It is often easier and quicker to set up larger transfers in the branch. You can get this limited information from your bank and TransferWise advises you to contact your bank for this.
- Verify your identity beforehand to avoid delays: using a verified identity is one requirement when sending money through TransferWise. TransferWise would always ask to verify your identity before authorizing any transaction. This verification process usually takes about two days. In order to avoid delay, you should get your account verified before any transactions with TransferWise. TransferWise may also require seeing more documents like a scan/screenshot of your bank statement, a property sale agreement, or a payslip, to help them verify the source of that huge amount of money.
- Choose whether to watch the rate or send money immediately: when sending money from one currency to another, especially a large amount of money, even small changes in the exchange rate can make a difference to how much one might get in the destination account. In this case, you have two options. One to send the money immediately with the current exchange rate or you can set everything up in advance and watch the exchange rate then send when the rate is right for you.
- Send TransferWise proof of your joint account: this is required when you are sending a large amount of money for a joint account. The proof needed is to show that you are one of the holders of the account. You can send this proof before you set up your transfer as this would make your transfer quicker.
If you have done all these required steps, sending a large amount of money would be easy and not stressful at all although one has to provide correct and legit documents to avoid cases of fraud.
Tracking Your Transfer
With TransferWise, you can track your transfers and every transaction you must have made with them. this feature on the platform keeps you in the know of where and when your transfer successfully gets to its destination account.
Tracking of your transfers can be done anytime and anywhere by using the Money Tracker feature on the TransferWise platform. To track your transfers, there are few steps to follow and they are;
- Log in, into your TransferWise online account.
- Next, you go to “Activity” on your account homepage.
- Find the transfer you have sent.
By doing this, you get to see where your transfer is at that moment. You can keep doing this to get updated on where the transfer is until it gets to its destination.
TransferWise Multi-currency Account
The multi-currency account is an account operated by the TransferWise Company. This account helps you manage your money across over fifty countries. With this account, you can send money at a real exchange rate and also spend with a TransferWise debit Mastercard.
The TransferWise account allows you to send, spend, and receive money from around the world with the real exchange rate. The accounts available on the TransferWise are the borderless account (which is the regular account) and the multi-currency account although both account are similar and can perform the same function. The only difference is that the multi-currency account can be operated on different currencies, unlike the borderless account which can only be operated on the local (initial) currency it was registered in.
TransferWise Business
The TransferWise platform can be used for businesses. The TransferWise Business is a free international business account that can be used to send, spend, and receive money in multiple currencies with the real exchange rate. The account is the regular TransferWise account only that is used for business and not for personal purposes.
In using TransferWise business, the platform introduced a TransferWise open API. This API automates payments, connects your business tools, and create beautiful ways to manage your finances. With the API, you can;
- Automate invoice payments, standing orders, recurring transfers, or payroll.
- Generate payments from invoicing software.
- Simplify expense reporting.
- Track exchange rates and automate conversions.
- Add TransferWise as a disbursement option to your website.
- Get real-time notifications on platforms like Slack.
TransferWise App
The TransferWise company has made available a TransferWise application the working similarly to the online page. The application is supported by mobile devices and can be easily downloaded from either the Google Play Store or the Apple Store whichever your mobile device supports.
To download the application from the app store, follow these steps;
- Go to the app store in your device.
- Type in TransferWise Money Transfer into the search bar and search for it.
- Tap on the app when it appears on the displayed results.
- Tap on install on the application to download and install.
After installation, the application would be available on your devices and ready for use.
TransferWise Account
The steps involved in creating a borderless account would be listed below. The opening of this account can be done in a matter of minutes and does not require you to visit a branch or impute a local address. The steps are;
- Go to TransferWise to load the official page.
- Click on “Register” on the home page. This would take you to the registration page.
- Select either “Personal” or “Business” depending on if the account you want to open would be a personal or business account.
- Enter your email address into the space provided for it.
- Enter your preferred password. Make sure the password is secure and safe.
- Select your country of residence from the drop-down menu.
- Click on “Sign up” to complete the registration process.
TransferWise has made signing up of this account so easy that you can open an account on your PC or through the mobile application using your Facebook account, Google account or your Apple account. Creating a TransferWise account is totally free.
Login
To log in to your TransferWise online account is quite easy. The steps involved are quick and simple. The steps in logging in to your account are;
- Go to TransferWise on your browser.
- Click on “Log in” from the home page to open the login page.
- Type in the email address you used in creating the account.
- Type in your password and check to make sure it is correct.
- Click on the “Log in” icon underneath.
You can easily log in using your Facebook, apple, or Google account if you used any of these in opening the account. You would be automatically logged in to your account if the information you enter is correct.
Account Pricing
The pricing is quite different and some of the actions on the platform do not have pricing. The charging and fees on the transactions performed on the platform are dependent on mostly the exchange rates. Creating an online account with the platform is totally free and does not attract any charge or fee. The same way receiving money sent from another account does not come with a charge. The exchange rates on the transfer transactions are real and mostly not stable. This is due to the world economy and the stock brokerage market.