1. TRANSFERWISE(OUR #1 RECOMMENDATION)
TransferWise is an online money transfer service that was founded in 2011. It is regulated by the Financial Conduct Authority and has earned the trust of more than three million people around the world. The company currently has over 2200 employees with 14 open offices. TransferWise supports more than 300 currency routes in the world. The company exchanges currencies in a transparent way and is said to be eight times cheaper than banks. They accept credit cards, Apple Pay and Android Pay as their payment methods on addition to specific bank transfers. They use real exchange rates such as mid-market rate, interbank rate and spot rates for their transfers.
They have a multi-currency account feature that allows their customers to hold over fifty currencies at once then convert them whenever they are ready. TransferWise has a simple design and takes the burden off customers of paying high costs just to send money across borders. The company has peer –to-peer transfers which is achieved by matching people who are transferring money to the opposite direction. This helps to cut on huge exchange rates and any foreign transactions. They later send the funds to the intended recipient. Transfer wise conducts their payments in the country’s local currency. The amount charged for money transfers is dependent on how much one is sending and the final destination. They have an online pricing tool where one can price out their transactions before making a transfer.
Pros of TransferWise services
TransferWise has a low and transparent transfer fee. The fees to be charged are made available to the customers before they perform the transfer process. TransferWise uses local accounts for sending and collection of funds. This is an advantage, as there are no intermediary bank fees. For those making payments using credit cards, a fee of a range between 0.3 to 2% is incurred based on the currency and where you are sending from. Debit card payments are free for certain currencies or a percentage of 0.15 – 2%.
TransferWise have highly competitive exchange rates in the market. It converts customers’ money using true mid-market rate. It is the fairest and the most accurate exchange rate that one can find. They also take a further step and lock the exchange rate for their clients for a given period of time so that they do not experience exchange rate fluctuations.
Their services have excellent credibility and security. TransferWise is fully licensed and authorized as an electronic money institution, meaning customers’ funds are safe with them. It is a long established company and is regulated by FCA and HMRC. They have already transferred over five billion dollars for their customers worldwide earning more people’s trust.
TransferWise guarantees safety when transacting with them. They are registered as a money transmitter and are supervised by several regulatory authorities. They offer institutional grade sercurity and take preventive measures when dealing with clients. There is a 2-step login and verification procedures. Their clients’ cash is held separately from the company’s business accounts and this assures customers that their money is not interfered with. Money reaches the recipient in the correct amount and on time.
TransferWise is convenient and has great coverage as a money transfer provider. They offer their customers a chance to send money to a lot of different countries worldwide. It has also been translated to different languages making it easier for a lot of people to use it. Customers are able to pay for their transfers by local banks, credit cards or debit cards.
Their customer support is great. They have a live chat that is available for their customers in case of any difficulties. TransferWise also offer help via email or through phone calls. This makes it easy to contact them and get guidance through the process.
Customer experience is fantastic. They have a mobile app that is easy to use. TransferWise arranges customers’ transaction online and the money is sent directly to the recipient’s bank account. Their bordeless account allows clients to hold over fifty currencies and send or spend money overseas using contactless TransferWise debit MasterCard.
Cons of TransferWise Services
TransferWise only pays by bank transfer, debit card or credit card. A person cannot pay their transfer with cash or using a cheque. This limits potential customers who may not be having bank accounts. The recipient ought to have a bank account too in order to receive the cash sent.
Their customers have to incur bank fee charges during their transactions. This may be outside the control of TransferWise but it is inconveniencing for their clients. The charges may also be slightly higher based on the amount of money and the type of bank.
Sometimes clients may experience delays in their transfers. This is often due to bank compliances. There could also be issues with verification and a customer’s account has to be suspended. This is mainly to ensure security of the funds.