Have you ever needed to transfer money to a bank account in another country, but found the fees charged by banks excessive, or it was time-consuming and difficult to make the transfer? Well, TransferWise has revolutionised international transfers by creating a fantastic online service to solve this problem. If you are looking for a solution to allow you to transfer money to friends, family, businesses, or other bank accounts abroad, then keep reading for my reasons why I think you should be using TransferWise to do this.  Please note this post includes affiliate links (more info at end of post).

Before I continue, below you can see a graphic showing you briefly how the service works.

HowTransferWiseWorks_V1b

Now for the reasons why I recommend this service:

1. Cheap fees

The first reason why I recommend TransferWise, is that the fees you pay are incredibly cheap, compared to a bank and many other services.

For example, my recent international transfer was for €900 from my UK account to my Euro account. My fee for this transaction was only 3.61 GBP. However, if I did this transaction with my bank I may have paid up to 32.66 GBP. The resulting transfer was done using the mid-market exchange rate (which is used by Google and Reuters), rather than adding a large markup (which banks often do) and costing you so much more.

TransferWise does charge a fee, but as per my example, you can see it’s tiny and in my opinion, the convenience the service provides is totally worth it!

2. Fast transfers

The transfers with TransferWise are incredibly quick, and most of my transactions sent between England and Austria happen the same day! Making it almost a lifesaver if you run out of money!

The way this system works is by you depositing money into one of their local bank accounts, say their Euro account, and then once TransferWise receives that money, they send you money from their destination account, such as a GBP account.

This concept is thanks to the genius of Taavet Hinrikus and Kristo Käärmann (the creators), where Taavet worked in Estonia (Euros), and Kristo worked in the UK (GBP). To transfer money between each country, Taavet would pay into Kristo’s Euro account with Euros, and then Kristo would put pounds into Taavet’s UK account. The money would therefore never technically move across the borders and allows for an incredibly fast transfer, and the same principle is now used in TransferWise.

3. Easy to use

TransferWise is incredibly easy to use, and once signed up you just go through some simple steps of adding your details and destination bank account number, as well as the account you want to withdraw funds from.

Once you have made your first transfer you can save your details making future transactions even quicker. Whenever I now want to make an international transfer, it probably takes me less than five minutes to do.

Screenshot from Transferwise
Screenshot from TransferWise

4. Multiple currencies

There are currently 39 currencies supported (at time of writing) with more coming soon. So as well as transferring money between Euro accounts and British Pounds you can also transfer between the below currencies too.

Australian Dollar
British pound
Brazilian Real
Bulgarian Lev
Canadian Dollar
Czech Koruna,
Danish Krone
Euro
Hungarian Forint
Japanese Yen
New Zealand Dollar
Norwegian Krone
Polish Zloty
Romanian Leu
Singapore Dollar
South African Rand
Swedish Krona
Swiss Franc
US Dollar

And also from the above currencies too:

Bangladeshi Taka
Chinese Yuan
Colombian Peso
Emirati Dirham
Georgian Lari
Hong Kong Dollar
Indian rupee
Indonesian Rupiah
Malaysian Ringgit
Moroccan Dirham
Philippine Peso
Pakistani Rupee
Mexican Peso
Russian Rouble
South Korean Won
Sri Lankan Rupee
Thai Baht
Turkish Lira
Ukranian Hryvna
Vietnamese Dong

Since using TransferWise me and my girlfriend have used the service to transfer money between Austrian, UK and also Canadian bank accounts. All without any issues.

5. Safe and regulated

I know personally that using an online service to make potentially big money transfers can be scary. However, TransferWise is regulated by the UK’s (FCA) Financial Conduct Authority, meaning customers who use the service are protected under European rules and regulation.

6. Great Reviews

Often when I consider using a service I will look at reviews. TransferWise has some of the best service reviews on www.trustpilot.com with a review average of 9.3/10 for over 40,000 reviews. If you haven’t heard of Trustpilot before, it’s a site which businesses and services from all around the world use, to ask real customers to leave honest reviews. It is, in my opinion, one of the best and most trustworthy review sites going.

7. Invested in by Sir Richard Branson

And finally have you heard of Sir Richard Branson who owns Virgin Media, Virgin Trains and many other huge businesses? Well, when TransferWise was starting it had the likes of Sir Richard Branson investing it, as well as many other big technology companies.

Sir Richard Branson with Taavet and Kristo
Sir Richard Branson with Taavet and Kristo

Summary

As someone who has now lived in three countries around the world TransferWise has made my life so much easier. It has allowed me to get money to my various bank accounts quickly and with minimal cost. For expats, businesses and anyone else who needs to transfer money internationally, then I really recommended you definitely check out this service.

More about them: transferwise.com/about

Other posts you may like:

Things to Consider Before Moving to Another Country
The Best Apps for Your Travels

More Travel Tips

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Disclosure: Note this post includes affiliate links meaning I get a small commission at no cost to you. However I personal used TransferWise to make a large number of transfers and truly believe in the product/service. Pictures provided by TransferWise for media use.

2 Comments

  1. Ryan Biddulph

    Seems like a rocking service Mike. I see the speed of transfer as being a huge factor. Transferring money between accounts can be tough when dealing with banks abroad. A friend of mine who has a bank in Italy but needed to transfer to a Thai bank to buy some of my products spent a good month trying to cut through the red tape bit. Crazy stuff.

    Ryan

    • Mike

      Thanks so much Ryan. I hope this potentially helps your friend. Before I started using TransferWise I used to also have a nightmare trying to get money from A-B internationally.

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