Money Transfer Reviews
TransferWise Review (Is TransferWise Safe?) What You Should Know Before Using TransferWise
Intro: TransferWise Reviews
Most people search for TransferWise reviews and Transferwise.com reviews because they are unsure if the service is safe. Is TransferWise safe?
With so many scams and money transfer horror stories, consumers have to be extra cautious when they transfer money abroad. Luckily, TransferWise is one of the few services to transfer money abroad that has proven to be safe and secure.
TransferWise is also simple.
According to multiple verified reviews, TransferWise is one of the safest services to transfer money overseas services currently available. Currently, there are more than 400 currency routes supported by TransferWise. Approximately 89% of TransferWise reviews on Trustpilot.com give the service 5 stars.
Here's what you should know before using TransferWise.
About TransferWise
TransferWise was founded in 2011 by Taavet Hinrikus and Kristo Käärmann. It is a peer-to-peer money transfer service. TransferWise is headquartered in London and has offices in New York and Estonia. TransferWise users have already transferred more than $5 billion through the service.
The company was built from the founders' personal experiences with currency conversion. Before they started the company, the two friends worked in different countries than where they lived.
One lived in London (pound) but worked for a company in Estonia (Euro). The other had a mortgage in Estonia (Euro) but lived in London and was paid in pounds.
Hinrikus and Käärmann devised a plan. Each month, they would pick a day to check the mid-market rate.
One put the pounds he earned into his friend's UK bank account, and the other put the Euros he earned into his friend's Estonian bank account. Both got the money in the currency they needed without having to pay outrageous bank fees. Thus, the peer-to-peer system was born.
Image Source: TransferWise
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How TransferWise Works
TransferWise uses real-time exchange rates to convert currency. For example, if you want to send 1,000 USD to someone in a country that uses Euros, they would receive 888.22 EUR. This is equal to the current exchange rate. They wouldn't lose any money, and neither would you.
The way it works is simple. Users send money to TransferWise, then TransferWise sends money to the user's recipient in the converted currency. The money itself never actually crosses borders. TransferWise is not a bank; it's a service to transfer money overseas.
You can review this TransferWise video for further explanation. Basically, there are two pots of money. One pot is for starting currency, and one is for finishing currency. You put money into one pot, and TransferWise takes money out of the other pot to pay the recipient. It's that simple.
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Transferring Money Overseas with TransferWise
With TransferWise, it is safer, easier, and cheaper than ever to transfer money overseas. You get to skip the hassle of going through the outdated, overpriced banking system. Instead, you can transfer money to anyone abroad in a few simple steps in the fraction of the time it takes banks to even process a transaction. According to TransferWise, this process is 7x cheaper than transferring money overseas through a bank.
However, there are still steps that need to be taken when first setting up your account to verify your identity or business. This would be the same documentation process you would go through with a bank or any other reputable international money transfer service. Some reviewers expressed frustration at the time it took to verify their business, but many are grateful for the reassurance that TransferWise takes security seriously.
Below are some of the other benefits noted in TransferWise reviews.
TransferWise Reviews: Simple and Speedy
TransferWise.com claims that most transfers are received in just one workday. Many reviewers support this claim. With the removal of a bank as the middleman, transactions are much simpler to process. Thus, the recipient should receive their converted money in significantly less time.
Also, you don't need to know the exchange rates or how to convert currency. TransferWise takes care of all of that for you. All you have to do is click a few buttons and fill out your information. Money follows a more streamlined route through TransferWise.
TransferWise Reviews: Cost Effective
Have no fear, there are no hidden fees with TransferWise. The service also has better, cheaper exchange rates for transferring money overseas than banks. TransferWise.com also claims that some banks set their own exchange rates, which is true. Some banks even charge hidden fees as high as 13%.
TransferWise charges a service fee of 0.5% of any transaction over $200. If the transaction is under $200, TransferWise charges just $1. Those are the only fees. Banks cannot compete.
Unlike most banks, TransferWise uses the real, mid-market rate to convert currency. However, the exchange rate is only guaranteed if TransferWise receives your money within 24 hours. Currency exchange rates are updated daily, so the conversion rate from one currency to another is ever-changing. Because of that, TransferWise can only accept your transaction as long as they receive your money within 24 hours of purchase.
Transferwise.com Reviews: Dependable Website
As an online tech company started by two of the first employees of Skype, TransferWise.com is expectedly dependable. According to Transferwise.com reviews, the website is easy to navigate and doesn't crash.
This detailed Transferwise.com review proves the website's credibility rating is high above its competitors. The review of TransferWise includes client feedback and gives the TransferWise.com website an overall 86.8% rating.
Another review of Transferwise.com is from a website dedicated to information about saving money on overseas transfers. According to transfersreview.com, TransferWise is "the best service for sending money abroad safely and almost for free."
Information that can be found on the TransferWise.com website is not limited to TransferWise itself. Visitors can research other useful information about banks, currency, transferring money abroad, and other related topics. TransferWise.com makes sure their customers are well-informed before sending money.
Setting up your account and making your first transfer on the TransferWise website is simple:
Go to TransferWise.com
Click "Get Started"
Fill out your details and the recipient's details
Choose how much you want to transfer
Type in your bank account, debit card, or credit card details
That's it. TransferWise will send you an email when the money has been received and another when it's been paid to the recipient.
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TransferWise Reviews: Mobile App
To make transferring money abroad even more convenient, TransferWise has an app available on iOS and Android that includes all of the same functions as the TransferWise.com website. It has a 4.6 star rating and more than 500,000 downloads on Android. Apple even chose TransferWise as the "Most Innovative 2015" app in the U.K., Germany, and France.
Image Source: TransferWise Review
According to TransferWise reviews, this service has a better app than most other international money transfer apps. It includes all of the same features as the website, which is a claim even most major bank apps can't make.
Actually, there are even extra features with the mobile app. If your phone has finger scanning capabilities, you can sign into your account using your fingerprint. You can also use your phone's camera to scan debit or credit cards.
TransferWise Reviews: Excellent Customer Service
TransferWise is known for excellent customer service. The founders were also some of the first employees of Skype, so they have experience with building a user-friendly tech business.
Reviewers have expressed great satisfaction with the email alerts sent from TransferWise. These alerts update clients on the status of their transactions. According to reviewers, this feature is helpful and informative. It keeps the client aware of how their transaction is progressing.
Also, there is a customer support team that can be easily contacted 24/7 through the website's live chat feature. TransferWise.com reviews praise the instant help received when they needed it from TransferWise's customer support.
TransferWise Reviews: Anyone Can Use It
You don't need to be a business owner to use TransferWise. Anyone who wants to send or receive money from a different currency can use this service. TransferWise is suitable for people sending money to a friend or family member, making a purchase, or working as a freelancer or independent contractor. The possible applications for this service are endless.
Also, you don't need to be a genius or technology expert to use TransferWise, reviews say. The company has created an extremely user-friendly system that anyone can navigate. If you are new to transferring money abroad, TransferWise.com will take you through their step-by-step process to make the transaction as smooth as possible.
Requesting Money through TransferWise
In addition to transferring money overseas, another option users have is to request money through TransferWise. It is similar to the transferring process as far as currency conversion and fees, but there are a few extra steps:
Make sure you know how much you are owed, what it's for, and your bank account information
Create a request on the TransferWise.com website or apps
Send the request link to your payer
Payer joins TransferWise and pays
New TransferWise Email Feature
Now, after new updates, when you send money to a recipient using TransferWise, there is no need for you to know their bank details.
There is no longer any need for a payer to know your bank details either. When you set up a transfer with TransferWise, you have the option to enter the recipient's email. Then, the recipient can set up their primary bank account, and the payment will automatically go there when it is processed.
Image Source: Trust Pilot
For this new feature, you will need to verify your identity and email address. But, for your security and privacy, no one besides TransferWise will need to know your bank account details.
TransferWise will not share your account information with the payment sender. The sender will only be notified that the money was received by the verified recipient.
So, Is TransferWise Safe?
Overall, TransferWise is a safe and proven method of transferring money abroad between currencies. It has an excellent 9.5 out of 10 rating on Trust Pilot. Most negative Transferwire reviews are related to business verification or the 24-hour limit, but there are no reports of lost or stolen money.
The safety advantage of TransferWise comes from the peer-to-peer system. As mentioned, your money goes into one pot and converted money is taken out of the other pot. This system assures that your money is safe and secure, since it isn't moving across borders. Banks still use a one-pot system.
TransferWise reviews, by consumers and professionals alike, are generally positive. There are very few complaints about TransferWise. It seems to be the safest service to transfer money overseas currently on the market, with thousands of satisfied customers. It is probably safer than transferring your money overseas through a bank, and definitely safer than transferring through other money transfer services with lower ratings.
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If you need to transfer money abroad to a different country, TransferWise is most likely the best service for you. Almost every TransferWise reviewer highly recommends it. The company sets the bar high in their advertisements and usually lives up to the hype. There is no false advertising with TransferWise; what you see is what you get.
If you compare what it would cost to transfer your money overseas through a bank, you will probably notice that you save a lot with TransferWise. Overall, TransferWise is safer, simpler, cheaper, and faster than most banks and other international money transfer services. According to most TransferWise reviews, it is a great alternative to banks if you're transferring money abroad.