No doubt about it, TransferWise is one of the best online services for sending money across borders. Founded in London in 2011, the company has continued to deliver excellent service as the global demand for a cheap, secure international money transfer platform continues to grow, and the world becomes more globally connected.

How does TransferWise work?

TransferWise’s unique approach to currency exchange has completely cut out the middle man and allowed them to charge significantly less than most money transfer agencies.

They have operational bank accounts over the world. So, rather than exchanging your money when you send it to someone in another part of the world, TransferWise just adds your money to their account in your location and pays the recipient the equivalent amount of money sent in their geographic location. You can transfer money up to eight times more cheaply than with a bank because you avoid traditional banking fees.

To protect its customers’ interest, the Financial Conduct Authority regulates TransferWise, and it verifies its users to protect against fraud and money laundering.

I’m a freelance worker, how can TransferWise help me?

Freelancers all over the world and most especially those in Africa, highly recommend TransferWise. There are significant benefits for African freelancers who choose to use TransferWise for the transactions.

Having a good part of your money swallowed up by bank charges can be depressing. TransferWise comes into play by keeping more money you have earned by avoiding costly bank charges. TransferWise also provides you with local bank details to receive fee-free payments in GBP, EUR, USD, and AUD, which is itself an invaluable feature. 

Probably the best feature, especially for freelancers who reside in Africa, TransferWise supports over 750 currency routes, including GBP, USD, EUR, AUD, and CAD. Unlike PayPal and some other money transfer apps that are not supported by many African countries, TransferWise is available in 6 African countries, including Nigeria, Kenya, Ghana, Egypt, South Africa, and Morocco.

Pros

• The cost of sending money abroad is eight times cheaper than what banks charge.
• Transaction costs are always transparent, with no hidden charges.
• TransferWise international payments to the UK and Europe delivers within 24 hours; some deliver within seconds
• Transfers can be arranged online for convenience
• The Financial Conduct Authority regulates TransferWise
• Money is delivered directly to the recipient’s bank account

Cons

• Online focus, limits telephone contact to troubleshooting
• Larger transfers can be limited