No doubt about it, TransferWise is one of the best online services for sending money across borders. Founded in London in the year 2011, the company has continued to witness great growth since its inception; the global demand for a cheap, easy international money transfer platform continues to grow as the world becomes more globally connected and financially interdependent across borders. TransferWise is known for their great approach to international money transfers, which is probably why TransferWise customers send an estimated $1 billion each month using the service.
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 any other money transfer agencies.
Their unique process has to do with the fact that they have operational bank accounts over the world. Rather than actually 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. The best part is that your transfers happen at the bank rate, which is always the best rate to make transfers. Yes, you transfer money up to eight times more cheaply than with a bank because you avoid traditional banking fees.
To protect the interest of its customers, TransferWise is fully regulated by the Financial Conduct Authority, 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 great benefits for African freelancers who choose to use TransferWise for the transactions.
Since some of your invoices are paid by clients outside Africa, the experience of always having a good part of your fee swallowed up by bank charges can be quite daunting. This is where TransferWise comes into play by helping you keep more of the 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 in 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. And, unlike PayPal and some other money transfer apps which are not supported many African countries, TransferWise is available in 6 African countries including Nigeria, Kenya, Ghana, Egypt, South Africa, and Morocco.
- 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 are delivered within 24 hours, some are delivered within seconds
- Transfers can be arranged online for convenience.
- TransferWise is regulated by the Financial Conduct Authority.
- Money is delivered directly to the recipient’s bank account
- Can be very inexpensive
- Online focus, limits telephone contact to troubleshooting
- Larger transfers can be limited