#MoneyWisdom -#Great Choice - Get Wise with TransferWise - When You Are Moving Your Money

Get Wise  is Now Transferwise 

When it comes to funds transfer across the world , the most important points  one needs to consider are; the bank  exchange rates, the bank transfer fees, and the turnaround time. This is the best criteria points to consider  when choosing the best funds  transfer service provider. With online bank being commonized, funds become critical and  users will eed to consider which service provider provide better  security  and safer transfer with of mind. 

TransferWise is a global money transfer company that started in 2011 in the United Kingdom. The company supports over 750 currencies and provides multi-currency accounts.

Now that we have a definition let’s discuss the companies in terms of the exchange rate, fees, coverage, turnaround time, security, and accessibility. These will help you understand the company that offers more and is more preferable when it comes to international money transfers.

For exchange rates - TransferWise charges a zero exchange rate, which means that the transfers are processed at midmarket rates for all currency pairs. This rate is available for a period of 48hrs based on the currency being exchanged.

For  transfer - transferwise  lack in competion to some others but is still still offering  a resoanble rate - TransferWise transaction fees comprise of the fee charged by the provider and fee for the payment method. The two fees are joined together and deducted depending on the amount being transferred and charged as a percentage. The small amounts attract higher fees and as the amount increases the fee reduces. 

#MoneyWisdom -#Great Choice  - Get Wise with TransferWise  - When Your Are Moving Your Money 

In terms of security =TransferWise supports over 12 languages and has a telephone number, live chat, and email for customer care. Similarly, they have 3D secure features with two-factor authentication to ensure maximum security. Additionally, the company operates under various regulatory bodies such as the Financial Transactions Reports Analysis Centre  , Financial Crimes Enforcement Network, Financial Conduct Authority  , Australian Securities and Investments Commission, and many others.

TransferWise has more regulations, more customer support systems, and supports more languages.

To understand TransferWise better , it  uses a proprietary technology infrastructure to make international money transfers more efficient, faster and cheaper than traditional players in the industry as listed above 

TransferWise  established  both an  office and  bank accounts into every single country where it operates, maintaining a good balance for each national currency  .When money needs to be converted into a different currency, TransferWise will remit  part of the balance on the foreign bank account and transmits them to the corresponding local bank account of the recipient.

This approach allows to realtime intervention  on  flows of the money in different currencies, without having to convert them on the market (thus avoiding unnecessary conversion  amd paying local  fees to financial account holder ).

With this  localized peer  exchange  relative  on a  flat level ,  currency routes where the exchange  in  inter-flow between entity - the flow  of money is pretty much balanced (e.g. GBP <> EUR) have very small affilaied expenses and  costs.

For some routes where the flow of money is more volatile  (e.g. USD / GBP to HK ) TransferWise might still need to buy currencies on the financial markets, thus incurring into a higher cost. However, high trading volumes combined with the much lower costs on more “balanced” routes, permit to them  to find  balance  to keep these costs low.

TransferWise  managed to  bring fairness and transparency to the world of international money transfers. TransferWise  will always look to find the   more efficient way of transferring money abroad described above, and only  apply the lowest possible transaction fee in a fully transparent way