Hey, what's up SaaS Masters?
My name is George, and today I want to show you a payment
gateway called Wise, formerly known as Transferwise.
These guys give you a transfer number,
an excellent exchange rate to transfer money to other bank accounts.
Plus it also works as a bank account for yourself.
They give you a transfer number
and account number and they can just transfer you money inside of Wise.
From there you can keep it there or you can send it out to your bank account.
There's a lot of benefits for using Wise
and we're going to talk about those in this video.
Let's go jump over to the site before we
actually jump into my dashboard and show you that I actually use this a lot.
So let's jump over to my desktop.
Before we even jump into all the information about Wise,
I actually want to show you that it's a system that I actually use because one
of the main things to know is if it's actually useful.
Let me show you that I've made several transfers in the lifetime of my account
and I would just show you transfers of $753, $200, $748, $838.
There's a lot of transfers that I've made, $1,000.
Several ones, $100 USD, $200, almost $1,000, several ones, 100 USD, 200,
almost a 1,000, almost a 1,000, almost a 1,000.
Those are transfers that I've made to VA's partners.
I've even paid hotels from here with direct transfer to them.
And all these I've paid in USD.
I paid this one in Rupes.
So this one was a bank account in India, so I transferred them rubies.
So I can do that really easily with Transferwise directly to their bank
account or to their bank or Transferwise account.
Now, let's go into some information about Wise and just want to give you a heads up.
I'm going to send you out an invite link.
And if you guys use that with a certain
amount, you get some cash and I get some cash.
So we both benefit and that's if you want to use it.
If you just want to go straight to Wise, it's up to you.
But if you want to benefit, both of us, then use my link.
Okay, Wise, there's a lot of information out there and I will leave this link right
here where you'll be getting topics like what is Wise, how safe is it to use.
And like you've seen before, I've used it a lot.
I have friends who store thousands
of dollars inside of Wise and they use it without any problem.
So it's safe to use and there's a lot
of benefits to it with the exchange rates that you get with Transferwise.
Now, something really important here that people are going to be asking
is what happens if I open one of Transferwise account?
Will my country tax be noticed of this?
Will they tell Transferwise how much I've
been transferring, how much I've been using?
And the short question is, no, not right now.
So you'll see that right here,
and I'll leave that link right here because it's information.
For example, at this time,
we are not reporting this information to HMRC or any other tax authority.
So that money there is like, basically you're not paying taxes for it
unless you actually tell your country that I'm actually using that money.
That's just information that I want to throw out there.
I know some people will be interested about that.
They're not reporting taxes to that.
Okay, so benefits, like I said before, one is the thing that you can transfer
money and you get a really good exchange rate.
Let me show you how that works, okay?
If I want to send out money,
the first thing that is going to ask me, what type of coin do I want to use?
So I'll just use an outside of Wise.
I can use my balance from there.
And I'll just say, what am I going to use? Debit card, credit card.
You'll see the fees right here for those type of transactions.
And I'll use Debit card, which is the cheapest.
And if I wanted to send out Rupes,
for example, the recipient needs to get 50,000 Rupes.
So it's going to tell me how much I'm going to pay for fee,
how much the exchange, and everything's going to be,
how much it's going to cost me, and how much they're going to receive.
And I can switch the coin right here,
the type of money that I want to use, and it'll give me the exchange rate so I
can analyze and see if it's worth it for me.
That's one of the benefits, all right?
Getting a better fee than what you would
get, for example, with PayPal, with Stripe, or with any other one.
So you get really good fees there.
The second thing that you have is
that this goes straight to their bank account or to their Transferwise account.
That saves you a lot of time if you want
to transfer money to your family or to other business people or partners
because instead of using, for example, Western Union,
it's a big hassle for the person to use their ID, go to some place where they give
you the money for Western Union, and basically it's a lot of work.
This way you transfer directly to their bank account.
Let's just say I'm going to transfer money to my father.
That's in another country.
It's going to go straight to their bank account.
They're going to use their debit card like
they would all the time without giving them any single problem.
This is really cool that you can use that straight to their bank account.
Now we're talking about two benefits.
Third benefit, let's go back.
Third benefit, depending on the country
that you're in, you can ask for a debit card.
I'm in Mexico, it's not available yet, so I'm in the waiting list.
But if you're US, I think Canada and Australia and some
other countries, obviously Europe, you get a debit card.
Basically, you can go shopping anywhere in the world with the balance that you
have inside of Transferwise to go buy stuff.
Basically, you're getting the idea of
several benefits that you can get from that.
Next benefit you have is the balance.
Basically, this is my US account and people can actually transfer me money.
This is my bank account.
I got a bank number, I got a bank account bank address,
I got a rounding number, and I got all the information for people
to transfer me to my US dollar account from here.
And if you guys want to transfer me, that's my bank account.
I can open up another balance, for example, if I want to euros,
all right, this is the bank information if you are going to transfer me euros.
So I can give this to some company that's
going to be transferring me money and it's going to go straight
into my Transferwise account and it's going to be kept there.
If I want a later on transfer it to my physical bank, that is possible.
You just transfer it.
You have that connected there.
If it's outside of Europe, I have other information there.
And you can open up different balances that you might need.
For example, if you're using rubies,
British pounds, Australian dollars, and you get the...
Some of them do have the bank account like
you saw right now, and some of them don't have it.
For example, Mexican pesos, that one doesn't have a way to transfer them.
But US euros, and I think other balances,
I think Australian dollars also does have it.
I'm not sure if Hong Kong dollars also have it.
So benefits for using Wise.
And another one is they had this little
thing called open jar, which is just like if you had a physical
jar and you're just putting coins in there and some cash, well, you're saving up.
So you're using it as a little save account there.
So those are benefits for Transferwise.
Now, how hard is it to open up a bank account here on Transferwise?
It's actually pretty easy.
They just ask for a physical ID and an address.
And if you are going to ask for the debit card, it will cost you $9 to get it.
And they will ask for a statement where the address is actually there.
So you give them a copy of something that has the address.
So they actually verify that it's
a physical address and they'll send the card there.
Okay, those are all the benefits.
Things that I dislike about Wwise.
One of the things that I don't like is that it doesn't work like PayPal.
There's no gateway to actually use it.
For example, if I wanted to use it in my website to install a plug in,
install an API key, something like that, they don't have that.
So if you want to make sales on a website, you'd have to use the old fashioned way
where they would select bank transfer, and you would give them those details
and they would have to do the transfer manually.
So there's no way to do a payment gateway that goes straight into your website.
Those are the cons about Wise.
But besides that, basically,
it's really neat to have a virtual bank account where you can store money,
you can send out money in basically all type of...
Not all, type of currency with a good exchange rate.
So a lot of benefits that you can use there.
If you're not using Wise, trust me, go jump into it.
Open up an account.
If you don't want to use it yet, don't use it, but at least check it out.
Check out the exchange rate,
find out the benefits that might work for you, and please ask around.
If you don't believe me, ask around people, Hey, have you used Wise?
Well, ask for Transferwise because this just changed to Wise.
And many people will say, Hey, you know what?
I've been using it for years.
I've been using it a lot.
I've been storing a lot of money there.
And basically, no problems.
Ask around, check it out, jump into it.
And again, like I said, if you guys want to use the link that's
going to be in the description, it both gives us benefits if you use that.
And that's just optional.
Well, that is Transferwise.
You guys saw it for yourself.
That's it for something I use.
There's a lot of benefits that you might be using it for.
So there you go. All right.
I thank you guys for watching.
If you guys like this video,
do consider subscribing, liking and commenting what you think about it.
My name is George. This is Sass Master.
And I'll see you guys later.