We're going to look at how to send money overseas using TransferWise.
We'll look at what you need to know about
Transferwise as a company, what you need to make an international money
transfer with them. And take you through the steps of setting up an account with
TransferWise and then sending your money. If you can stay around for the whole video
we'll share our number one tip for using TransferWise to send money overseas.
TransferWise recently launched in Australia after having success throughout Europe.
They're an extremely secure way to transfer your money overseas as they have an Australian Financial
Services license and are regulated by the Australian Securities and Investment Commission.
Here are four things you need to know about TransferWise they offer you the interbank rate.
So that's the rate that you'd find on google or XE when you make a transfer with them.
They then charge a percentage based fee.
Their website is really user friendly, and it's very easy to get an obligation-free quote, directly from the home page.
Their phone support isn't as readily available as they're based in the UK. If you're making transfers
elsewhere in the world, the support often isn't local.
Finally, transfers can't be made instantaneously.
So make sure you allow yourself a little bit of time for your transfer to go through.
Now that we know a bit more about TransferWise,
let's have a look at exactly what you need to make an international money transfer with them.
You need ID. Have a couple of forms with you just in case. You won't need this for all transfers with
TransferWise though. Make sure you have your payment details ready.
TransferWise does accept credit card or bank transfer.
So either way make sure you have the details ready to go. The funds need to be in your account ready as well.
TransferWise can't make your transfer until you have paid them
and the funds need to be cleared for this to happen.
Finally, as we said the transfer cannot be completed instantaneously.
So make sure you're organizing the transfer a few days before it needs to be in your recipients account.
When it comes to setting up your account with TransferWise,
the setup and the transfer all happen in one process.
We're going to show you how to do that as well as showing you how to upload
identification and proof of address if need be.
To start head to the TransferWise website.
One of the great things about the TransferWise website
is that you can get a quote straight away of what the transfer is going to cost.
This includes an estimate of the fee TransferWise will charge. If you're happy with the quote you can select "get
started" or head to the top right corner and select "sign up".
Now, you'll begin setting up your account. Provide your email address and create a password.
Try and make this password complicated and unique to any other passwords that you use.
Before you have to provide any more personal details,
TransferWise will ask you about the details of your transfer.
That is the currencies you're transferring between and the amount you're sending.
Now you'll provide some details about the nature of the account this means letting TransferWise know
if it's for personal or business purposes.
This is where you will provide your personal details this includes your name and date of birth
and residential address.
Depending on the type of transfers, you'll be doing you may need to upload identification and
proof of address later.
So make sure you fill in these details as accurately as possible.
Now you'll be asked about the recipient of your transfer. This could be another person,
your international account, or a business or charity.
When you have made your selection you will need to fill in the details of the recipient.
That is their bank account details and in this case a routing number as the transfer is for the US.
Once that is complete TransferWise will summarize the order for you.
This will confirm the amount you are sending and how much your recipient will receive.
They will also lock in the rate you see on this page for 48 hours.
Once you've confirmed all of those details. You'll choose how you'll pay for the transfer.
You can do an internet payment, bank transfer and for transfers under $3500AUD,
you can pay by a credit card. You'll make your payment, confirm the order one more time and
TransferWise will make the transfer.
Now this is what the account page looks like each time you log into TransferWise.
Here you'll be able to see your current and past transfers.
There are some instances where you'll need to upload
identification and proof of address. So let's have a look at how to do that.
This is the verification page. For some transfers you won't need to verify your account.
But if you're transferring more than €15,000, you will. This means uploading some photo identification
and recent proof of address.
And that is how you make an international money transfer with TransferWise.
If you have any more questions about the process just leave them in the comments below.
So what's our number one tip for making transfers with TransferWise?
Well, it's all about their fee.
See TransferWise already give you the interbank rate, that literally can't be beaten. But unlike other providers
they charge a percentage based fee. Which is fine if you're transferring up to say about
$2,000 but if you're making a large transfer, this can really add up.
Our tip is that if you're transferring more than $2,000 make sure you compare the rates and fees.
They could still be the cheapest option, but it's hard to say if you're
comparing exchange rates by themselves or fees by themselves
Also keep in mind that
TransferWise dropped the percentage they charge for certain transfers.
For example in Australia if you're transferring more than $10,000 the fee drops from 0.7% to 0.5%.
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