You want to transfer money overseas but not sure what your best course of action
is. So what do you do? Well you check out your options and between comparing
different rates between different banks and looking up different transfer
services you come across a particularly well reviewed service called TransferWise.
So what is it that makes this service so appealing? Well throughout the
remainder of this video The Currency Shop is going to give you an unbiased
review of exactly what it is that makes TransferWise stand apart from similar
services and whether or not it stands up to its glowing reputation.
I've transferred money with other companies but I wasn't happy with their outcomes
and how it worked and then when I came across the transfer wires and Instagram
I was like oh I'll check it out and I read the reviews and I was pretty much
easy. Just under two years a friend of mine recommended me I was slightly unsure
about you know what it is and how to do it
In the past I use different organisations to transfer money but I
wasn't really happy it was bit difficult and I've been one at that hassle again
so I searched in the internet when I put transfer, it comes up as TransferWise so I said I'll give it a go.
TransferWise is a business that was set up back in 2011 as a cheaper alternative
for transferring money overseas. In this review we'll show you exactly how to
transfer with TransferWise, we'll evaluate the ease of use, the exchange rates
offered, how safe it is to transfer and what fees TransferWise will charge you
for using its service, all from the perspective of actual customers.
I remember it was easy, kind of same as PayPal or some of the other ones.
Very user friendly straightforward. I'm one of those people
I'm gonna end up you know 10 15 pages I just give up and leave this site.
I think the app itself is a lot more easier as well it's got its got
fingerprint scanning if you've got that enabled on your phone to login.
Websites quite direct as well. I use the app which is really really great it's straightforward.
After discussing the ease and functionality of using
TransferWise with our guests, we decided to take a more hands-on approach and set
up an account ourselves. Once on the TransferWise homepage, click register to
begin setting up your account. From there you'll have the option of either a
personal or business account depending on how you intend to use the service.
After completing your personal profile, you will need to indicate which currency
will be used most. Now we're ready to transfer. As you can see rates are
clearly displayed as well as an estimate of when the recipient should receive their
funds. TransferWise also lets you compare with other transferring services
giving you peace of mind before you send your money overseas.
Seems straightforward enough. Now if I was going too quickly or you want a more
detailed explanation of how to set up a TransferWise account to use their
services, just click the link down below.
I think ease of sending money the exchange rate, the global exchange rates.
Look I basically I almost the first time I used it I basically compared what I send on a
normal payment say with PayPal and I just went what is the person on the
other end what did they get? So I used the Australian dollars I said I want to
pay say $400 and then I you know a week apart from the last payment I just
compared it to what what did the person I was saying the money to get at the end
of it and it was more than what I sent so I said that's what I'm going to use
I found them cheaper than the other organisation I use and as soon I put the amount it's
just showing how much I'm paying so it was transparent enough for me.
Really easy to understand and I was like I was worried it's gonna be hard as well and I
was just like am I gonna go through what I went through with the other company
but then when I went straight into the app and the fact that I could do it on
the application as well was great and then it was like from the get-go
straight to the end it was amazing. You don't have to transfer the money you can
just see what the exchange rate is let's say if I'm transferring a thousand dollars
they'll tell me that the fee would be around $15 and this what the exchange
rate is and this is what you'd get right at the end. It works really well in the
sense that it tells you exactly what the fees are and what what you'll be paying
as well. So now we have a basic understanding of how TransferWise
operates as a service and we can see they have a pretty transparent fee
structure. They give you the wholesale rate like you see on Google or XE com
TransferWise charges you a small percentage for transferring. What they
charged usually depends on where you're sending the money from and where it is
going. The fee is easy to find out though by getting a quote directly at their
homepage but now we're going to find out exactly how safe it is to transfer your
money. It's stressful to send money overseas but then yet again
you're gonna have to eventually send it so you need to trust the company that
other people talk great about. And one more which is really relevant to Russia
as an example is because it's not an international transfer as in like an
like a wire transfer it means that the money's safe because it comes from a
local account to a local account. TransferWise is obliged by law to keep their
customers money safe. Money that you store in their borderless accounts are
kept in separate low-risk bank accounts which are held by their partner banks
and if that wasn't enough TransferWise also boasts over 60,000 positive reviews
on trustpilot so safety doesn't seem to be an issue, but what about
versatility? What other concepts is TransferWise offer other than
transferring funds overseas? Look, I love the idea of having a debit card I think
I travel quite a bit I've gotta go to Moscow going to the US you know every
sort of 3-4 weeks yeah I've got staff in multiple countries so being able to have
like a borderless card so I don't want to carry cash with me and I'd you know
but I I hate using the bank card because you just get such high fees that when
you come back it's a real shock when you go through a statement you know after
your trip. Once again two very interesting and beneficial products that
are on offer here. If you're keen to learn more about setting up a borderless
account or using the sites debit card features then look no further than our
in-depth videos linked below. Now we know what features TransferWise offers and
how it operates as a service, we are going to take a look at what some of the
reasons are that users are attracted to this service instead of its competitors
like OFX or Revolut. Very quick it was great like I didn't feel stressed
about it. Very easy to use yet fast, so it's the combination of the two
It was very user friendly and it kept me
going that's from the beginning it kept me going. Having that like fear can
make it hard as well transferring money overseas but then when you have
something like TransferWise, the way it goes from the get-go it's for you know
how it's like easygoing and everything, that stress that starts to go away. When
I had a look at TransferWise, the fees was pretty low, the exchange rate was good
and that's what the online reviews said as well. It seems TransferWise is really
living up to the hype. In summary TransferWise seems to have a
fantastic and easy user interface. It provides safe and speedy international
transfer using the wholesale transfer exchange that we talked about earlier in
the video. It also has an easy-to-understand payment structure
that doesn't seem to have any hidden fees but despite all the gleaming
reviews from its user base this international money transfer service is
not without fault so we asked our guests that they had any suggestions or
feedback for the TransferWise team. Because I have regular payments I'd love
to just schedule payments so I don't have to go in and actually do it
manually every time. The fees could be reduced a little bit there recently got
a dollar they got a dollar per transfer added to
Poli payments so if that could be reduced that's that's what it's
pretty good. I also have a use HubSpot CRM so I've got a live chat so it
actually pops up you know and my guys in Philippines type with the person back
and forth. When I finished with transfer and I want to find out
more about the organizations and the questions in my head I think there wasn't
a direct link where can I find my questions or you know if
frequently asked questions like things like that. Minor suggestions but suggestions
all the same. So in terms of rating TransferWise as a service the final
verdict. I think I would give TransferWise on a scale of one to ten - nine
Literally ten out of ten. I'll rate them nine. I'm pretty much a
raving sort of customer so I probably give it a ten. Yeah I'm really happy