Hey there my name's James and in this video I'll show you how to convert currency quickly and
easily using Transfer Wise so let's begin
First we need to head into our Transfer Wise accounts if you need to set one up then i'd be very grateful
if you used my affiliate link down in the description it won't cost you a thing because creating an account is free
and you'll help me earn a small commission anyway I've already got an account so I'm going to type my email,
my password, click login, enter my two-factor security code and boom here we are
you're looking at my personal Transfer Wise homepage this is a multi-currency account so I'm able to hold cash in CAD, USD, AUD and GBP
which has been very handy since i live in Canada,
I earn some income in USD, I used to live in Australia
and I'm British in this video we're going to convert some GBP into AUD
what we're going to do is send the pounds out of my UK bank account to Transfer Wise where
they'll be converted into Australian Dollars and deposited in my Australian bank account
we're sending money so we need to click on this big green button up here now we've got to tell
Transfer Wise where we want to send the money from we want to send it from my UK bank account so we'll
click on an account outside Transfer Wise and here's where we break down the transaction
don't worry they make it very simple
we want to convert some British Pound Sterling into Aussie Dollars mate
how much? let's say that we want to convert my GBP into 1,000 AUD exactly
how do we do that? we could make a couple of guesses and get pretty close
or in this box at the bottom we could say the recipient is going to get exactly 1,000 Aussie Dollars
that way we can let TransferWise do the hard work for us
if we send 566.73 GBP Transfer Wise will deduct their fee of 2.25 GBP
which leaves us with 564.48 GBP TransferWise will convert this number at an FX rate of 1.77153
into 1,000 Australian Dollars which will be deposited into my Australian bank account
hang on! 2.25 GBP I've paid more to use ATMs
How is Transfer Wise so cheap?
TransferWise holds massive pools of currency in their own bank accounts in different countries all over the world
so if we drop some of my GBP into their British pool
then they'll withdraw the equivalent AUD from their Australian pool
and deposit them in my Australian bank account the money never actually crosses a border
which keeps their fees nice and low
we've selected a low cost transfer but there are a couple of other options too
fast and easy and advanced I'll explain what the differences are on the final payment tab
so we'll move on this exchange rate means that for every British Pound we convert
we'll get back 1.772 Australian Dollars this is the real exchange rate also known as the mid market rate
and i love how transparent they are about this because i'm so used to currency exchanges
and banks being sneaky they tell you that the transaction is free
but they manipulate the buy and sell rates to make sure that we pay more or receive less
here we can see how the real exchange rate has changed over the past month, week or 48 hours
there's also an option to track the exchange rate but it is what it is so I won't be doing that
we can even check the rate against Google right now, 1 GBP is 1.77 AUD
happy days now this is interesting we can compare Transfer Wise's fee
against other providers and what did i say?
if someone says that they'll convert your money for free then they're probably hiding their fees in the exchange rate
using Transfer Wise we're going to save between 23 to 60 dollars on this transaction
and our money should arrive quicker so let's exit out of this and click continue
who are we sending the money to? myself
this is where we enter the bank details for the destination account we're sending money to my
Australian bank account so i'll have to enter my BSB and account number
if we were sending money to a British, an American or a Canadian bank account
then these details would be slightly different
wherever it's going log into your account
I use Citibank in Australia and copy over the bank details
so we'll copy and paste my BSB and account number all done we can click confirm
on this tab we can review the transfer details and add a reference we're going to send 566.60 GBP
out of my uk bank account then we'll get charged that 2.25 GBP fee
and the remainder is getting converted at the real exchange rate into 1,000 Australian dollars
which should arrive in my Australian bank account in the next five hours
we can check over those bank details again everything looks good
there's also an option to schedule the transfer we won't do that but we will add a reference
which we should see when the money arrives in my Australian Citibank account
bank transfer because we're going to pay by bank transfer
great confirm and continue on the pay tab we've got another chance to change the transfer type
at the moment we've selected low cost transfer which means a manual bank transfer
it's the cheapest way to send our money but we could also choose a fast and easy transfer
it costs a little bit more but it's a bit quicker because we can pay using our debit or credit card
I'll show you how that works as well in a sec finally we could pick advanced transfer which
costs the most and takes the longest but honestly I've never picked this one before
usually I just go for low cost transfer if we pay now then I should receive my 1,000 Australian dollars
in my Citibank account tomorrow so let's continue to payment
we need to pick the bank that we're sending the money from and transfer exactly 566.60 GBP into Transfer Wise's GBP account
in the UK I bank with Nationwide so we'll click that yes i'm sending the money from my own account
how will we make the bank transfer? I like to use Online Banking
and we've got a reminder that Transfer Wise needs to receive the full amount by 1am tomorrow
no problem we can click here to get our instructions
these are Transfer Wise's British bank details this is where we're sending our pounds to
so let's open up my Nationwide account and make a payment TransferWise is a business so I'm going to choose a business account
the business name is the same as the payee name Transfer Wise
so we'll copy and paste it we can type in their UK sort code and account number
and now for the reference this is very important because Transfer Wise will see it as the description
when they receive our money so we can help them match our payment to our transaction
we've entered all of the payment details so we can hit continue how much are we paying?
we need to send 566.60 GBP continue again
and that's it we're done at our end
so we can head back and let Transfer Wise know that we've made the bank transfer
nice one
we can sit back and track it on the home page but let's spice things up with a little race
we'll do a fast and easy debit card transfer and we'll see which arrives first
send money
an account outside Transfer Wise and we'll do the same transaction
so the recipient gets 1,000 Australian dollars continue
Transfer Wise has remembered my Australian Citibank details so we don't have to enter those again
we'll review the details and we'll change the reference to debit card
and confirm and continue this time we're doing a fast and easy transfer
so we'll change the payment type to debit card as you can see that increases our fees slightly
continue to payment you know the drill
card number, expiry date, security code, pay and we're off!
which will arrive first? we can click this box to track the transfer
all we need to do now is wait so...
i'll see you tomorrow
I can sleep easy knowing that Transfer Wise is regulated in every country they operate in
you can find a link to the full list in the description
morning, morning let's see how it went shall we? on my Transfer Wise homepage
I can see that they received my pounds and sent out my Aussie dollars yesterday good good
I also got two emails confirming that they received both of the payments and another two saying that my Aussie dollars
are on their way now for the moment of truth...
here's my Australian Citibank account and we can see both cash receipts
1,000 Australian dollars which we did by bank transfer and 1,000 Australian dollars which we paid using a debit card
surprisingly our low cost bank transfer arrived before the fast and easy debit card one
so i guess there's not much in it go with whatever works for you