Review of TransferWise
TransferWise is a UK based company providing remittance service since 2011. The company is headquartered in London and offices established in various other destination including USA and Estonia. It offers a streamlined and cost-effective solution to online money transfer across the globe. Individuals and small businesses can conveniently take help of this transparent money transfer option with real-exchange rates under a secured environment.
This smart technology uses P2P (peer to peer) service. Under this scenario, the company personnel works to create a networking platform between all those people who want to transfer currency for money transfer and people who want to accept a different currency in their currency.
How TransferWise Works?
The TransferWise process works in a systematic and streamlined manner. The process is as follows:
- Sign Up: The first step is the sign-up process wherein you need to create an account by registering yourself through the website or your Google+ or Facebook account.
- Mobile and Email Verification: The second step is an authentication process that the company follows to verify your authenticity by sending a security code to your mobile and email.
- 3. Decide the Transfer Amount: The third step is the actual transfer wherein you have to decide the amount of money transfer. The transfer rate the company offers stays the same for the next 24 to 48 hours.
- Mention the Person to Whom You Want to Make the Transfer: The fourth step is to mention the name of the person whom you aspire to transfer money. Then enter the bank details or the payment option where you have to transfer the money.
- Verify Identity: This is standard practice for all remittance service providers. The fifth step is to upload the soft copy of any valid photo ID to verify the identity of the person.
- Make Payment: This is the sixth step to make the payment to whomsoever mentioned and wherever specified following the above steps.
- Track Transfer Progress: The seventh step is to track the progress of your money transfer.
There are various methods and options for transfer by TransferWise. These include:
- Sending Channels: Money sending channels are the website and mobile application of TransferWise.
- Payment Options: There are varied payment options during transfer including bank transfer, debit card, credit card, and Apple Pay.
- Delivery Options: The delivery option is restricted to bank accounts overseas. However, in some locations, there is an option of cash pickup.
- Transfer Limits: For transfer limits, there are no minimum requirements, but the maximum limit for Americans is $20,000.
Pros and Cons of TransferWise Money Transfer Services
- TransferWise is very affordable as a money transfer option
- There is transparency of fees and exchange rates
- The process works conveniently, efficiently, and quickly
- The transfer is made using real exchange rates that is mid-market
- Cost of all transactions are transparent
- It takes about 24 hours for payments to be delivered
- You even have the option to arrange your money transfer for personal convenience
- Customer care restricted to online connection
- There is a restriction to large transfers