It is impossible to deny that one of the most important technologies available on the market today is the use of financial value transference, along with online payment methods. Without these two remarkable tools, much of the market that we know today would simply not exist. With more and more digital tools available, Transferwise brings a new concept to the market, offering a very efficient online money transfer service.
HOW DOES IT WORK?
Providing an effective and user-friendly online service, Transferwise is an online money transfer company. The company has already been nicknamed affectionately by users as “money transfer Skype”, due to the company’s fast and efficient work ethic. With the rise of the globalized world, more and more people are traveling to increasingly distant places, whether for tourism or for doing business, which makes the demand for services in this category somewhat urgent. The platform can be used in almost endless ways, whether it is to send money to the family in their home country, transfer money to an overseas employee, or even pay for the services of a freelancer who is located on the opposite side of the globe. All of this is made possible by the company, which has among its main concerns to offer a highly efficient service (the faster the money leaves the sender and goes right to the receiver hands, the better).
HATE FEES? THIS IS NOT A PROBLEM HERE (DEFINITELY)
Who has never had to make money transfers via banks or other more traditional transfer services, and has been the victim of absurd fees? Unfortunately, this is more common than you might think. Generally, many are even afraid to make money transfers, either to the same country or overseas, fearing fees and taxes, that sometimes can even be somewhat abusive. Transferwise, this problem does not exist. With exchange rates that fit the customer, users can send their precious money abroad without having any headaches. If we consider the total converted money received by the recipient, transfers made via Transferwise may have their fees considered insignificant, making the process very worthwhile. Rates can vary from 0.4% to 0.25%, depending on the currency you are using and the currency you want to convert the amount you had sent. Today the service has more than 750 money routes, including the main currencies in the world, additionally providing 10 different languages within its platform. It seems that efficiency is not a problem here, right?
THE MORE PEOPLE USE IT, THE MORE PEOPLE LIKE IT:
Let us say a user wants to send money from London (UK) straight to a friend located in New Delhi, India. If he chooses to use a common banking transfer service, fees and taxes will harm him, so he wisely chooses to use Transferwise. On the computer or smartphone screen, he visits the platform and has an excellent customer service, which makes a complex process turn into just a matter of clicks. The service is fast and safe, so he did it. He paid about 0.5% for the service (fee charged for transfers from the UK to India), saved time and money, in addition to having a new highly valuable tool that he can use anytime he needs again. Another remarkable difference here is process transparency. The user has access to everything, including the company showing in advance how much money will be sent, corrected even with decimals – without losing a penny here and there in the process, as it usually happens in ordinary banking services.
WHO IS BEHIND THE IDEA:
The company was founded back in 2011, by Estonians Taavet Hinrikus and Kristo Käärmann. Based in London, the idea is backed by famous entrepreneur Sir Richard Branson. With more than 1900 employees and a net profit of $8 million, Transferwise has the best cost-benefit in the industry, ahead of giants like Western Union and Money Gram.
Even if you already use a more traditional service or do not plan on using Transferwise in the long run, it will be particularly good to take a chance on the platform. They offer good mid-market rates and transparent low-fee charges. If you want to save money and have an exceptionally reliable service, don’t waste time just reading. Do it yourself. Test the platform, do the calculations, and compare it with any transfer service you have already used. The surprise is the most common reaction (sometimes the only possible reaction).