TransferWise Money Transfer Service
This money transfer company relies on a peer to peer system rather than conventional international money transfer practices meaning the cost of transferring funds can be significantly cheaper than using traditional banks. Read the full in depth TransferWise money transfer review here to find out more about this leading money transfer company.
As an instance, if a person wanted to convert Pound Sterling into Euros, then TransferWise looks for additional TransferWise users that wish to move Euro currency to Sterling, and then pays out cash from their accounts in the other destination accounts, thus making the trade between two accounts utilizing Euros and removing the need to move money globally.
In the United Kingdom , TransferWise searchers for accounts wanting to move money internationally and likewise for other countries residents transferring money.
TransferWise pricing is transparent, the foreign exchange rate is that the genuine one matches with the money flows in the real mid-market exchange rate, meaning that the prices are clearly displayed when creating any trade. Doing things this way means clients can eliminate traditional banking fees entirely and cash is not wasted either on high fees and exchange rates that are normally charged by the banks.
To sign up, simply visit the TransferWise website here.
As soon as your account is verified, just enter your and the recipient’s details and the amount you need to send overseas. You may then either fill on your debit card information or send the cash to TransferWise from your bank account which will you can do online.
The sender is advised by means of a confirmation email once the transfer amount is received by TransferWise and another email is sent when it has been successfully paid to the receiver.
Nearly all transfers require just 24 hours to process, with lots of transactions completing in minutes which is very reassuring.
Transfers can be monitored through the award winning mobile apps and also the TransferWise website from anywhere.
TransferWise currently operates in over 40 countries around the globe, having the ability to send and receive cash in 22 foreign currencies and having the ability to send out but not receive money in 27 other currencies, nevertheless they’re continuously expanding their money system.
TransferWise Fees Comparison
All of TransferWise prices are revealed upfront before any trades are finalised which is vital if you are to compare international money transfer competitors rates.
A tiny flat fee is charged for every transaction, and a proportion of the amount converted.
Fees and proportions vary according to the destination, however, these can be ascertained with the help TransferWise website free online calculator which is extremely valuable if you want to compare exchange rates between Worldremit and TransferWise.
As an example , if you would like to move £2,000 into a Euro account, then you’ll be charged 0.035% in addition to a flat fee of £0.80p.
TransferWise Pros and Cons
TransferWise Pros
- Really safe and protected
- Employs a real-time Current exchange rate
- Very cost effective
- Works for big or smallish transfers
- User friendly and Simple to Use
- Accurate and timely
- High daily transfer limits
TransferWise Cons
- Lacks a wide range of foreign exchange currencies
- Transfers are only made to a bank account , no option available for cash pickups or mobile money
- Some documentation needed to sign until the support to satisfy regulatory requirements
- Money transfers can sometimes be unavoidably delayed
Click here to sign up to TransferWise today.
WorldRemit Money Transfer Service
By remaining mobile, WorldRemit eliminates costs that could otherwise be incurred by clients and has a service is currently available to those sending money internationally in over 50 countries. Money transfers can be delivered to banks accounts or as airtime, cash to mobile wallets or as bank deposits. The net result is that transferring funds is fast and easy.
If you intend to use this money transfer provider, the initial step is to select the country where you’d like to send cash, followed by the way you want to have that cash to be transferred eg as cash or mobile money, bank deposit etc.
As soon as you enter the quantity you would like to send and in what format, the charges and exchange rates — and an estimated delivery period — are clearly exhibited.
Choose to pay by bank accounts or debit or credit card.
As soon as you have checked all of your details and clicked the send command, your funds will be immediately sent to the recipients account.
Whenever the transaction is done, the sender and the receiver will be alerted using an SMS and email.
WorldRemit Fees Comparison
While employing the WorldRemit money transfer service, fees and exchange rates are ultimately determined by the destination country you select as the examples below will show;
If you are sending cash to Spain from the UK as a bank deposit, a flat charge of £2.99 is incurred for any specified amount. Compare WorldRemit if you send money abroad as a cash pick up to Thailand eg £20, the flat charge is £3.99.
Its worth noting that all foreign exchange rates and fees are 100% transparent and visible meaning there is no nasty hidden surprises after you have committed to the transaction.
WorldRemit Pros and Cons
WorldRemit Pros
- Convenient, Simple to Use support
- Lower fees
- Good mobile user experience
- Great rates of currency exchange
- Safe and Secure
- Cash is delivered fast
- Service is available across a wide selection of countries around the world
- Exchange rates and fees are revealed upfront
- Funds can be sent to not just bank accounts, but to mobile wallets etc
WorldRemit Cons
- Particular transfers such as bank transfers are not instantaneous
- Be aware that the ability to send money in different formats eg bank account, mobile wallet, bank deposit etc is not available in every country.
Summary
WorldRemit has better international coverage, especially for more developing nations, yet TransferWise limits on the daily amounts you can transfer money overseas is less restricted.
Also, while WorldRemit charges lower prices for every trade, the midmarket rates that are offered are generally lower compared to the TransferWise, frequently finally leading to lower charges.
WorldRemit provides a larger selection of delivery formats eg bank account , bank deposit and mobile wallet when it comes to sending money abroad although how many depends on the country you are transacting with. However, do compare WorldRemit vs TransferWise in respect of possibly higher fees if it’s a low transfer amount.
As we have seen, there are WorldRemit vs TransferWise pros and cons to both in respect of international money transfers which means those requiring more transfer methods to send money often use WorldRemit whereas with TransferWise it could be could argued is easy to use, has more support and is cheaper to send larger amounts of money especially if you compare to banks or money transfer companies such as Western Union.