Transferwise Reviews 2021: Send Money Abroad Service or What?

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transferwise

Technology has made things so easy for you and I that we no longer have to worry about sending money abroad. TransferWise has a smart system that makes it easy for customers to avoid traditional bank charges while trying to send money abroad and the best option.

This send money abroad service makes bank transfer more affordable and their conversion rate are at the true mid-market exchange rate.

Take a walk through the table of contents below to get an overview.

What is TransferWise?

According to Wikipedia, TransferWise is a London-based online money transfer service founded in January 2011. It supports over 750 currency routes across the world.

The idea behind its formation was to match transfers with other people and then, have a small commission without having to use the normal buy and sell rates in which a broker takes the difference.

Therefore, TransferWise offers you better, cheaper, and a fair system to move money abroad. They have millions of customers and their yearly transactions run into billions.

Related: How Do Credit Card Companies Make Money|Full Business Model

How does it Work?

Apparently, TransferWise is the way to go with moving funds anywhere around in the world and, you know what? The process is seamless!

Interestingly, the person whom you’re transferring the funds to do not need to use a TransferWise account before it can deliver the money to them.

How to Set up TransferWise on Your Device

You can only send money abroad using TransferWise if you have an account with them. Where you do not have one, you may have to create one.

The following are how you can create an online account with TransferWise.

  • Head to the sign-up page
  • Create an account using your email address
  • Also, create a strong and unique password
  • You can sign up using your Google or Facebook account
  • Once the sign-up process is complete, check your email for verification
  • Follow the instructions in the mail
  • Viola! you are all set to make a transfer.

One may also want to enquire how safe it is to use TransferWise. We bring you the wonderful message that just every other large bank verifies its users to protect them against fraud and money laundering, so does TransferWise.

Also, it is fully regulated by the Financial Conduct Authority.

See: 7 Easy Steps On How To Change Banks Without Stress | Full Guide

Sending Money with TransferWise

Here’s all you need to do:

  • Send digital copies of your ID for verification
  • Send the bank details of your recipient
  • Double-check the summary TransferWise and click on the ‘confirm‘ button
  • Pay for the money transfer and track the fund transfer

How Long Does TransferWise take to Transfer Funds?

It takes anything from a few minutes to a few working days. A lot of factors can contribute to the delay in receiving funds such as bank differences and your method of payment.

If your transfer was quick and your bank processes money fast, you have nothing to worry about the timing.

TransferWise Reviews

Depending on reviews just to know how TransferWise works and how safe it is to use isn’t wrong but, I tell you that exploring this app is worthwhile.

Nine out of ten reviews described it as ‘topnotch‘ and we will add a few reviews to this article to clear your doubt.

#1

‘I’ve used it a few times now to move money, and it has been done fast and securely. Saved me an enormous amount that I would have otherwise lost to currency exchange fees and poor conversion rates from banks – saving money is earning money! The customer service has been excellent, they give quick and helpful replies.

#2

‘I have carried out 18 transfers with this company now and I am very pleased with every single transaction. Their rates are very fair and I did a trail send with TransferWise. It had my funds from the United States in my Lloyd’s account the same day. If you want your funds sent securely and quick, you won’t get better.

Customer Support Details

TransferWise has an available live chat support and you can also reach them on +18889083833 or email them at: support@transferwise.com.

Final Thoughts

It is a noble thing to stand out among your competitors. Although few users have negative review about TransferWise, it scores very well with a score of 4.6 out of 5.

Regardless of your inclination in the international waters, try sending money using TransferWise and confirm that is not a scam.

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