If you’re like me and hold your capital in several currencies, you buy and sell cryptocurrencies on various exchanges and need to have various fiat currencies (GBP, EUR, USD mainly), you need a way to move money between these accounts. And you need to be able to open these accounts without the hassle of a bank. That’s where TransferWise comes into play. It offers
one of the cheapest ways to move money between countries and it gives you the option to open international currency accounts – borderless accounts in a few clicks.
I have been using TransferWise for over a year now and each time they prove it’s worth it. Before I had to go through a complex login process in my bank (or call and ask for the transfer over the phone, remember my long forgotten mobile password, pay a fee). Now I login into Transferwise, choose how much, to where (it stores your previous recipients), confirm the exchange – pay a much smaller fee and off you go – all done within a minute.
Key benefits of TransferWise:
- low fee – much lower than PayPal (which I used as a workaround to move money from UK to other countries) or banks
- much better exchange rate – 8x cheaper compared to many bankswhich is about and I can confirm that. With a bank, you may or may not pay a fee, but you also get a much worse exchange rate. So if you send 1000 GBP you get less EUR for it, usually at least 5-10 EUR less. With TransferWise you get a much better exchange rate
- much better user interface – all is simple, a few clicks and you’re done
- transparency – you see all fees you will pay. You can verify the exchange rate on Google at the moment of sending. They even let you know if you’re better off using another service if that rate is better (maybe they are running a promotion or there’s a hidden cost elsewhere allowing the low exchange rate).
- borderless accounts – need a GBP account? or USD? A few clicks and you have it. Your own IBAN in chosen currency in minutes
- good support – I have called in a few times with changes to my account (registered twice, needed to merge two accounts and it was a very good experience)
All this is confirmed by 40,700 reviews and Excellent 5/5 star rating on Trustpilot.
(affiliate link – if you register through the links on this page, I will get a reward. This doesn’t change the fact I like this service regardless, it’s just a nice bonus 🙂
Yep, I’ve been testing Revolut and Circle. Both seem to have some benefits on top of TransferWise, but also some disadvantages / limitations. Stay tuned – subscribe at the bottom of this page – for their reviews.
Here’s a quick introduction video from their website: