TransferWise is a peer-to-peer money transfer service having its headquarters in London, UK. Launched in 2011, it helping its customers save money by offering cheaper alternatives to transfer their money abroad as compared to banks. TransferWise currently supports many prominent currencies and is continuously extending its services to other currencies.
London, UK -- (SBWIRE) -- 02/25/2015 -- Born out of disgust against hefty fees charged by commercial banks in exchange of their services to transfer money overseas to other currency denominations, TransferWise has always emphasized on transparency of services and fees. The service charges a flat fee of €1 or 0.5% (whichever is higher). The TransferWise rates have no hidden fees associated with them and also the services support the real mid-market exchange rates, which is the mid-point between the BUY and SELL rates on the global currency markets.
TransferWise uses peer-to-peer business model in which money send by user to some other country is rather swapped by the money received by some other person in the same country. Hence the money never actually leaves the source country. The London based company has recently raised $58 million in a series C funding from the venture capitalist Andreessen Horowitz and have attracted other eminent investors including Richard Branson and Peter Theil.
The company which started its services trading sterling and euros, has extended its support to 25 currencies out of which 8 currencies are on 'send only' basis. The latest entrant to the list are USD, CAD, NGN, BRL, MYR and PHP. TransferWise now offers 322 currency routes, between major currencies U.S dollar, Indian rupee, Japanese Yen, Singapore Dollar and else. With recent additions, the company has now made its reach to six out of seven continents (excepting Antarctica). The company claims to have transferred over £3 billion of customer's money throughout the globe and saved their £135 million.
How it works?
Transferring money using TransferWise is easy. It just takes a number of easy steps to transfer money to serviceable areas.
You need to enter the details of how much money you want to transfer and the beneficiary's currency and other details.
Next you need to transfer money to TransferWise to facilitate transfer of money to the beneficiary. TransferWise supports multiple payment options including bank transfers, 3D secure debit card payment and SOFORT.
TransferWise converts your money at the mid-market rate and matches you with people sending in the other direction. That's why it costs so little.
The converted money is transferred to the target bank account. Both the remitter and beneficiary are informed about the transfer through mails.
TransferWise is safe and has been approved by UK's Financial Conduct Authority (FCA) as a fully authorized payments institution. Further the company has license from UK's Revenue and Customs anti-money laundering division for its legitimate business model. The company respects customer's privacy and data does not indulges in acts of data sharing with any of the third parties.
TransferWise has already earned a reputation of an honest and reliable financial service and you could find many positive TransferWise reviews and feedbacks about the service from past customers. Hence, TransferWise provides you quick, reliable, secure and affordable money transfer services with no hidden fees associated with it.
About Grove Bank Online
Grove Bank Online is an independent financial companies review website. Our mission is to help people find financial services that are the most suitable for their needs. Visit our website to learn more about how to save money on international transfers.
Grove Bank Online
32 Warrington Crescent