TransferWise - Send money abroad without hidden & excessive bank fees 💷 🔁 💶

@malaparte pretty sure they have a bank account in every country with a large amount of cash in it. They pay people in those countries from the account in that country which doesn't incur any charges. They then transfer large amounts between their bank accounts to spread the funds and don't pay very much in the way of fees in relation to how much cash they are moving.

As the person at the receiving end, Transferwise blew me away with how fast they're able to deliver the money to my bank account. Before using this, it's always been Paypal. I'm crossing my fingers the service maintains its speed, performance, and reliability.

We love Transferwise. It makes it easy to pay our partner in the UK. The fees are lower and once you set someone up, you just click to send again. Only wish is that they add the ability to schedule payments ahead of time.

Pros:

Simple easy way to transfer money overseas. Lower fees.

Cons:

Can't schedule ahead.

5 years later... but I just love your first video! Really brilliant! Also, I used your service earlier this year and it was super convenient (and cheap).

Hmm, would love to understand how the transfer is actually performed on the back-end.

pretty sure they have a bank account in every country with a large amount of cash in it. They pay people in those countries from the account in that country which doesn't incur any charges. They then transfer large amounts between their bank accounts to spread the funds and don't pay very much in the way of fees in relation to how much cash they are moving.As the person at the receiving end, Transferwise blew me away with how fast they're able to deliver the money to my bank account. Before using this, it's always been Paypal. I'm crossing my fingers the service maintains its speed, performance, and reliability.

@TransferWise is one of the my favorite FinTech companies today. Great work @taavet @silver86 @nilanp That´s why I wrote this in my blog: https://medium.com/a-data-driven...

Beautiful UI should not matter when it comes to money talks? Wrong!. This app looks good and works good and under the hood, talking about sending money, they have such a refreshing idea that just makes it all so easy but not too easy to make you send in a heartbeat, which is perfect. Love it!

Pros:

Cheap transfer rates.

Simple to use.

Cons:

Might be for security reasons but the app logs you out too often.

I've tried it a few times to transfer money in non-EURO European countries. It works great and the fee is usually cheaper than in my bank. One thing worth noticing: different currencies may have different fees, so it made more sense to me to convert USD->PLN (in my bank) first and then do the PLN->SEK transfer through TransferWise. Going straight for USD->SEK would turn out much more expensive (I'm not yet sure why).