(See “TransferWise vs PayPal” below). Spend on your card … 2.1 You need phone support for signing up or setting up your transfer: Plenty of people aren’t comfortable handling all aspects of money transfer online. Plus, they have local bank accounts in the majority of the supported areas (except New Zealand and Canada). You use the TransferWise Debit Card in the same way you would use any debit card. If you pay via credit card, it costs at least 1% in fees, a fee that TransferWise is going to have to pass on to you. It marks the first time the European unicorn has offered a debit card (pictured below), a move that is bound to draw further comparisons with newer fintech upstarts such as Revolut. The difference between these two rates is 1.2%. 2.2 You want to send large amounts: TransferWise’s whole business was originally designed around smaller transfers and part of this came a fee structure and online platform focused on this. In the next…, 8 Things You Need to Know – Only One Winner! You will also be assigned to a Personal Account Manager who can guide you. Once you transfer funds to your wallet, you can easily lock in a favourable exchange rate and initiate a transfer. TransferWise is also a cheaper alternative to Revolut. Remitly is based in Seattle and has been going since 2011. Article summary: 15 alternatives comparison table What are hidden currency exchange fees? This is Old VS New, like new age Muhammad Ali VS Manny Pacquiao. there, I was able to send them money to buy foods. OFX. It's a debit card and you can pay with it anywhere in the world. ), unlike TransferWise which services mostly popular currency transfer corridors. We don’t think so…. You can have an international multiple currency account for up … However, for most of these services you need to have two bank accounts in your name denominated source and target currency. Thank you for the information. TreeCard. TransferWise began operations in 2011. Remitly lets you transfer money instantly to your family. But TransferWise doesn’t provide phone support for getting signed up or setting up transfers which may be a deal breaker for some. 1.3 Your recipient has a bank account: Want to send money directly to your recipient’s bank account? They have two distinct offices to help based on where you are located. Free payment card (MasterCard Debit) with free payout on any ATM / Apple Pay / etc. Get a MasterCard debit card linked to a full-service current account. TorFX is a great option for larger transfers if if you like having industry leading telephone support. This is particularly helpful if you’re a frequent traveller or a digital nomad. TransferWise debit card. These very competitive fees combined with their excellent online experience make them a sure choice for smaller transfers ($7,000 USD and below). If you want to send money to your family members urgently, Remitly is a great option (See “TransferWise vs Remitly” below). And who can you turn to when TransferWise doesn’t line up with your specific needs? What do we use for international transfers? Western … Same low currency conversion rates on the weekend, where Revolut costs a lot more to spend on their debit card in foreign countries on the weekend. This is a more expensive option, but in case of emergencies you might be happy to pay a premium. 2.8 You want to send money without revealing your bank details: If you don’t want to reveal your bank details to your recipient, PayPal is a great tried and tested alternative. Thank you! They never finish my online transfer requests, then triple the rates (or more), demand I go to some sketchy 'partner' (usually a pawn shop in a really bad part of town) to 'verify who I am'*, then refuse to escalate what is clearly false advertising to anyone in their upper management. So, in this case, Western Union is taking a 1.2% hidden currency conversion rate fee on this currency pair. This fee structure combined with their online and telephone support makes for an excellent balance between fees charged and customer service needed. Currency exchange fees may apply. TransferWise is rated 4.6/5 on TrustPilot and even when we analyzed the negative reviews, we found that keeping the amounts below $7000 will avoid almost any potential issues. WesternUnion is the original great who has evolved and TransferWise is the much younger and potentially much better service. However for large amounts, OFX is our recommended preferred option. By charging a variable % of the transfer amount, which they show. You can have an international multiple currency account for up to 40 currencies with TransferWise. Alternative to the TransferWise Borderless Prepaid Card: N26: Get a MasterCard debit card linked to a full-service current account. One of the biggest advantages of PayPal is the ability to send money to folks without knowing their bank details or revealing yours (you can simply send money to the email address associated with your recipient’s PayPal account). Move money to another bank for cheap. But in some cases, it may take 2 – 5 days for the money to reach your recipient. (See “TransferWise vs WorldRemit” below). What do we use for international transfers? Remitly supports bank-to-bank transfers, cash pickups, and mobile wallet transfers. … With TransferWise, you make a local bank transfer to TransferWise, they exchange currencies, then they make a local transfer to the recipient on the other side. Disclosure: This post contains affiliate links which can save…, 8 Things You Must Know – Only One Winner TransferWise and XE are trailblazers for international money transfers. As you will see, they let you transfer money at the interbank rate which they call the “real rate” without charging a margin on the exchange rate. This is great if your recipient has a bank account or you just want to send money to yourself. Unlike N26, TransferWise Borderless is not a licensed bank and only has some banking features (such as holding multiple currencies in the multi-currency account and transferring money locally and internationally). 2.5 You want the most affordable rates: TransferWise is one of the most affordable currency transfer services out there, with rates up to 8x cheaper than banks. It is an excuse to shake me down for more fees. But wait – before we get stuck into transfers for many people the Borderless account is a potential game changer that you might want to know about. it helped me. If you need to speak to a human while setting up your account and the transfer, check out TorFX instead (See “TransferWise vs. TorFX” below). But if yours is not listed and you need more options, XE supports over 170 receiving countries (See “TransferWise vs XE” below). Revolut is great but TransferWise is even better: 1. Check out our full review of OFX and learn more about TransferWise vs OFX. See our full review of CurrencyFair and learn more about TransferWise vs. CurrencyFair. Fintech. 3. 2. Freeze and unfreeze your card instantly. Their digital wallet, or Borderless account also gives the individual local banking details in 6+ currencies including, EUR, SGD, NZD, USD, GBP and AUD. If you spend more than $500 a month when overseas, TransferWise would be the cheaper alternative. TransferWise charges a percentage (0.4 – 1%) of the transfer amount as transfer fees. Hey - just so you know TransferWise do have a debit card/account available for recipients. TransferWise is known for their low and transparent (bank-beating) rates. TransferWise is no doubt one of the best money transfer services out there. Once you sign up for your account, you can get phone support or email support for setting up your transfer. Let’s check out some Transferwise alternatives below: Most transfer services and banks charge a hidden fee when transferring money between currencies. 8 Must Knows Before You Sign Up Summary Both are very low cost Fundamentally differ in the way they move money, which will suit different needs better Both excellent for smaller transfers, but we recommend others for larger transfers Let’s see how they stack up. Also note, several of the services listed above do declare the fee, so it’s not exactly a hidden fee. TransferWise can SEND to all of the above currencies and the following additional currencies: Indian Rupee, Hong Kong Dollars, Malaysian Ringgit, Philippine Peso, Pakistani Rupee, Moroccan Dirham, Thai Baht, Emirati Dirham, Ukrainian Hryvna, Indonesian Rupiah, Colombian Peso, Georgian Lari, Turkish Lira, Mexican Peso, and South African Rand. Disclosure: This post contains affiliate links and savings on transfers if you use some of the links! Why not? Check out our full review of WorldRemit and see how TransferWise stacks up against WorldRemit in other categories here – TransferWise vs WorldRemit. Let’s check out a specific example: As of the date of writing this blog post, the rate on Western Union for transferring US dollars to Indian Rupees is 67.336, The true rate (called the interbank rate) is 68.1775. WorldFirst fee are below 0.5% since last year, might be a good time to try it out. …, Can You Do Better? Check out our full reviews of TransferWise and PayPal. TransferWise supports registration from 50+ countries (overall they have a great presence in Australia, New Zealand, North America, Europe, and Asia) and they support transfers to. 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