Now Backed By Sir Richard Branson, TransferWise Raises $25M For Cheaper Money Transfers


 TransferWise funded by Sir Richard Branson

Running Lost in France has always been pleasure as I get to communicate with many people who are looking to promote their holiday lets and services. One of the big problems with doing online international business is currency conversions and bank transfer fees. Even PayPal gives you a horrible rate when it comes to converting from one currency to another. For many years this was just necessary, but I've recently discovered a great service that is incredibly inexpensive and provides the best currency exchange rates hands down.

Introduction to Transferwise

Started by the people who built of PayPal and Skype and funded to the tune of $25M by Sir Richard Branson, Transferwise makes the process of doing foreign currency transfers (forex) extremely simple. The fees are a fraction of what most banks charge and they give you the current mid-day current exchange!



How it works

Transferring cash starts with choosing the origin and destination currencies and how much is to be transferred. As these details are submitted, the money sent, money received, exchange rate, Transferwise's fee and the time payment is scheduled to arrive are displayed. Then the user pays, either by debit card or bank transfer.

The company's charges are €1 or 0.5% (whichever is larger) or equivalent. The fees charged by conventional market players including banks may vary from 10 EUR to 30 EUR or more, or include minimum transfer sums such as 100 EUR to 500 EUR. This makes Transferwise practicable for smaller sums. TransferWise also makes no charge for paying university tuition fees.

TransferWise offers a lower cost alternative to move money internationally by charging a low exchange fee in comparison to the fee charged by the regular banks.

My take on Transferwise

Apart from opening a french bank account, I've made a few transfers now with Transferwise going between USD and GBP and EUR and the cost is the least expensive I've seen. I've never incurred a transfer fee from my bank as the transfers go out between local banks only. Genius!

If you need to transfer money as an individual or a business, I would highly recommend you check out Transferwise and see for yourself. All fees and exchange rates are given prior to making a transfer so you will know exactly what you're getting. Not only is this an incredibly transparent system, but their cusomter service is very responsive as well.

Try out TransferWise

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Now Backed By Sir Richard Branson, TransferWise Raises $25M For Cheaper Money Transfers
Running Lost in France has always been pleasure as I get to communicate with many people who are looking to promote their holiday lets and services. One of the big problems...

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