PayPal and Skype would have to be among the most dependable, cutting edge online services, in today’s market. Behind these products were the talented designers, Taavet Hinrikus and Kristo Kaarmann.
After their respective successes, these two young(ish) Estonians got together to establish TransferWise in 2011. They were driven by a shared need for a fair and affordable method of sending money internationally, as the bank exchange rates were, to be put simply, an absolute rip-off.
Before using the service for myself, I read a TransferWise review which provided a discount code for new customers. I was pretty excited about receiving my first transfer completely free of change, and since then have used their service to pay for a holiday to Europe.
While I may have had my share of doubts, since getting started I’ve found their services to be effective and trustworthy. TransferWise’s exchange rates are much better than the traditional methods of banking, and it really doesn’t take much more effort than scooting down to the local bank branch. I’d certainly recommend it.
TransferWise works with a premise of shared currency trading. This implies that two people from different countries can use their respective currencies to trade between each other, rather than relying on a bank as the middleman.
Best of all, TransferWise is a regulated in the United Kingdom, and therefore, their customers receive the same level of consumer protection as any other financial services person.
Inside a peer-to-peer business model, of which TransferWise is, a customer’s money is not sent directly to their recipient through an international wire transfer. Instead, their funds are redirected so that it is transferred to TransferWise’s local offices. This means that when you send money, TransferWise will arrange the transaction so that the recipient receives a local transfer from TransferWise in his or her own currency.
TransferWise is not only receiving praise from me. They have also won many awards from FinTech institutions and London Business Online, who named TransferWise the most imaginative and innovative company in 2014. The Watchman picked it as one London’s main 20 inclining IT new businesses. Furthermore, Wired UK once named the organization as “start-up of the week”. These are only a couple of reasons why you can afford to trust the services of TransferWise, the next time you’re sending money abroad.
In addition to their many awards, the stories of the founders are also impressive. As outlined above, the service is simply a larger form of a system that they developed to save money on their own transfers, while working as developers.
Hinrikus, who lived in London and was is compensated in pounds, puts money straight into Kaarmann’s Estonian account with his account with a local Estonian bank. Kaarmann then put British pounds into Hinrikus’ UK bank account with his British account. This was eventually the inspiration for what TransferWise does today!
For the most part, when making a transfer, the handling of your cash exchange takes around one business day. However, depending on the countries and currencies involved, it could take 2 to 3 days. The way that genuine speculators back it promises you unrivaled administration. At trustpilot.com, TransferWise appreciates a wonderful 9.7 rating. Also, you will discover countless positive surveys and very rarely hear of a customer grumbling.
From a customer’s perspective, money transfers with Transferwise are basically the same as conventional money transfers. They select a recipient along with a currency, the cash intended to be moved is obtained from their account, the paying customer is charged a small fee for that service, and within a day or two, the recipient receives the payment in the selected currency.
Because many other foreign exchange organizations have concealed expenses which are considerably high, TransferWise remains the most trusted organization in my book. I would prescribe it to anybody sending cash to another country. Check it out today.