Because I worked in banking for over 30 years, I’m passionate about finding the best deals for my clients when it comes to moving money from one country to another, especially when the transfer is a large sum intended for the purchase of a property in Spain. Having done my research, I have come to the conclusion that Transferwise is easily the best in terms of its service and value for money. That’s why Location Moves has partnered with it, which means when you buy or sell a property with me, I can give you immediate access to use of Transferwise. You just have to use the link on the Location Moves website.
Let me outline some of the advantages it offers over other methods of sending money abroad.
Fintech transforms financial world
Transferwise is built on a peer-to-peer (P2P) model, which is a technology that enables communities of users to share resources. It has transformed lending and investment online and the young founders of Transferwise — ex-Skype employee Taavet Hinrikus and co-founder Kristo Käärmann –decided to use P2P for the international money transfers.
If you’ve transferred money in the past, you’ll know that existing services take a cut of your money by giving clients an unfavourable exchange rate that can take up to 5 percent off your cash. The two entrepreneurs discovered a way to avoid this when sending money between London and their native Estonia. One put pounds in his friend’s UK account and the friend put euros in an Estonian account. They avoided fees and it gave them an idea.
How Transferwise works
The concept is this: by matching up people who want to transfer money into two given currencies, Transferwise avoids the banks’ system, the money is transferred at the real exchange rate and users only pay a fair, upfront fee. So, the secret of their success is that no money is ever actually transferred as The Telegraph explains: “If you want to send euros from the UK, for example, you are matched with someone with a euro account who wants to send the same amount in pounds, and the money goes from their account to the destination account in euros, avoiding moving money across borders.” It is very neat.
In my opinion, Transferwise is your best option because the amount you want to transfer is the amount you will get. Its system uses the mid-market exchange rate, which is the mid-point between the buy and sell rates on the global currency market and the rates used by Reuters and Google. Furthermore, Transferwise is completely transparent and there are no hidden fees taken in the form of a markup on the exchange rate. And, you know what you are paying for the service up front.
It all adds up to cheaper, fairer transfers every single time. Don’t pay more than you have to – use Transferwise.