TransferWise – the Clever New Way to Send Money Abroad

TransferWise – Send Money Abroad

Transferring money across borders can be expensive.  People are paying more than they should for international transfers.  Having worked in Banking for many years I was keep to find an alternative which saved you money and gave you the best option for sending your money to and from Spain.  I was therefore delighted when we partnered with TransferWise which in my opinion does just that.

TransferWise make sending money abroad fairer, cheaper and easier.  And they believe that everyone, everywhere should know how much sending money abroad really costs.

TransferWise was created by Taavet Hinrikus and Kristo Käärmann who believed that money is meant to flow freely. But in the absence of a global currency, it doesn’t.

Taavet worked for Skype in Estonia. He was paid in euros, but lived in London. Kristo worked in London and was paid in pounds, but had a mortgage in euros back in Estonia. They devised a simple scheme. Each month, the pair checked that day’s mid-market rate on Reuters to find a fair exchange rate. Kristo put pounds into Taavet’s UK bank account. And Taavet topped up Kristo’s euro account with euros. Both got the currency they needed – and neither paid a penny in hidden bank charges.

“There must be others like us,” the epiphany went.

TransferWise is cheap to use. There’s three reasons for that:

1. Money never crosses borders. When we’re exchanging euros into pounds, euros are sent into the TransferWise euro account. And when we receive that, we send the equivalent amount in pounds from our pounds account.

2. Just like Taavet and Kristo, we only ever use the ‘true’ exchange rate to do this – it’s the one used by Google and Reuters. Unlike the banks, we never sneak a mark up onto that rate just to make a profit.

3. We keep our fees as low as possible – they’re small, upfront and fair.

It all adds up to cheaper, fairer transfers, every single time.

How TransferWise Works

 

Marcia is happy to recommend TransferWise having personally used and loved their services.

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