Friday, 26 September 2014

A Really Simple and Straightforward Way To Transfer Funds Internationally At Low Cost

As you can see from the image, Richard Branson has always had an eye on the money market, even producing his own credit card.

What I was more interested in was his latest investment in TransferWise a financial services company that allows you to send money internationally, very simply, with low fees compared to other financial institutions, especially high street banks.

There is a registration process to go through where you have to provide proof of identification and your residency, a copy of your passport and a utility bill for example. You can scan and upload these as requested.

But once that is done (a relatively easy process for most if not all expats) things couldn't really be any simpler.

The process is very transparent, you enter in the amount you want to transfer, you get the equivalent value in the target currency and are shown the transfer fee. The latter is deducted from the money you pay into the TransferWise account in your local currency and the rest is converted and sent to the recipient, that could be someone you need to pay or yourself if you are moving funds from one account to another in a different currency.

The final exchange rate is calculated when your funds are received by TransferWise , so the quicker you transfer the money the better.

I have used it for my last two transfers and it beat the best rates I could get through other foreign exchange services. Also, as I said earlier, it really was a very simple process.

Why it is so competitive is because TransferWise converts your money at the mid-market rate and matches you with people sending in the other direction. That means overall smaller amounts are actually moved from one country to another, keeping costs firmly under control.

Of course I would always recommend you compare the final amount you receive against what you can get through other services, especially when transferring larger amounts, but so far I personally haven't been able to get better.

So if you want to give it a try click this link TransferWise and as they say 'Get Started'. If you need more information, you can click on the 'How it Works' button at the top right hand corner and watch the video.

Also for clarity and so that you know, for every 3 people that sign up and use the service, I will receive some compensation. That facility will also be open for you to use when you register, because you will also get your own personalised link.

photo credit: VirginMoney via photopin cc

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