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Transferwise

Want to send money abroad or receive money from abroad? Discover our partner TransferWise: a peer-to-peer transfer service that helps expatriates save money when they send money abroad.
   
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About

International money transfers are more expensive than meets the eye - even when banks and brokers claim there are ‘no fees’. Many banks take as much as 5 percent of the money being sent. TransferWise is the clever new alternative that allows people to transfer money abroad at a lower cost than ever before. It uses technology developed by the people who built Skype and PayPal to remove all the fees the foreign exchange industry has kept hidden for decades. We, at Franglish, use it! 
 

How does TransferWise work?

All you have to do is go to the TransferWise website, type in your and the recipient's details and how much you want to transfer. You then have a choice: you can either type in your debit card details or you can go on to your internet banking and send the money to TransferWise. You will receive a confirmation email when we’ve received the money and then another when it’s been paid out to the recipient. Most of the transfers happen on the same day - it normally takes a bank twice as long.
 

How much does it cost?

TransferWise never hides its fees in the exchange rate like banks or brokers do. It clearly presents all its costs upfront before the customer makes a transfer. Costs vary between currencies, but each route is typically 10 times cheaper than the average high street bank.

For example, we charge 0.5 percent for transfers between euro and pound, but banks take around 5 percent of the amount being sent through transaction charges and hidden fees.
 

How does TransferWise work under the bonnet?

The technology is based on a peer-to-peer system. If someone wants to convert their pounds to euros, TransferWise’s technology finds someone who wants to transfer money in the opposite direction (that is - euros into pounds). The system automatically matches the currency flows at the real mid-market exchange rate and then pays out from the local euro or pound account, meaning the money never actually moves across borders. Doing things this way means customers can avoid traditional banking fees altogether.

TRY TRANSFERWISE HERE! We, at Franglish, recommend and use it.


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