Is Transferwise a great money transfer service?

Today, we invite Jeanne, a french expat who wants to share her last experience in money transfer with you. She is french, so please excuse her for her english 😉 Enjoy!

The understanding of hidden fees & the discover

Some weeks ago, after I transferred money for the third time since I arrived in my new country, I took a look in the detailed fees of my transfer. I never do that, I don’t know why I did it, but it was crazy. I realized I paid 50€ more than the flat fees announced by my banker on the phone.

This was me at this moment.

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I wanted to drown myself. I tried to understand and I realized I never received what I was expecting. I was calculating my money transfer based on the real exchange rate, but in reality, bank applies its own one!

So I went to Google to get more informations, and I discovered a whole new world: I was robbed by my bank. I heard about another way to send money abroad, it’s called Transferwise, and I’d like to talk to you about it.

The review

Before to use Transferwise, I wanted to know more, so I read the Trustpilot feedbacks from users and the Transferwise review on the Moneytis website. It looked like a perfect solution to me.

Transferwise is against bank and try to make the world a better life. As every startup you will tell me, but at least, they attack a new market, which suffer from a lack of transparency, so I was totally in to use it.

So I went to their website and was totally convinced after 2 minutes. Richard Brunson himself put money in TransferWise, it has been created by the Paypal’s makers, and everyone seemed very happy with it.

So I start my money transfer, I fill the fields on the homepage, I sign up and finally, they can’t do a money transfer for my currency route because they don’t cover it yet!

It was too beautiful to be true. Back to the beginning.

To conclude, for me it’s a no, because they can’t do it, but you can try. Transferwise seems to be a really good solution if you do money transfer on a covered currency route.

You haven’t seen this money transfer services list on Buzzfeed

If you are living in a foreign country, chances are high that you have to transfer money abroad. But do you really know the best ways to do it? Do you know the best money transfer services that will allow you to make your transfer easiest, cheapest and safest? We have found 3 solutions that will change your way of doing money transfer !

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Moneytis: the online comparison platform for money transfert

This website will help you to find the best solution to send your money abroad by comparing the offer of the money transfer companies in real-time and giving up the best option. According from where you want to send the money and where you want to sent it, you will have a ranking of the best options. Once you have all the options, the only thing you will need to do is to pick up one and go ahead with your transfer !!

Revolut: Pay everywhere at no fees

If you are a frequent traveler, bank fees are probably a problem for you. With Revolut, you can pay everywhere in the world without fee. This app converts instantly in the local currency. Moreover, you can exchange currencies at an interbank rates. With this app, you can definitely say goodbye to hidden bank fees !

Number 26: The new generation of bank

Number 26 is an online bank that allow you to pay everywhere is Europe at no cost. You can follow at every moment your spendings, make withdraw, do money transfer anywhere for free! If it’s not the bank of the future, Number 26 is a perfect tool to use in your daily life !

Korbit: Use, accept and buy bitcoin

This Korean start-up allows you to make global transfer using Bitcoin & Ethereum. You can send money directly to any bank account using Bitcoin with no transaction fees, receive payments from anywhere in the world without processing fees.

Ready to say bye bye to your bank fees and send money abroad easily ?

Why do people think money transfer services are a good idea

All the individuals who do transfer money abroad frequently will say you the same thing: using money transfer services is a good idea. At least if you want to save money, time and spare you troubles. Let’s have a deeper look into it and verify if people are right or not!

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Money transfer services are cheap: True

At least if you are using the right service. No all money transfer services are equal and choosing the right one can be challenging as its depends on several criteria and that their rates always evolve. The first thing you need to understand is that banks are not the best options if you want a cheap transaction. Why? Because they are applying two types of fees on each international money transfer: the fix one, to make the transfer; and the hidden ones that are charged on the exchange rate. As they are making their margins on the last one, they take a rate much lower than the actual exchange rate.

To be sure that you are using the cheapest money transfer services always use a comparison platform that will compare all the options and allow you to choose the best one!

Money transfer services are EASY

Unfortunately is not true for all kind of services. If you are looking for the easiest options possible, you have 2 solutions:

Cash collection service: Sending money by cash is easy as you only need to fill a form, give your ID and give the reference number of the transaction as the receiver can go to his local agency to take back the cash.

Prepaid debit card: Sending money through prepaid debit card is easy and effective immediately.

Before choosing a money transfer services or another, check their process online and use a comparison platform that will evaluate the user experience.

Money transfer services are Fast

One more time not all services are equal. To find the best operator regarding rapidity, you first need to know your needs. How do you want to pay? How fast you need the transfer to be? are you willing to pay an extra fee for your transfer to be faster? Once you are all clear about these questions, you have four main options:

Using a cash collection service such as Western Union. If you pay by cash or card, the deposit is made instantly. Be aware that the fees are higher than other solution.

Using a prepaid debit card service

Using a MTO express service, if you are looking to do a bank-to-bank transfer and speed up the delay to one or two days, ask for this service.