The best and cheapest way to transfer money internationally

 

My lifestyle of travelling the world provides some amazing perks, however, one thing that had always frustrated me was how to transfer money internationally the best way. I always felt like I was forced to pay way too much in bank fees. Surely there had to be a better option.

 

I obviously wanted to find a cheaper and more efficient way to transfer my money internationally. I was tired of banks charging me unfriendly fees to move my money overseas – essentially they had the power.

 

Thankfully, over the years things have changed. A new company appeared on the radar and it has made my life easier and saves me heaps of money.

The best and cheapest way to transfer money internationally? Use Transferwise

What is TransferWise?

 

TransferWise allows you to transfer money internationally with far less commission and at a much better exchange rate than the banks ever will.

 

If you want to move your money for a fraction of the price you’d generally have to pay to the bank, then you need to get on board with TransferWise today!

 

The way these guys can do this for such a small fee is by matching your exchange request at a local level with others around the world. What this means is that your money never actually moves across borders.

 

How does TransferWise work?

 

Essentially, your money is paid into an account in one currency, then gets paid out from a different account in the currency you’ve requested. This makes it the cheapest way to transfer money internationally. 

 

It’s a very clever network that actually works as a P2P (peer-to-peer) network – kind of like how Airbnb works, but instead of dealing with accommodation, it’s more about saving you loads of cash on moving your money internationally.

 

– Why you should use Airbnb when you travel

 

They use the REAL exchange rate

 

Banks and other providers tend to set their own exchange rates. That means that you pay much more than you should and they keep the difference. It’s the main reason why to transfer money internationally was never cheap. Not anymore.

TransferWise never marks up the exchange rate. They give you the real market exchange rate that you find online using when you google it or check on the popular XE.com website. Sounds fair, right?

 

What are the fees to transfer money internationally?

 

Transferwise works by literally bypassing banking fees. The commission fees they charge to exchange your money are very low, which I obviously love – and you will too.

 

A great function of Transferwise is that you can see exactly how much you will pay to send money and what your recipient will receive without logging in or signing up.

 

Is it secure?

 

Yes! Transferwise uses two-factor authentication and HTTPS encryption to protect your transactions. They’re not interested in misusing or selling your data for their own financial gain. I feel that this is finally a company created by people that actually care to give us a fair deal. It’s kinda nice.

 

As Transferwise is a peer-to-peer network, it means they have real people who constantly watch over each and every transaction. Before any money is exchanged or moved, they first check and confirm every customer’s identity. So you know that when you transfer money internationally with Transferwise, your money will be safe. 

 

 

How I use Transferwise to save money

 

Over the past two years on our journey to visit every country, we’ve had to transfer money internationally many times to pay for travel.

 

Whether it was to pay into a bank account held in Abu Dhabi for our flights to visit Socotra Island in Yemen or to pay International freelancers for additional documents required for securing some visas on the road – I’ve used TransferWise each time.

 

I choose to use TransferWise to send money from my International bank accounts to my Australian bank account. It’s a no-brainer. It costs me less than $5 in fees to move a decent amount of money, not to mention I’m getting the best possible rate of exchange available and the money arrives super fast.

 

As a blogger, I also use TransferWise to pay for work completed on my website and to be paid for travel articles I write for other travel publications. I use it to transfer money internationally as it is the cheapest way.

 

The best and cheapest way to transfer money internationally online

The best and cheapest way to transfer money internationally – Transferwise is the best option

Top reasons why I love Transferwise to transfer money internationally

 

  • The fees to move cash are far cheaper than any bank 
  • I get the best possible exchange rate
  • It’s fast and efficient
  • I can set up the whole transaction in under 5 mins from my computer.
  • The TransferWise app is quick and easy to use

 

How to set up Transferwise for the first time in 4 steps:

 

1) Create a free account

 

Creating an account is quick and easy to do on the website. You will need some form of identification to be verified, so have this available.

 

2) Set up a transfer

 

Enter the amount and in what currency you want to send, then add the recipient’s required details. The recipient doesn’t need a TransferWise account to receive money but they must have a bank account. Easy! Who knew that to transfer money internationally can be this quick.

 

3) Send TransferWise the money

 

Once you’ve entered all required details, go ahead and make a local payment to TransferWise using your debit card or online banking.

 

4) TransferWise then sends money to the recipient

 

The recipient will receive the balance directly into their bank account, in the nominated currency with no additional fees to you or them. That’s it. Is the cheapest way to transfer money internationally.

 

Download the Transferwise App

 

The team at Transferwise are a smart bunch and they’ve conveniently created a very handy Transferwise app. It’s so easy to use, making your life easier – even when you’re on the move.

 

A cheap international money transfer is now an option for you, thanks to Transferwise.

 

Sign-up today using our invitation and you’ll receive your first transaction absolutely free!

 

Want to know some other ways we save money? Head to our Travel Resources page and check out these posts below: