TransferWise

Wondering whether TransferWise could be a good option for your next overseas money transfer? Here are some of the key details you’ll need to know: 

• No minimum transfer amount.
• Maximum transfer limit. We’ve been advised by TransferWise that the transfer limit will differ depending on the currency you're transferring your Australian dollars to. But if you're converting an international currency to AUD the limit is $1,500,000 AUD.

• Transfer fees. If you’re transferring less than $10,000 you’ll pay 0.7% per transfer (with a $2 AUD minimum fee). For transfers above $10,000 the fee is 0.5%.

• Speed of transfer. 90% of payments are processed within 1 day via TransferWise but you should allow up to 3 business days for the transfer to arrive to your nominated recipient.
• Transfer method. TransferWise is a fully online business, which excepts payments via bank transfer, POLi and Apple Pay through the app. It doesn’t accept or send out cash or cheques.

• Account verification. Your identity has to be verified with TransferWise so you’ll need to make sure your account details in your profile, match your bank account and ID documents.  

• Transaction types. You can send money to an overseas business or personal account using TransferWise.

• Customer support. TransferWise provides online, email and phone customer support.

It can be hard to get your head around peer-to-peer lending and understand the difference between TransferWise's services compared to other IMT providers. But don't fear, we've got you covered! Here are five questions probably on your lips if your considering transferring money overseas with TransferWise. 

Now that you've read all about TransferWise, you're probably wondering what sets it apart from other banks and IMT providers out there. If you're considering using TransferWise to transfer funds overseas, you would choose it because:

TransferWise is cheap: It's peer-to-peer transfer services cut out the interbank rate so you don't have to pay extra for the same job.

TransferWise is safe and secure: Don't let the member trading aspect put you off, because TransferWise is encrypted with security and operates in a regulated industry. 

There really is no minimum: Some IMT companies require you transfer a minimum amount of dollars, but not TransferWise. This is why if you're looking to trade smaller amounts across to another country, you would choose them.

TransferWise is easy: Gone are the days when you had to visit financial experts to transfer money overseas. With TransferWise you can send funds overseas quite simply on your lunch break using the app and track your transfers on the go. 

Transferring money internationally isn’t a daunting process with TransferWise, in fact, you’ll be surprised by how simple it is. First you’ll need to set up a TransferWise account, then to transfer money there are 4 steps.   

Step 1: Specify how much and where you want the payment sent.
Step 2: Upload your money to TransferWise via debit card or EFT.
Step 3: TransferWise converts your funds at the mid-market rate and matches you with a member sending money in the other direction.
Step 4: Your funds are sent. You get notified of the completed transfer.