TransferWise is one of the newer international money transfer providers to hit Australia’s shores, and it’s rather unique in the IMT space. TransferWise is a peer to peer money transfer platform which enables you to transfer money across borders without your money ever actually leaving Australia. Interesting concept hey? The way TransferWise transfers your money is through member matching. Say you want to transfer $1000 AUD to the US. TransferWise find other members who are looking to transfer USD to AUD and match you up. TransferWise uses the real exchange rate, also known as mid-market rate, at the time of the transfer, and because the money is kept local you don’t pay high bank fees.
Rates and fees verified as correct at 22 October, 2017. Other information correct at the time of writing.
You can send out and receive money from a range of major currencies with TransferWise including pounds, USD and Euro but there are some currencies that are only available to send out. See below for today’s rates for currencies that Mozo can help you to compare.
|Currency||At today's TransferWise Rate, 1 AUD buys*||For 10,000 AUD recipient will get|
|United States Dollars (USD) USD||USD 0.7781||USD 7,773|
|Euros (EUR) EUR||EUR 0.6603||EUR 6,596|
|Great Britain Pounds (GBP) GBP||GBP 0.5901||GBP 5,895|
|Canadian Dollars (CAD) CAD||CAD 0.9823||CAD 9,813|
|Chinese Yuan (CNY) CNY||CNY 5.1773||CNY 51,721|
|Danish Krone (DKK) DKK||DKK 4.9177||DKK 49,128|
|Hong Kong Dollars (HKD) HKD||HKD 6.0712||HKD 60,651|
|Indian Rupee (INR) INR||INR 50.8666||INR 508,157|
|Indonesian Rupiah (IDR) IDR||IDR 10519.0079||IDR 105,084,889|
|Japanese Yen (JPY) JPY||JPY 88.3263||JPY 882,380|
|Malaysian Ringgit (MYR) MYR||MYR 3.2903||MYR 32,870|
|New Zealand Dollars (NZD) NZD||NZD 1.1174||NZD 11,163|
|Norwegian Krone (NOK) NOK||NOK 6.213||NOK 62,068|
|Philippine Peso (PHP) PHP||PHP 40.1132||PHP 400,731|
|Saudi Riyal (SAR) SAR||SAR 2.9342||SAR 29,313|
|Singapore Dollars (SGD) SGD||SGD 1.0592||SGD 10,581|
|South African Rand (ZAR) ZAR||ZAR 10.6341||ZAR 106,234|
|Swedish Krona (SEK) SEK||SEK 6.3588||SEK 63,524|
|Swiss Francs (CHF) CHF||CHF 0.7659||CHF 7,652|
|Thai Baht (THB) THB||THB 25.8246||THB 257,988|
|UAE Dirham (AED) AED||AED 2.859||AED 28,562|
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:
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.
|Can anyone use TransferWise to send money overseas?Can anyone use TransferWise to send money overseas?|
Yes, TransferWise was developed for everyday people like you who need to transfer money internationally either occasionally or every week. In fact, the company was set up by two friends who lived in separate countries (London and Estonia) but each had financial commitments in the other country so they devised a way to send money to each other and bypass bank fees and lousy exchange rates.
|How is TransferWise different from other IMT providers? How is TransferWise different from other IMT providers?|
TransferWise lets you send money overseas at the lowest possible cost. Instead of burying hidden fees in the exchange rate, TransferWise uses the mid-market rate (also known as interbank rate), which is the midpoint between the buy and sell rate on the global currency markets. It then charges you a small (and fully transparent) fee.
|What is member matching and how does it work? What is member matching and how does it work?|
TransferWise is a peer to peer exchange platform and member matching is the way it converts your money. It will match your transfer with someone in the country you want to transfer money to. Say you want to transfer $2000 to France. TransferWise will find a member who wants to convert Euros to AUD and match you up. Don’t worry, you don’t have the burden of finding a match for your transfer, all this is handled by TransferWise and no sensitive data is shared between parties.
|Is using TransferWise safe?Is using TransferWise safe?|
All transactions are protected using industry standards https encryption. It is also registered with and authorised by the UK Financial Conduct Authority (FCU).
|Can I cancel a transfer with TransferWise?Can I cancel a transfer with TransferWise?|
Yes, but only if you cancel the transfer before the transfer is complete. You simply go to the page of the relevant payment and press the cancel payment button.
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.