If you work as a freelancer or abroad, you’re most likely going to need someone to transfer money into your account, or you’ll otherwise need to use your balance in different countries. Nowadays, banks, as well as other institutions, make an enormous profit out of commissions and registration fees for you to be able to send and receive cash through them. Not to mention the fact that they have very strict rules and regulations, some of which may make it impossible or extremely difficult to get the money transferred or withdrawn in certain places.
There are other companies, however, that you can use to transfer, keep, and withdraw your money with ultimate ease, and with almost negligible commission fees. Here is a full review of Transferwise, which you can use to easily transfer and receive money.
1. What Is It?
First and foremost, before we start the review of how the transfer process works for this service, we need to understand what it is all about. This service aptly named Transferwise was established in Italy and can be used in many countries all over the world. You can use it to transfer money, as well as to spend it.
2. Registration Process Difficulty
To register for a Transferwise account, you simply fill in their online form, and you are automatically able to send and receive money from all over the world. However, the process for withdrawal using transferwise is a bit different; if you want the service, you also need to register for a prepaid card that they can issue you for a small fee. This process will also be reviewed below. The whole registration process will take you a couple of minutes, and it is very easy to understand the requirements because they provide different languages on their website.
3.Issuing a Card
As previously mentioned, you need to fill in a separate form to get a card that you can use to withdraw money from any regular ATM, or at least any ATM that you can access with a MasterCard. If you do want to get a card, you will have to wait for a couple of days until it arrives before you start withdrawing money. It is important to note that having a card does not mean that the Transferwise account functions like a regular current bank account. The best thing about the card is that you do not have to notify them if you want to use it abroad; instead, the process is much easier and will be covered in more detail below.
4. Downloading The Application
Just like most applications nowadays, you can find the Transferwise application for both android and IOS phones, which makes the whole process convenient. The app doesn’t take that much space on your phone, which is a plus if you do not have a lot of memory to spare. You can easily find the app in the App Store and Play Store or you can download the app from the Transferwise website itself.
5. Uses Of The Application
As mentioned above, you do not need to notify the service whether you want to use your card abroad, because you can control the service using this nifty application. You can also instantly check your balance, how much you have withdrawn and when. This also means that you can transfer money with ease using the app instead of having to go to a transfer office or using a computer.
However, this can be a problem if your phone falls into the wrong hands because if they got past your phone’s password, they will have full control of your account and can easily transfer all of your money to another account. You could avoid that by simply logging out of the app after using it, and not having the password and username saved to your phone in an obvious place.
When discussing fees, it is worth mentioning that registration and having an account are free. Surprisingly, when you transfer money from or into your account, no fees are deducted. This is unique because, most of the time, transferring services require a percentage as a commission for the transfer taking place.
After giving this new service a try, we can confirm that Transferwise is a great service, which can be quite helpful wherever you are in the world. If you plan to use the application, always have your phone password-protected, and remember to log out of your account to deactivate the service. If you can’t locate your phone, change your account’s password from another device as soon as you can.
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