Background of TransferWise rates
TransferWise rates were founded in London in 2010 by two finance gurus, Taavet Hinrikus Kristo Karmann, both with formidable financial and entrepreneurial backgrounds. Kristo Karmann has an excellent background in the financial services industry working with Deloitte and Pricewaterhouse Coopers. These two have combined their talents and energies to create a company focused on true and accurate exchange rates. Investors backing Wise are equally impressive and include Ventures, Index Ventures, Seedcamp and Kima Ventures, Virgin Group Sir Richard Branson, and PayPal founder Max Levchin. Since its inception, Wise has completed 7 financing transactions totaling over $396 million. Their team includes over 23 smart people, 5 board members, and Wise continues to grow.
How does TransferWise work
TransferWise rates work by making a bank transfer to Wise through your borderless account. Once Wise the transfer they change currencies transparently, which means you can always check their website to see the exact exchange rates. For your information, if you are concerned about the exchange rates, Wise also links the exchange rates published on XE, Google, and Yahoo directly to their website. this way you can check and compare exchange rates at any time. Once the currency has been changed, Wise will make a local transfer to the person you transferred the money to on the other side.
Many banks and other money transfer services often hide a fee in their exchange rate. These commissions can vary between 0.3% and 20% depending on the services. Most banks and wire transfer services charge a hidden fee when sending money between currencies and some businesses rely on you not to check exchange rates or control the fee. Many banks and remittance companies are not transparent about how the fee is charged. Hence, it is a hidden tax.
The current exchange rate of 1 USD for one euro is 0.84385, but on Travelex, the exchange rate is shown as 1 USD for one euro at 0.7681. The detour is a hidden fee. At Wise, you can get the mid-market rate and they offer a low and transparent fee structure.
What currencies can you send and receive via TransferWise
- AUD- Australian Dollar.
- BGN-Bulgaria Lev.
- CAD- Canadian Dollar.
- CHF- Swiss Francs.
- DKK- Danish Krone Denmark.
- GBP- British pound.
- HUF- Hungarian Forint.
- JPY- Japnese Yen.
- NPK- Norwegian Krone Norway.
- NZD- Ne Zealand Dollar.
- SGD- Singapore Dollar.
What methods can you use to snd money
- Bank transfer.
- Trustly instant bank payment.
- SEPA direct debit.
- Other payment methods Wise accepts include
- Credit card.
- Apple pay.
How does someone receive money from TransferWise
To receive money from Wise, you must have a local bank account and be willing to accept payments in local currency. This means that with Wise you always send money to your country’s currency and the recipient receives the currency.
How much does it cost
Let’s say you are sending AU $1,000 to the UK. The transfer fee is 0.7% of the converted amount or $ 6.95. So converted amount depends on the average exchange rate. Which is currently 0.56436, which is 993.05 AUD. This means that the person in the UK will be paid $ 560.44 which includes exchange rates and service charges.
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