If you are looking for an easy and fast way to transfer money abroad or to convert money in a different currency, I recommend you to use TransferWise.
I’ve been using it for years and my experience is very positive.
With Transferwise you can send money abroad and also convert money to another currency.
The transfer can be requested online and the payment is very fast.
For instance, you can send GBP from your UK account to an EUR account in Europe and vice-versa.
The service can be used for both personal and business use.
TransferWise supports over 750 currency routes, including GBP, USD, EUR, AUD and CAD.
Exchange rates and Costs
The exchange rates on TransferWise are the mid-market exchange rates (the same rates you see when you search on Google), but without any markup usually applied by most banks.
This means that the transfers are up to 8x cheaper than using your regular high-street bank.
TransferWise offers also a Borderless Account, which is like a multi-currency account (more than 40 currencies), that you can use to hold and spend money overseas.
It’s linked to a contactless Debit Mastercard provided for free, that you can use to make payments in-store, online and also make ATM withdrawals.
For every currency you activate on the borderless account, you will be assigned the related bank coordinates for international payments (e.g. IBAN), like a bank account.
This means that you can receive money in any currency, without paying any fee.
The account is free and there is no minimum balance.
TransferWise is regulated by the Financial Conduct Authority (FCA).
They are required by law to protect your money by storing it in a low-risk financial institution (in Europe this is in our UK Barclays bank accounts).
That means that, in the unlikely event that TransferWise became insolvent, your money would be unaffected and should be refunded to you in full.
If their official Banking Institution (in Europe this would mean Barclays), became insolvent, your return of funds would not be guaranteed as the account is not guaranteed by the Financial Services Compensation Scheme (FSCS).
Sign up to TransferWise
Sign up to Transferwise using the link below