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TransferWise review

  • 18 October 2018
  • Posted by: Vincenzo Stefanini
  • Categories: Money, Personal Finance
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TransferWise
TransferWise
TransferWise

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.

Table of Contents

  • 1 Main Features
  • 2 Exchange rates and Costs
  • 3 Borderless Account
  • 4 Protection
  • 5 Sign up to TransferWise
  • 6 eToro Disclaimer
  • 7 Crypto Investing Risk Warning
  • 8 Newsletter
    • 8.1 Share this:

Main Features

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.

Borderless Account

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.

Protection

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).

TransferWise

Sign up to TransferWise

Sign up to Transferwise using the link below
http://prf.hn/click/camref:1100l7tCI/pubref:vsblog

eToro Disclaimer

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. {etoroCFDrisk}% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

This communication is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. Past performance is not an indication of future results.

Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.

Crypto Investing Risk Warning

Crypto assets are highly volatile. Your capital is at risk.
Don’t invest unless you’re prepared to lose all the money you invest.
This is a high-risk investment, and you should not expect to be protected if something goes wrong.

Read the full disclaimer

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abroad bank account currency FCA free FSCS online TransferWise
Author: Vincenzo Stefanini
Founder & CEO of Web3 Digital Agency & Crypto Breaking News | Popular Investor at eToro
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