TransferWise is an online money transfer service, which allows you to transfer money up to 8 times cheaper than with the bank.
TransferWise makes transferring money to India a breeze. Just tap in how much, and where to. Then make a local payment to TransferWise, whether it’s with a bank transfer or your card. And that’s it. TransferWise converts your money at the fairest rate out there – the real rate – so you save big time (even versus the guys saying there’s ‘zero’ commission). On TransferWise, there’s no room for sneaky bank surcharges or creeping hidden charges.
Making transfers is easy. Go to the TransferWise website, type in your and the recipient’s details and how much you want to transfer. You can then either type in your debit card details or send the money to TransferWise from your local online bank account. You will receive a confirmation email when the money has been received and another when it’s been paid to the recipient. Most transfers happen the same day – it normally takes a bank twice as long.
How much does it cost to use TransferWise?
You can see their full breakdown of fees for your chosen transfer route on pricing page. The pricing page can provide a detailed breakdown of the fees for each currency route. TransferWise only charges you a fair service fee and uses the real, mid-market rate for conversion. The fee is taken from the money that you send. The rest is converted and sent to your recipient.
Is the TransferWise service safe?
TransferWise is fully regulated by the Financial Conduct Authority and just like large banks and financial institutions, verifies its users to protect against fraud and money laundering.
Does TransferWise support my currency?
TransferWise supports 300 currency routes, including the US Dollar, Indian Rupee, Canadian Dollars, Euro and Sterling.
How long does it take?
The whole process should be completed within 1-4 working days. The time it takes depends on the currencies involved, the payment method you chose as well as bank holidays and weekends in both the sending and receiving countries.
Please keep in mind that money is sent or received during regular banking hours.
Also, please note that identity confirmation processes may very occasionally affect the speed of your payment. As a regulated financial institution, it is required by law to carry these out. However, they always try their best to make sure they are as fast and as frustration-free as possible.
Visit www.transferwise.com for more information