And, while most services try to be comprehensive and all inclusive, it’s not always possible. . The hidden currency fee varies a lot for each currency pair, so this is really a rough estimate. N26. 1.3 Your recipient has a bank account: Want to send money directly to your recipient’s bank account? As you will see, they let you transfer money at the interbank rate which they call the “real rate” without charging a margin on the exchange rate. TransferWise supports transfers in 40+ currencies. In the next…, 8 Things You Need to Know – Only One Winner! The most liked alternative is PayPal. Alternatives, like TransferWise for example, could save businesses up to 19x by opening a TransferWise for Business account. But in some cases, it may take 2 – 5 days for the money to reach your recipient. Which means they have hidden fees or hold the price that interests them. TransferWise also has business services which are set to rival PayPal. And here’s the kicker: You can see exactly the fees you will pay and how much money will arrive using this widget (opens new tab). – Costs, Services and Much More, ATM abroad and a small fee is may be charged (wiki), 59 countries and lets you transfer money to 60+ countries worldwide, 59 sender countries and 60+ receiving countries, 44 countries and supports transfers to 150 countries. WesternUnion and TransferWise are money transfer heavyweights. Yep – N26 is a licensed (in Europe) digital bank and a great alternative to traditional banking for individuals and digital nomads who travel frequently or do business in multiple currencies. How recipients receive money is very different between the two (this may be the decider) Xoom only does personal transfers (TransferWise does business as well) But wait there is more. You can have an international multiple currency account for up … Check out our full review of XE and learn more about TransferWise vs XE. Despite this, they are known for their great customer support and they have a comprehensive FAQs section (with country-specific guides) to help you with your transfer. 1.7 You want international bank details in major currencies: With TransferWise Borderless, you get international bank details in GBP, USD, CAD, AUD, NZD, and EUR. These very competitive fees combined with their excellent online experience make them a sure choice for smaller transfers ($7,000 USD and below). I store about 5 currencies on mine that I can withdraw cost-free at any time. 2.3 You need a wider selection of receiving countries: TransferWise supports currency transfers between most major countries (59 sender countries and 60+ receiving countries). If you’d like to learn more about filing a chargeback with TransferWise debit card transactions, we’ve got you covered in this … Their digital wallet, or Borderless account also gives the individual local banking details in 6+ currencies including, EUR, SGD, NZD, USD, GBP and AUD. TransferWise supports bank-to-bank payments and card-to-bank payments. One of the biggest advantages of PayPal is the ability to send money to folks without knowing their bank details or revealing yours (you can simply send money to the email address associated with your recipient’s PayPal account). If you pay via credit card, it costs at least 1% in fees, a fee that TransferWise is going to have to pass on to you. While the supported receiving countries may vary depending on your location, their coverage is pretty impressive. TransferWise is no doubt one of the best money transfer services out there. You can receive your salary in the account, set up direct debits, and the card is also great for travelling. 2.5 You want the most affordable rates: TransferWise is one of the most affordable currency transfer services out there, with rates up to 8x cheaper than banks. ), unlike TransferWise which services mostly popular currency transfer corridors. This means, for example, that you cannot pay with your credit card for the service. But TransferWise doesn’t provide phone support for getting signed up or setting up transfers which may be a deal breaker for some. Disclosure: This post contains affiliate links and savings on transfers if you use some of the links! See our full review of CurrencyFair and learn more about TransferWise vs. CurrencyFair. TorFX is a great option for larger transfers if if you like having industry leading telephone support. Like TransferWise, InstaRem is a money transfer service with a seamless online experience. WorldRemit is also available in 44 countries and supports transfers to 150 countries worldwide. Your comment just was a big help for me, because i already wanted to have a revolut prepaid-card, and also wanted transfer money with transferwise. In my view the best alternatives are missing in that list: I would add Revolut where you pay 0 fees and also has a payment card (or an fixed annual fee if you need larger transactions), as well as Interactive Brokers, a trading site allowing currency conversion for 0 fees too. And lastly, if you want a real bank (with a deposit protection), you can open a current account with Lloyds International (Jersey banking licence) which I believe also offers spot rates without additional fees on major currencies, or Dukascopy Bank (has a Swiss and a European banking licence) which has a digressive fee schedule. For the majority of people TransferWise is awesome and that is why we have voted it the best money transfer company for amounts below $7000 USD. What do we use for international transfers? That’s why it’s important to stay in the know about each service’s strengths so you can choose the right one that speaks to your needs. However for large amounts, OFX is our recommended preferred option. It offers international transfers … Get a MasterCard debit card linked to a full-service current account. For now let’s stay focused on money transfers. 1.4 You don’t want any hidden fees: TransferWise maintains local bank accounts in all the areas it supports. See our full reviews of TransferWise Borderless and N26. Why pick Xoom instead? XE supports transfers in 60+ currencies to over 170 countries worldwide. Economy – This is a more affordable albeit slower option. For more information, see my disclosures here. Another 0 fee alternative is Lykke. Remitly lets you transfer money instantly to your family. With TransferWise, you make a local bank transfer to TransferWise, they exchange currencies, then they make a local transfer to the recipient on the other side. Their TransferWise Borderless debit card … The reality of this is that the banks at either end often take the majority of the time needed. You can send money to a recipient’s email address associated with their PayPal account. (They start at about 2% and it goes down to 0.4%). Before uncovering other services which may be better it is important to establish what is great about TransferWise. WesternUnion is the original great who has evolved and TransferWise is the much younger and potentially much better service. …, Can You Do Better? OFX mix of online and telephone support combined with great fee fee structure makes them a great option. Alternative to the TransferWise Borderless Prepaid Card: N26: Get a MasterCard debit card linked to a full-service current account. TorFX is big in UK, Europe and Asia (inc Australia, New Zealand) but not available in North America, however the next one is and also has telephone support. (The sender countries include: UK, US, Australia, Canada, Ireland, Germany, France, Italy, Spain, Austria, Belgium, Finland, Netherlands, Norway, Singapore and Sweden). It's a debit card and you can pay with it anywhere in the world. As for the margin on the exchange rate, as amounts increase the percentage fees charged actually decreases. They offer strong pricing and support when you send money, typically reserved for institutional … The prepaid MasterCard issued with TransferWise Borderless is available in the UK, Europe, Australia, New Zealand, and US, There are no annual fees and no minimum balance. See our full review of Remitly and learn more about Remitly vs TransferWise. This is Old VS New, like new age Muhammad Ali VS Manny Pacquiao. This means your very unlikely to face any unexpected fees from banks at either end (while funding your transfer or when the transfer amount reaches your recipient’s bank account). 1.2 You want to send small amounts: Since TransferWise charges a % of the transfer amount in transfer fees, they are great for transferring smaller amounts. Good luck with RIA. However, the PayPal’s fees are quite hefty (6-8% of the transfer amount) compared to other players in the market and sometimes even high street banks (who charge 3-5% of the amount). TreeCard. (See “TransferWise vs OFX” below). Convert between them with the real exchange rate. 2.1 You need phone support for signing up or setting up your transfer: Plenty of people aren’t comfortable handling all aspects of money transfer online. Remitly supports bank-to-bank transfers, cash pickups, and mobile wallet transfers. 2.8 You want to send money without revealing your bank details: If you don’t want to reveal your bank details to your recipient, PayPal is a great tried and tested alternative. We basically use two different services: Transferwise has verified my business's 4 times this year, but still chooses to freeze accounts and inbound payments and always on a Friday night or weekend when there is no customer service or staff to accept telephone calls or reply directly Very very poor service from Transferwise. With CurrencyFair, you can send money in two ways: TransferWise tries to process most of their transfers within the same day. WorldRemit supports cash picks, mobile wallet transfers, air-time phone top ups, and door-to-door delivery. But if yours is not listed and you need more options, XE supports over 170 receiving countries (See “TransferWise vs XE” below). You will also be assigned to a Personal Account Manager who can guide you. It lets you spend anywhere in the world at the real exchange rate. 0.25% – 0.3% of the transfer amount when you opt for P2P. How does TransferWise Work? far cheaper than banks and insanely transparent starting with the real exchange rate and then showing the fees up front. You can fund these transfers with a bank transfer. 3. As with most prominent Travelex competitors, it lets you make payments using bank transfers and debit cards. This means you can get paid in these currencies without being charged a currency conversion fee. They also have English, Spanish and French telephone support. 1.5 You need a multi-currency wallet: If you frequently move money for personal or business reasons, a multi-currency wallet is a great perk enabling you to switch between currencies with very low fees. Plus, you get free ATM withdrawals of £200/month worldwide (with a 2% fee applicable after the limit). For larger amounts, having the ability to lock in transfers online easily but then have telephone support to ensure the transaction runs smoothly makes them a winner for larger amounts. Try StealthPay money transfer. TransferWise has also introduced a new option to get a payment card. This makes them the most affordable option in most cases. The difference between these two rates is 1.2%. Their strengths include low cost and fast money transfers to many countries worldwide. In either case, you’ll need banking details of your recipient. Check out our full review of OFX and learn more about TransferWise vs OFX. Free payment card (MasterCard Debit) with free payout on any ATM / Apple Pay / etc. You will also be assigned to a Personal Account Manager who can guide you through every aspect of the transfer. Currency conversion fees apply when you pay in a foreign currency online or withdraw money from an ATM abroad and a small fee is may be charged (wiki) to get the card in some countries. 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