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What to Know About Wise, Formerly TransferWise Money Transfer

by Byrne Anderson
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Did you know that TransferWise (now Wise) has 8 million customers (from their last financials) and those people have used TransferWise to move 4 billion dollars around the world? That’s astounding considering that they started their company in 2010 and only have 1600 employees!

If you are considering using Transferwise money transfer to move money around or to pay certain international bills, then you are in good company. Let’s read on to see some more information about TransferWise limits and rates.

TransferWise Account

TransferWise recently changed their name to Wise, because they aren’t dealing only with money transfers any longer. They also offer debit cards and other services. The name ‘Wise’ is more representative of their expanded portfolio of services.

It’s quite easy to open up an account with TransferWise and it’s free to open a TransferWise account for now. There are four ways to do a TransferWise money transfer:

  1. Direct debit – the money is taken directly from your bank account once you authorize the payment
  2. Bank transfer – it’s the cheapest option but also slower than debit or credit card
  3. Debit card – you can pay for your transfer using a debit card
  4. Credit card – finally you can also pay for your transfer using a credit card (only Visa, MasterCard, and some Maestro cards)

As you can see, Transferwise makes it easy for you to use a wide variety of avenues to pay for your online money transfers.

TransferWise Stock

Currently, the TransferWise stock is listed on the London Stock Exchange, under WISE. Currently, the TransferWise company is valued at $5 billion. It is considered a strong buy by most analysts, as it seems undervalued.

TransferWise Rates And Limits

TransferWise offers some of the fairest exchange rates on the market, which is one of their major draws. They also never hide extra fees or charges when doing a money transfer.

A TransferWise money transfer uses the independent exchange rate provided by Reuters. This means that you end up getting low-cost, fair money transfers every time.

Also, they have clearly outlined what they use your fees for – 12% for offices and running costs, 14% for operations and customer support team, 18% for margin and growing Wise, 20% of building the products, 36% for banking partners and money-money costs.

It’s nice to have a company outline clearly where your fees are going. This transparency is much appreciated by customers.

They might not be the cheapest on the market, but they are definitely the fastest and fairest. You can see a comparison of their exchange rates and transfer fees on their website, delineated clearly.

Execute Your First TransferWise Money Transfer Today

Now that you have the basics of doing a TransferWise money transfer down, you are ready to make your first money transfer. Online money transfers aren’t as hard to execute as they used to be back in the day. Nowadays, they are as easy as pie and as fast as dealing with money face-to-face.

Enjoyed this article? Don’t forget to check out related articles on money and finances on our website and keep learning!

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