It was established in 2010 via investments from the likes of the guy who started PayPal and from Richard Branson (Virgin’s founder). It purports to transfer funds in about 30 currencies so far. If you happen to live in Turkey or any one of the other lands, it just might be the cheapest way to transfer $1000 from one point to another. Our question today is — have you used it? And did it work for you? In the online peer reviews we checked, the only downsides we could find came from disenchanted souls who were mad because the service hadn’t come to their country yet. And frankly, we can see their point. If you’ve used them, please click “comment” following the web version of this item.
(Thanks for the tip that led to us finding this, Ted!)
I transfer money regularly to international destinations for mission projects. I recently was looking for better ways to steward these funds. My research yielded TransferWise and I have been very pleased with the result. The cost is significantly reduced because the bank fees are circumvented by not actually transferring funds across currencies. Your funds are placed in an account for your currency, then used as payment for someone wanting to pay out in your currency. Likewise, your pay out is made in the other currency based on someone’s deposit. Similar concept to how Christian medical sharing networks move around contributions for purposes of covering health care costs for members without actually being insurance. Legal, innovative and less expensive (although TransferWise is not a faith-based enterprise at all).
This looks good, but the number of currencies supported is very limited. For instance, the Myanmar Kyat doesn’t even show up in their list of proposed currencies, let alone in their list of supported currencies.
Yes, used this successfully many times. No negatives, just works and is significantly cheaper than banks. No brainer. Another example of how Internet based collaboration tools are reshaping our world.
And if your currency is not there, I suggest you give azimo.com a try, has also worked well for me.
I have used it repeatedly and love it. Only downside: you may have to wait for a matching transfer the other way or see the exchange rate change so fast that the transfer does not go through. But with larger amounts you save substantially.
I am saving heaps through using TransferWise
Yes, I just recently signed up with TransferWise and sent a money transfer to England. It worked smoothly with no issues. Although, I’ve only used it once, but so far I have seen it as very beneficial service.
See you had some good responses, just used it for first time myself.
Its created by the people at SKYPE