Is Transferwise safe? this is a query we often receive on our contact channels. Well, Transferwise is a money remittance service used to send money to and fro one country to the other, simply put that transferwise is an international money transfer service founded from British by Estonians Kristo Käärmann and Taavet Hinrikus to put ease on international payments with its main base located in London, United Kingdom.
As of the time of writing this, Transferwise currently supports more than 750 currency routes across the globe. Transferwise is my best PayPal alternative not because of it’s low transfer fees (Transferwise is one of the cheapest ways to make international payments) but a lot of other options not excluded from the fact that they uses the real, mid-market exchange rate for converting currency.
Is Transferwise Really a Safe Option For International Payments?
is transferwise safe for large amounts or normal transfer? If by now you are still wondering if transferwise is a safe option for receiving or sending international payments, I’ll assure you that yes transferwise is very safe to receive and send international payments, as a freelancer or a resident in another country, you can get paid in other foreign currencieswith transferwise, one of the attributes of Transferwise is it’s fast delivery rate, most times it takes me less than 30 minutes to receive money from abroad using transferwise.
How to Register on Transferwise
It’s very easy to register on transferwise, though not necessary if you are the receiver as the money can be sent to your account direct even if you do not have a transferwise account. So let’s proceed to register a Transferwise account after all it’s just a few minutes, you can sign up as a business or as an individual.
How to send money on Transferwise
There are two options to send money on transferwise, you can either send money direct from your online bank or via your debit card details. Making transfers is easy.
To send money with transferwise you can either logon to your transferwise mobile app or transferwise website and as a new customer you may need to verify your identity to prove that you are really who you said you are and also keep your account secured, It’s just like walking to a bank premises to open a bank account, you are required to provide some types of identification.
TransferWise verification is usually with some photo ID, proof or address or a picture of you holding your means of identification. On there website they said it takes 2 working days but thats not entirely true, once you have submitted your means of Identification you are likely to be verified before 3 to 6 hours, in rare cases it takes a day (Working day) you can read more about transferwise verification here.
How to receive money with Transferwise
Click on balance located under the balances tab.
Now add the balance in the currency which you want your money to be sent to.
Click on the currency and there you will see your bank details.
Give the bank details to the sender and tell them to transfer you money using the details.
The payment will be received directly into that currency balance in your transferwise account.
The above option to receive money from transferwise is not available to all countries, for now it’s only available in US dollars, euros, British pounds, New Zealand dollars, Australian dollars, and Polish złoty.
If you’re not eligible for the above you can receive money direct to your bank account on your own currency (Transferwise automatically converts and send it to your bank account at mid market rate) you will need the following details:
Name on your bank account:
Swift Code/Iban or Routine Number:
Your mobile Number: (Optional)
Attached below is video of how transferwise works (from transferwise youtube channel).
Final Thoughts on Transferwise Review:-I hope this article has cleared your doubt and helped you on what you needed to know about transferwise? If you have any further questions feel free to drop it at the comment section and i’ll be happy to help.