Sending money abroad is deceptively expensive, thanks to the hidden charges we’ve all been forced to pay. Banks and other providers often add a markup to their exchange rate while advertising low fees, which means you could be paying huge hidden charges. TransferWise.com transparently displays its fee upfront and deducts it before conversion. No nasty surprises. TransferWise then uses the mid-market rate, independently provided by Reuters without any markup. Using only real exchange rates and tiny not-hidden-fees.
Once you setup your account, 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 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.
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