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Wherever you travel, when you transfer money internationally, there will be 2 types of fees. The 1st one is the oversea transfer fee and the 2nd one is the exchange rate fee. With this special service, you can save up to 80% of those fees and it is pretty fast. It supports up to 46 currencies and more currencies are soon to come. Here are some examples USD, EUR, AUD, CAD, GBP, SGD etc. I’m using it and it took 2 business days from Germany to Vietnam to transfer it. A little bit about Transferwise: It is a London based company started from 2011 and it is worth about $3 billion with over 5 million costumers transferring over €4 billion every month. Besides, it is funded by the Billionaire Richard Branson and some other investors like Andreessen Horowitz.
I’ve transferred with the regular bank 500€ to Vietnam and the fee was 36,55€, which is about 7,31% fee! If I do it with TransferWise, it will cost me only 7,39€, which is only 1,48% fee. What a TransferWise review!
You can check on this website, how much the fee will be, if you send money from one country to another country. There you can see, that it is significantly lower, than any other money transfers. So in this example, you save about 30€ for every 500€ bank transfer from Germany to Vietnam. On top of that, they give you a better exchange rate! At that time according to Google, it is only 25,821.59! It’s not only cheaper than banks, but also cheaper than Paypal or exchange offices. You can save even more money compared to Western Union, which charges about 10%, because of its high exchange rate fee.
UPDATE 25TH MAY 2018
Now they start offering a multicurrency bank account in $, £ and €! No fees! With a MasterCard debit card. Very handy while traveling, because you can use it worldwide with the advantage of real exchange rate, so you also can save money while traveling and with the TransferWise app, you can see in real time your expenditures.
It is also very easy and fast to open this multicurrency bank account, because everything happens online. You don’t need to go anywhere to register for it. Just upload your ID and that’s it. You will get your debit card within a week and I get an US American bank account, Australian bank account at the same time etc.
UPDATE 30TH December 2019
Since this month, Transferwise facilitates transfering bigger amount above 100 000£ or equivalent by reducing the fee of 0,1%. For example, if you transfer 100 000£, you will save 100£ more than before, which is quite neat. There fees are already quite low about 0,37% from £ to €, because they have real time exchange rate. That is why, you can save up to 80% of the fees. Somehow, they also different technology. That is why the transfer can be completed at the same day.
By clicking on this link you will get the first 500GBP transfer for free. Check it out: Transferwise.