TransferWise is a company that provides users with the ability to transfer their money across several countries around the world. The company, founded in 2010, focuses on providing users with high-quality services. Therefore, TransferWise has various products and services that users can benefit from, whether individuals, businesses, or even banks.
TransferWise faces tough competition for its target market from different well-established names. Despite the high competition, however, the company has attracted approximately 8 million users worldwide.
It speaks volumes of its performances in the market. Most experts believe the company can outgrow its competition and become a leading name in the world of online transfers.
Despite its almost a decade in the industry, the company has not attracted the same number of users. It is because most users aren’t aware of the platform or the services it provides. Through the uses of its services, users can receive many benefits, that they won’t otherwise get with other alternatives.
5 reasons why you should use TransferWise
There are many reasons why users should consider using TransferWise. However, the top 5 reasons among those include the following.
1) Low prices
One of the biggest advantages of using TransferWise is its reasonable and inexpensive prices. The platform provides its users with some of the best fee rates in the market.
The fee for the transfer is variable, as it depends on the currencies and countries involved in the transactions. Nonetheless, the fees are generally lower than 1% or close to it. It makes TransferWise one of the best options out there.
Users can also select between different types of transfers, which include low cost, fast and easy, and advanced transfers. The fee may fluctuate based on the option that the users choose. However, despite which option the users choose, the prices are significantly lower as compared to its competitors.
2) Fast delivery
TransferWise uses a unique system for transfers, which allows it to complete the transfers within a short time. Transfers usually take between 1-2 days, which is their official timing for transfers.
However, some transfers also complete within hours or even minutes of the initial transfer request. In contrast, some of its competitors take 3-4 days for deliveries, which may even go longer.
TransferWise avoids actual transfers of money across borders through its unique matching system. Therefore, the company significantly reduces the time it takes for money to transfer from one country to another. Overall, the fast delivery timings of the platform make it one of the top options in the market.
TransferWise gives its users some of the best rates for transfers, as mentioned above. However, unlike other platforms, TransferWise believes in transparency. Therefore, the platform does not have any hidden fees or charges, as opposed to some of its competitors. The fees that the platform quote to its users for their transfers are one-time fees. Once users pay the amount, they don’t have to care about any further charges.
Contrastingly, some of TransferWise’s competitors or alternatives charge users even after they pay the initial transfer fees. Therefore, users trust TransferWise more with their fee structure due to the transparency it brings to the process.
4) Ideal exchange rates
Transferring money from one country to another usually doesn’t only involve the charges of the transfer. It may also include conversion between two currencies. While most other platforms charge users for the currency conversion as well, TransferWise doesn’t.
It is because TransferWise does not benefit from the fluctuations in exchange rates or charge a markup. The platform charges its users the real mid-market rates for conversions.
Using TransferWise is highly beneficial for users that have to suffer due to high conversion costs. The company is also transparent about the exchange rates it provides users, so users understand they don’t have to pay an additional markup on transfers.
While the primary service for TransferWise is the provision of online money transfer solutions, it isn’t the only feature from which users can benefit. The platform also has other relevant features, such as providing users with access to multi-currency accounts. Similarly, TransferWise, in association with MasterCard, also provides its users with a debit card linked to their TransferWise account.
Similarly, the platform also allows businesses and banks to use some of its free features. It may come in the form of additional features such as balance and invoice management for businesses. Or it may come in the form of an API that businesses and banks can use to integrate TransferWise into their services.
TransferWise is an online money transfer platform that started in 2010. With millions of users across the globe, it is one of the top choices among users. Given above is a detailed analysis of the top 5 reasons why users should use TransferWise for money transfer transactions.