Udemezue John
Introduction
Due to globalization, it is becoming easy to move anything from one part of the world to another part of the world, including goods, services, and even money.
There have been so many solutions to solve this problem, but most of them come at a price that not everybody would be able to afford.
If you have a global business or intend to run one in the future and you are scared of the conditions that come with opening and running an offshore account, then I have come to provide you with a solution. That solution is called Transferwise.
Disclaimer.
Transferwise is now called Wise, this article is outdated but can be be used for informational purposes till when deleted. To see the latest update of this article , check out the link to the article below to learn more.
What Is Transferwise?
Transferwise makes it very easy to run your finances across the borders of any nation without any hassle; it comes at relatively no cost, and the exchange rate is relatively moderate.
You also get a chance to open an offshore bank account with top banks in the UK, Australia and The United States Of America.
There is no documentation needed to get started apart from your full name, email and address and some very few validation processes that require your international passport.
You also get the chance to withdraw your funds to your local bank account in your residential country; this makes it easy to run and get started from any nation of your choice. It is entirely borderless and seamless.
Why do I need a Transferwise account?
Transferwise, unlike any other global fintech start up, is relatively borderless and seamless. But, as stated earlier, it also comes with excellent features.
1. Transferwise allows you to move money from one part of the world to the other.
If you want to transfer money from one part of the world to the other part, then you can get started transfer-wise
You can move money from your present destination no matter what country you are first-world nation to a third-world nation.
2. Transfer wise supports Multi-currency and Offshore Accounts.
Do you have a global business, or do you want to be able to bank money in foreign safety, then you can get started with Transferwise.
You have access to banks with substantial banking names like Barclays and others. You can create as many bank accounts as possible and get your funds transferred to whatever location you are.
Also, coupled with the fact that you can open various bank accounts, you also get the chance to bank in so many currencies such as the US dollar, Pound Sterling and Euro.
3. Transferwise comes built-In with a currency converter.
The inbuilt currency converter allows you to convert over 180 currencies worldwide in real-time; this feature also ensures that you are never cheated.
Frequently Asked Questions About Transfer Wise.
For most people that are relatively new to this platform, there is every likelihood that you will have very few questions to ask, and here are a few questions that I think will answer your questions.
1. Is Transferwise safe to use?
To shock you, Transferwise is one of the very legit platforms out there that allows you to do more with less; for very few of us that are coming from a PayPal background, I think Transferwise will be a better option.
The Financial Conduct Authority regulates TransferWise, making it very authentic and safe to make use of.
2. How Long does Transfer take?
Moving money from your country’s border takes nothing less than a day, so you don’t have to worry.
3. Does Transferwise support my currency?
One exciting part of this platform is that it supports over 156 currencies; even third-world nations are not excluded.
4. How much does it cost?
Transferwise is free to use, and it comes at no cost at all when getting started, but minimal fees are charged on every transaction; for me, it is way better than using outdated services like Western Union.
Pros and Cons of Transferwise.
TransferWise rates itself on a simple fee structure and great exchange rates. The online system is easy to use, and users are almost universally satisfied.
Tranfserwise as a global payment platform also comes with its pros and cons, most of which will be highlighted in this section below.
Pros.
Below are some of the core pros of using Transferwise.
1. It is not very costly to send money abroad; you get full transparency of all fees and costs.
2. Very fast when you make card transfers but slightly overpriced
Fixed rates are guaranteed for 24/48 hours.
3. Individual service during set up and Easy to use mobile app
Operate in significant countries.
4. More affordable than fixed fee bank account rates to transfer money
Cons.
Just a few cons to go by.
1. Customer experience, essentially directed online rather than on the phone.
2. TransferWise is not vast with massive transfer amounts.
How do I Make Money Online With Transferwise?
TransferWise is a fintech company that provides online money transfer services. With over 10 million users worldwide, TransferWise offers a convenient and cost-effective way to transfer money internationally.
But did you know that you can also make money online with TransferWise? Here are some ways to do it:
1. Refer a friend.
TransferWise has a referral program that allows you to earn money for every friend you refer who signs up and completes a transfer.
You can share your unique referral link with your friends via email, social media, or messaging apps.
For every friend that signs up using your referral link and completes a transfer of at least $250, you’ll receive a bonus of $75. Your friend will also get a fee-free transfer of up to $600.
2. Become a Freelancer.
If you’re a freelancer or work remotely, you can use TransferWise to receive payments from clients overseas.
TransferWise offers local bank details in the US, UK, Europe, Australia, and New Zealand, which allow you to receive payments as if you had a local bank account. This means you can avoid expensive international wire transfer fees and receive your money faster.
3. Blog about Transferwise.
If you have a website or a blog, you can join Transferwise’s affiliate program and earn a commission for every new customer you refer.
You’ll receive a unique affiliate link that you can place on your website or blog When someone clicks on your link and signs up for TransferWise, you’ll earn a commission based on the amount they transfer. The commission rates vary depending on the country and the amount transferred.
4. Currency exchange.
TransferWise offers a peer-to-peer currency exchange service that allows you to exchange currency with other TransferWise users.
If you’re travelling abroad or need to exchange currency, you can use TransferWise to get a better exchange rate and avoid the expensive fees charged by traditional banks and currency exchange services.
You can also earn money by exchanging currency with other TransferWise users who need your currency.
5. Investing.
TransferWise offers a borderless account that allows you to hold and manage multiple currencies. You can use this account to invest in stocks, bonds, or other financial instruments denominated in different currencies. You can also earn interest on the currencies held in your borderless account.
Conclusion.
The big question that comes to the mind of every first-time user is the safety of using TransferWise to send money.
Yes, Transferwise is very safe. It is a business entity formally regulated by the economic institutions of the European Union, the United States and dozens of nations around the world.
Transferwise started as a “Start up” by the inventors of PayPal and Skype and is today one of the most valuable companies in the FinTech world.
Finally, TransferWise offers various ways to make money online. Whether you’re a freelancer, blogger, or just looking for a way to earn some extra cash, TransferWise can help you achieve your financial goals.
By using TransferWise’s referral program, affiliate program, peer-to-peer currency exchange, or investing services, you can earn money while saving on fees and getting better exchange rates.
TRY IT NOW – Transferwise.com
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