TransferWise in detail

In this video I show step-by-step and in detail how to make an international money transfer using popular service TransferWise.

I use an Australian to Canadian dollar transfer as an example but the steps are almost the same for any currency supported by TransferWise, including US Dollars, UK Pounds, Euros and Yen.

The money transfer service shown in this video:
[Referral Links to support my channel. The “free transfer” promotion has been phased out 🙁 TW is still a great deal though!]
***TransferWise***
http://bit.ly/creativenomad_TW4

List of supported countries here:
http://bit.ly/creativenomad_TW5

List of supported currencies here:
http://bit.ly/creativenomad_TW6

My favourite Canadian bank:
***Tangerine***
https://www.tangerine.com
Use my Orange Key — 51960377S1 — to get a 50$ bonus when you open an account.

Alternate money transfer service:
***CurrencyFair***
https://www.currencyfair.com/?channel
[Referral link. Free transfer + 30€ bonus if you transfer 2000€ or equivalent]
List of supported currencies to ‘send in’ money:
https://www.currencyfair.com/support/en/sending-in/what-currencies-can-i-send-into-currencyfair
Check if they have a local account to ‘send in’ your currency: https://www.currencyfair.com/how-it-works/exchange-process-times/

Watch my video explaining fees vs. exchange rate spread and why using your bank to do international transfers is a bad idea:
https://www.youtube.com/watch?v=GN09da-aJ3A

Music by Chillhop: http://chillhop.com/listen
Warmer Sounds – Pizza and Video Games: https://soundcloud.com/chillhopdotcom/sets/bonus-points-warmer-winds-ep
Listen on Spotify: http://bit.ly/ChillhopSpotify

source

20 COMMENTS

  1. If it is so easy to set up an account, how can they possibly verify that the owner is genuine? It seems that this could easily be used by fraudsters and money launderers.

  2. This helps so much, thank you! I've been reading and watching Transferwise videos forever and still wasn't really clear about how this worked in practice…until now. Thanks again!

  3. You explained the process perfectly correct, but I have a simple doubt: I am going to receive money (from another bank account in United States) in my borderless account in USD and I wanted to know if I need to make something on my TransferWise account or just the other bank send me the money and I will receive it afterwards. I hope you understand it well, considering that I am from Spain and my English is not so good. Thanks in advance!

  4. I am doing a research about digital bankings for university. I would like to know why transferwise allows to top up the cards with our own debit card? This impplies that a merchant fee will be applied to transferwise each time I top up the card. Why don't they just allow bank transfer? Thank you! Great video!

  5. if I don't care about high flat fee, which international wire transfer service have the best exchange rate? and what is the maximum amount I can transfer ?

  6. Hello, i plan on emigrating from south africa to united kingdom, with 1st contact they will help me get a bank account in the UK without any issue, but all my money is tied to my south african ABSA bank account, would tranfer wire easily with no issue tranfer the money from my SA account to the UK one? is it legal? safe? its a fairly large amount

  7. I actually earned a few bucks when someone signed up under me. Not really a fan of spamming ref links but if anyone wants to sign up you can use my referral. I actually received a fifty pound bonus which translated into nearly a hundred bucks Canadian. So, score! Hah.

    Their fees increased last time I checked but still pretty reasonable. Sign up, and share your referral link. Eventually someone will use their service and you'll get the bonus.
    Nobody signed up using my link for about six months but then 3 people used my link and I got some cash. I actually use their service for sending money to a friend in South Africa.

    My ref link; transferwise.com/u/dels2

  8. Hi, I'am Citizen of North Pole Kingdom. Money transfer WORKS for me very well. I can send any $ from america to any Northpolean and they can buy food there in North Pole.

  9. I used Transferwise often, to transfer money from Canada to Poland. Recently they increased the fees, in 2019. Transfering larger sums, it was around 0.6%, now it comes close to 1% EXTRA fee.
    The problem is that they have their account in BMO only, and BMO has a limit of $7500 per day to do Wire transfer between mine account and TW online.
    To transfer bigger amounts, above $7500, BMO is adding its own fee of 0.2% to transfers between my account and TW private account. On the top of that, it is impossible to transfer online. You must personally go to the bank, get the papier cheque (draft), pay $8.50 and deposit it to the same cashier. It looks stupid on BMO side, but they have those archaic rules.
    Any other canadian Bank can transfer your larger sums directly to you account in another country, they have transfer fee (RBC fee of $42, plus $6.50 for draft), but their exchange rate is much worse, then you will loose money on exchange.
    Transferwise is ok for smaller amounts, but for 50k and more, their cost is comparable with the airplane ticket when moving money in a backpack and flying to Europe.
    TW is still good for a few hundred $, in comparison to Western Union which is charging 8% fee and it has a very low limits of transferred amounts.

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