Thanks to @Hussey for the tip!
Starting next week, we will begin testing TransferWise.com for our bank wire payments.
What is TransferWise?
TransferWise is the clever new way to convert money to send abroad. The idea is very simple.
Instead of making one international transfer, two local transfers are made. For example, if you want to send pounds to euro, instead of making one international transfer with high fees, TransferWise makes two local transfers. So you will send your pounds to our sterling account in the UK, and then we will send your money out to your euro account from our euro account, so the money hasn’t actually traveled internationally.
- Save users money on international transfers. (And international wire can cost as much as 120 USD, where two local wires 2-3 USD)
- Speed up the wire process to one business day.
- Help users who have international wire unfriendly banks and/or PayPal is restricted.
- Save money on exchange rates (they have GREAT rates)
We will go through testing phases first.
We need to know if TransferWise is the right fit for our company. Like any financial middleman, they may cause trouble for us if they don’t approve of our business model, and may even freeze funds. To avoid this, we will start off with small limits.
I would like to know if any users here use TransferWise, and what is your personal opinion of the company?
If you don’t have an account, you can sign up here:
Transferwise.com or if you’re nice, use our affiliate link: Transferwise.com/SKYNET