What you need to know to make an international money transfer with Transferwise.
Transferwise are based in the UK and offer you the interbank rate.
That’s the rate that you’d find on google or XE when you make a transfer with them they then charge a percentage based fee.
Their website is really user friendly and it’s very easy to get an obligation-free quote directly from their home page.
Transferwise Video Transcript:
What’s up everyone?
Today we are looking at Transferwise — in detail.
I know when I was shopping around for a money transfer service, I found it really frustrating not being able to see how a service worked before I signed up.
So today I’m doing my part by giving you a peek behind the curtain at TRANSFERWISE.
By the way if you decide to open an account with them, you should use the referral link in the description to get a free transfer.
So lets do a couple money transfers together.
So first step here is to login… pretty standard stuff… however when you try to login, TransferWise sends a notification to your phone via their app so you can confirm that it’s really you and not somebody else who’s trying to login.
So that’s a cool feature in case your password gets compromised.
And boom we’re in.
Today I’m going to do 2 transfers, one using a debit card and one using a bank transfer so you guys can see both methods.
So first step, click on “SEND MONEY”.
“How much would you like to transfer”… pretty straightforward.
So 500 Australian Dollars to Canada.
Now what’s really slick about TransferWise is that they are really clear about how much money the transfer will cost you.
So in our case here, the fee is 3.48$ and the rate is 0.9913 Australian cents for each Canadian dollar
Note that what you’re getting here is the mid-market rate, the rate you can see on XE.com or Google, not the terrible exchange rate you’re getting at the bank.
So to recap, 500 Australian dollars, to Canada, using a debit card.
Let’s hit CONTINUE.
Okay “Who are you sending money to?”… this is where we tell TransferWise our DESTINATION bank account.
Today I want to send money to myself.
First, pretty simple, fill in my name.
Then I need 3 bits of information from my Canadian bank, which happens to be Tangerine.
First, I need the institution number and the transit number.
These are bank specific, so I found them on Tangerine’s website, yours will be different if you use a different bank.
Next I need the account number, that’s unique to each bank account, so I need to login into my bank to find that information and copy paste it.
Finally I’m gonna tick ’Saving’ because my account is a savings account and hit CONFIRM
Okay so the next step is to “REVIEW THE DETAILS OF YOUR TRANSFER”.
It’s last chance to change anything before you commit to this trade.
Looks good, so I’m gonna hit “CONFIRM AND CONTINUE”.
Finally, we’re at the last step “HOW WOULD YOU LIKE TO PAY?”.
This is where I pick which method I want to use to send my Australian Dollars to TransferWise.
I’ve got 4 options here:
The options are going to be different depending which country you’re in so keep that in mind.
First is Debit Card, which is fast and easy but your bank might have a daily limit on how much you can spend on your debit card.
So if you need to transfer a large sum, this may not work for you.
Alright, second option here: POLI Transfer, which I do not recommend…
I mean there’s even an entry on my bank’s website telling customers NOT to use them.
I don’t need to say anything else about that!
Credit Card — fast and easy, but your gonna pay extra fees for credit card processing, so I wouldn’t recommend it unless you have no other options.
And finally plain old vanilla Bank Transfer.
I’m gonna show you that one in a minute, but for now let’s stick to the quick and easy DEBIT CARD.
This should look familiar if you’ve done online shopping… so pretty straightforward… card number, card expiry, security code… finally click “PAY 500 AUD”.
And boom that’s it!
“YOUR PAYMENT WAS SUCCESSFUL”
You saved 28$…
I guess compared to Commonwealth and ANZ here… that’s crazy when you think about it!
28 dollars is huge on a tiny 500$ transfer!!
Alright so that was DEBIT CARD , but now I want to show you a transfer using a BANK TRANSFER
instead of a debit card.
So let’s go back to the main page, I’m gonna click “SEND MONEY”.
“HOW MUCH WOULD YOU LIKE TO TRANSFER?”.
Well this time I want to transfer more. I wanna transfer 1500$ Australian Dollars.
My fee is now 10.43$. Now notice that the fee is higher because I’m sending more money.
The fee is a percentage of the amount you transfer.
I’m still getting the mid market rate which is awesome.
I’m good to go and I’m gonna hit CONTINUE.
“WHO ARE YOU SENDING THE MONEY TO?”
Now this time TransferWise remembers my bank details from my previous transfer, so I don’t have to re-enter all my information here, which is great, so I’ll just click “MYSELF”.
Last chance to review the trade again.
“Confirm and Continue”.
“How would you like to pay?”
So 1500$ is above my daily limit for my debit card, so I’m going to use a BANK TRANSFER instead, so let’s click “BANK TRANSFER”.
Alright so now TransferWise is giving me very IMPORTANT information that I will use to send them 1500$ doing a BANK TRANSFER.
These are their bank details IN AUSTRALIA.
If I was sending them money from say France, or the UK or the US then these would different bank accounts, they would be different bank details.
I’ll just jump over to my Australian bank’s website, which happens to be Commonwealth Bank.
I’ll just login and pop over to the “Transfers and BPAY” page.
Of course yours is going to be different depending on which bank you are using.
Now I have to tell Commonwealth where to send my 1500$.
So I’m gonna click “new payee” and fill in the ACCOUNT NAME: that’s simply TransferWise.
Then the BSB: that’s the number that identifies which bank I’m sending the money to.
I’m gonna copy/paste that number in there… now notice that this is telling me that TransferWise has a bank account at NAB… so just a regular, standard, local bank account.
Next step here is to fill in the ACCOUNT NUMBER: let’s copy paste that in there…
Now you need to get that right otherwise you’re gonna send money into some stranger’s account which I’m sure will make them very happy but you might get bummed about your money being lost in the system here so get the account number right.
Next, the AMOUNT: obviously 1500$ for my example.
Now DESCRIPTION: that’s just a note that will appear on my statement, so it can be anything really, I’m gonna say “to Transferwise”.
DESCRIPTION ON RECIPIENT’S STATEMENT: Now this is really super IMPORTANT.
This is where I need to put my unique reference number so that TransferWise knows who the money is coming from.
If I don’t include the REFERENCE NUMBER, they won’t know the money is coming from me!
Money will appear in their account and they won’t know where it came from so make sure to get the REFERENCE NUMBER right.
Alright, I’m gonna hit “NEXT” , review everything BSB, Account Number, Reference number… everything is legit… click PAY.
Now Commonwealth is giving me a receipt.
Now I’m gonna pop back to TransferWise, last thing I need to do there is to click
“I’ve sent the money to TransferWise”.
And now it says “Waiting for your 1500 dollar payment”
So that’s fine because it usually takes a day or two for your bank transfer to send the money over.
So now TransferWise is waiting for my Australian dollars.
As soon as they get them, they will convert them to Canadian Dollars and send them to the recipient account in Canada!
So that’s it, you don’t have anything else to do!
Just wait for the money to show up at destination!
I hope TransferWise makes more sense now.
Don’t forget to use the referral link in the description when you open your own account to get a free transfer.
Give me a like if you’ve found this video useful.
Don’t forget to subscribe if you want more of that kind of content and I’ll see you guys later, bye!