Posted on Monday, February 10th, 2014 by Will Hagle
TransferWise is an online service that allows you to send money abroad or transfer it to different currencies without any hidden fees.
Withdrawing money from an ATM in a foreign country can result in exorbitant fees, and sending money abroad can be even more difficult. TransferWise seeks to ease the process of transferring money to a different country and/or to a different currency. The company was established to create a fair exchange rate, allowing for an easy transfer of funds without hidden bank fees. TransferWise bypasses bank interaction, claiming to make the money transfers transparent and fair. The service currently works with several currencies, including British pounds, Euros, and US Dollars. The idea behind the site is useful to anyone who needs to send money abroad in a secure, trustworthy manner with limited extra cost.
Although TransferWise doesn’t have any hidden fees, the service fee is entirely dependent on how much money you transfer and what currencies you use. 
The exact way TransferWise determines the fee is difficult to understand, but users can at least be assured that the site always indicates its service fee upfront before you confirm the transfer. Sending money using TransferWise is as simple as sending money to the site and telling it where the funds should be directed. Money can be sent to TransferWise by linking a debit card or by making a bank payment transfer to the site. TransferWise then makes the conversion, takes its fee, and redirects the funds to another location. Money can be sent to individuals, companies, or personal overseas bank accounts. The site was built by the same folks responsible for Skype and Paypal, and their experiences at those company demonstrate TransferWise’s forward-thinking dedication to revolutionizing the way technology is used to make international payments easier.
