7 reasons to use WISE for transferring money internationally
Banking, no one actually likes it do they? Really!? I constantly feel they are out to sting me anyway they can. But, we can’t avoid them so finding the cheapest and best way to move money around feels like a small victory.
When travelling we need to move money around frequently and being able to do this efficiently but more importantly cost- effectively is essential. What I’m looking for is a service with transparency in fees and ideally I don’t need an accounting degree to use. And I may have found it.
Ok, this may not be the most exciting posts, but we have to make our money last right? More money, more travel.
Things to consider
Exchange rates play a crucial role in international money transfers, as they determine the value of one currency relative to another. Understanding and securing favorable rates can have a significant impact on your travel budget, allowing you to make the most of your adventures abroad and not feel like you have been robbed!
Unveiling Hidden Fees: Protect the value of your international transfers by uncovering common fees and charges that can erode your funds. From excessive foreign exchange markups to wire transfer fees and intermediary charges, there are ways to avoid these, read on to find out more.
Traditional Banks vs. Alternative Providers:
Now here is the hero.
Wise (which was known as TransferWise until recently) is an online platform that anyone can use to transfer money between two bank accounts, regardless of location. Here are seven reasons why we use wise to move our money!
When it comes to transferring money internationally, Wise (formerly TransferWise) offers several advantages:
- Cost-Effective: Wise provides a transparent and cost-effective solution for international money transfers. Their fees are often lower compared to traditional banks and money transfer services, saving you money in the process.
To send money overseas with Wise, you will pay a small, flat fee and a percentage of the amount that’s converted. You can see the total cost upfront
2. Competitive Exchange Rates: Wise uses mid-market exchange rates, which are the real rates you find on financial markets. This ensures that you get a fair and competitive exchange rate without any hidden fees or markups. They are totally upfront with who could save you money.
3. Fast Transfers: With Wise, international transfers can be processed quickly, sometimes within minutes or a few hours. It takes minutes to do the transfer too.
4. Easy-to-Use Platform: Wise offers a user-friendly online platform and mobile app that simplifies the process of sending and receiving money internationally. It’s straightforward to set up an account, enter recipient details, and track your transfers in real-time.
5. Local Bank Account Integration: Wise has a vast network of local bank accounts in multiple countries. This enables them to receive and send money locally, which reduces the time and costs associated with international transfers.
6. Safety and Security: Wise prioritizes the security of your funds and personal information. They are authorized and regulated by financial authorities in different jurisdictions, offering peace of mind when it comes to your transactions.
Wise offers a cost-effective, convenient, and secure solution for transferring money internationally, with competitive exchange rates, fast transfers, and an easy-to-use platform. It has become our preferred way of moving our money around (not in a money laundering kind of way- don’t recommend that!)
Happy Travels!
Here is a few more quick tips for your travel money 💰💰
Meet the author
Lisa is the founder of Boston Tribe Travels. She has lived and travelled abroad for the last 15 years, visited more than 30 countries and has done most of that with her husband and two children. As a full time travel family, they like to travel slow, worldschool and seek new adventures. From living in Borneo for 5 years to backpacking South America, Lisa shares a wealth of travel experience to empower more families to travel and learn together.
