TransferWise is a simple to use on-line foreign exchange company with no hidden fee charges and excellent exchange rates. I was very impressed with the low fee when transferring a small amount of money and saved money over a bank transfer. Some other foreign exchange companies do not offer such good rates for small amounts and the fee’s are hidden in the exchange rate.
TransferWise charges 0.5% to receive more than £200 and a £1 flat fee for smaller payments. Banks and PayPal charge up to 10 times more by making hidden profits on currency conversion.
The other bonus of using TransferWise is that they do not take money directly from your bank account. You just register on they website, get a quote for you foreign exchange and if you are happy with it you fill in the details of the account where you would like the money sent to. You will then get an email and also have the details on the website of the TransferWise bank account and the amount that you need to transfer to their account for your transfer.
One point to not which might confuse you at the start is that if you wanted to transfer £1000 to Euro’s the amount that you need to transfer to TransferWise is just £1000. The reason for this is that the transfer fee is taken from your £1000 and not added to it.
I have personally used TransferWise and I really liked the ease of use. No waiting for a quote to come back to you like some companies, you can do it all there and then on-line within a few minutes. Obviously it is easier if you have on-line banking to transfer money to TransferWise’s bank account, but you can also use a debit card on-line while making the transfer.
You can find TransferWise in our French Business Directory Foreign Exchange Section