How to Transfer Money from USD using transferwise

TransferWise Money Without Border

TransferWise is an awesome service started by the same people who built Skype. Richard Branson is a major investor. Launched in 2011, it has revolutionized money transfer services with its low rates.

https://en.wikipedia.org/wiki/TransferWise

Because of this, more people are exploring how to transfer money using TransferWise. And, we’ll help you with that in this guide.

Let’s compare it to PayPal

Transferring via PayPal costs a minimum of 4.5% when transferring money across borders. MassPay, their cheapest method charges a 2% fee and then adds an additional 2.5% currency transfer fee.

Yep, that’s a total of 4.5% that you are charged. We provided more information on the hidden fees below.

But, just look at the difference for now.

If you send $1000 abroad PayPal charges $45. With TransferWise you are only charged a maximum of 1%.($10) That’s quite a difference!

Here’s the specifics

Every bank and almost every money transfer company such as Western Union make their money from a hidden currency exchange fee. TransferWise does not have any hidden fees and they declare all their fees upfront.

• 1% for transfers from the US in USD
• 0.5% for most other transfers
• 1% for some currencies, such as the Indonesian Rupiah (IDR)

 

Which countries can you transfer to?

The current list of countries is a bit limited. Here are the options (updated April 2016):

UAE	Georgia	Pakistan
Australia	Hong Kong	Poland
Bangladesh	Hungary	Romania
Bulgaria	Indonesia	Russia
Brazil	India	Sweden
Canada	South Korea	Singapore
Switzerland	Sri Lanka	Thailand
China	Morocco	Turkey
Colombia	Mexico	Ukraine
Czech Republic	Malaysia	United States
Denmark	Norway	South Africa
Western Europe (Euro)	New Zealand
UK	Philippines

Here are the countries that you can transfer from:

Australia	Denmark	New Zealand
Bulgaria	Eurozone (Euro)	Poland
Brazil	UK	Romania
Canada	Hungary	Sweden
Switzerland	Japan	United States
Czech Republic	Norway

How does it work?

It’s simple. Just click on the link to transfer at the top right of the page after you sign up:

Then they will confirm the transfer amount and show you the exact exchange rate then add your details:

You can select a previous recipient or add a new recipient:

TransferWise need ferivy your SSN to continue

The last step is for you to upload the money.

Here is the only downside to TransferWise. You will need to do this manually which means in the US you have to send an ACH payment to TransferWise. You usually need to wait 3-4 days for the money to arrive before it can be sent to the recipient.

This is the only downside we found for this lower priced service. PayPal costs a lot more, and have risk being limited account, but your money is transferred automatically.

You have choices when it comes to transferring your money abroad.

So it’s up to you. You can save a substantial amount of money with no hidden fees or spend more and have your money sent immediately. You choose! If saving money wins out, we recommend you transfer money using Transferwise. You can visit their site and see for yourself.

Note that the links to TransferWise in the article are referral links which will make your first transfer FREE and we are also paid a commission on the transfer.