How To Send Money through TransferWise

Beyond measures of security and assurance, what we are looking for when we’ll be sending our money to our loved ones back to our home country, utmost is ‘affordability’. But unfortunately, within these recent years of economy beating up and down, remittance service providers, although have exploded in the count; it is noticeable how it is still so rare to find companies whose offering ‘customer-friendly’ rates.

This leaves the sender either the burden of remittance fee or the suffering from the significant cut on the money supposed to be sent- situations in which we both yearn to avoid as much as possible; well at least for those 251 million, as of 2015, migrants working abroad. Nonetheless, that’s hard-earned money we’re talking about- an estimation of staggering $601 billion, exactly.

What is TransferWise?

Good thing remittance company such as TransferWise paved the way for our expats. Well, you might have already seen threads of forums about this remittance company- but what’s TransferWise, first of all?

TransferWise, is one of the worldwide trusted money transfer operators, that conducts its processes through digital technology and is usually known for its notably lower rates.

Furthermore, TransferWise defines itself as an online operating remittance company, controlled thru peer-to-peer connection, and do offer incredibly cheaper fees compared to what the ‘big-players’ such as MoneyGram, Ria, and Western Union do charges.

This ‘cheap’ fee is due to the following operators’ technique:

– Costly bank charges are basically terminated through pairing the needed currency of their clients. A customer looking for a dollar to peso conversion is paired with another customer that needs a peso to dollar currency. Voila! Goodbye, high bank fees!


Moreover, for the remittance processing, the following are the requirements you need for a successful and hassle-free transaction.

  • TransferWise Account

This is a registered account on their website. (Step-by-step guidelines for this one will be provided later)

  • Bank Account or Card

TransferWise will be a bank account to bank account transfer, so a bank account or card is the primary thing that you and your receiver are required to have. This bankaccount or card shall bear the same name with your TransferWise account.

  • ID and address documents

This will be needed for the further identity verification of your TransferWise account for better security and to avoid possible acts of frauds.

  • Information for Profile Filling

Full name, Address, Phone Number, Email. These enable TransferWise to give you smoother transactions.



Now, here is the step-by-step guideline for your TransferWise transaction:

  • Go to their website for the registration, or simply click the link below.

After signing up, log in your account. 

  • Now logged in, look for the link to transfer on the top of the page, click it.
  • Place the amount you want to transfer and the money to be received will automatically be shown exactly beneath the amount you’re about to send.
  • After that, a confirmation will be needed.
  • Fill up the further details required.
  • After this, click the ‘Add A New Recipient’ then include the necessary details.
  • With that, the only step left to do is for you to upload your money. To pay for that transfer, as already been said, TransferWise is a bank account to bank account transaction. Thus, you can either process the money through sending it with the use of local bank transfer or simply, by entering your bank account or card needed information on their website.


Using a mid-market and genuine rate for converting currencies.

Basically, for a dollar to peso conversion, TransferWise charges 1% for the amount at most 1000 dollars. For more than 1000 USD, a cost of 1% on initial 1000 USD plus 0.7% on the additional amount is charged.

There are authentically no hidden charges included here.


For the additional reminders, here are the following:

  • Only one TransferWise account can be registered. This is a rule except on cases such as users with an acquisition of private permission by TransferWise support team, solely.
  • Because through a bank to bank transfer is how TransferWise functions, cash, and cheque are prohibited as a medium of payment.
  • Personal identification and verification of the said are highly required due to TransferWise being a legal financial entity, is responsible for knowing to whom they are transacting with. This then is for the benefits of all identities concerned.
  • The fee is charged from the amount the is sent to the recipient.
  • Although it has been clear that there are no hidden charges placed by TransferWise, it must be known that when a card either debit or credit) is used, a charge o additional fee will be done.

Click the here to for more info about TransferWise fees. 

Speak Your Mind