*This article contains affiliate links*
Do you transfer money internationally on a regular basis and have to pay the banks a lot of money for a transfer. Of both fees to send and receive and in addition the wire-transfer fee.
I am an expat and I regularly send money to the US from Sweden. At least once a month. Initially I was going the bank route where I had to pay a a flat fee to send it, a fee to convert the funds into US dollars, and then another fee at my bank in the US to receive the transfer. Then considering the rate I was receiving of SEK to USD was significantly lower than on Xe.com.
I was losing about $50.00 USD a month, minimum.
I. HAD. ENOUGH
So, I decided to look to see if there were any reliable and cheaper options.
I ended up finding Transferwise. Which is advertised as a ‘cheaper, faster way to send money abroad.’
They were right.
I have been using them for the past year and I have saved several hundred dollars on fees at this point. The exchange rate is accurate and I have been receiving my money a couple of days later. In addition, I am able to track its process. Making it more secure and really helping my sanity, since I know exactly where my money is in the process and if there is any issues.
Their customer service has also been extremely helpful, they say it will take a couple of days to reply. In my experience, I have received a reply the same day.