Thank you for making this video. I emailed the company and said that I would not have felt comfortable making my first transfer without your help. Your video was excellent. Thank you.
I've looked at a lot of video tutorials on Transferwise, including their own linked from my account. Your video BEATS THEM ALL. Well done it should be the go to video
Many thanks for this video. It gave me courrage to proceed with my 1st transfer. And it went out perfectly. Once download the App, everything went out smoothly and even easier than expected. Wow! TransferWise is great! Will be my reference tool for future transactions, for sure! Also, in my case as well, the money arrived earlier, basically on the next working day. And just in time for a birthday party, which made it highly appreciated! 🎉🥳😁
I have not used TransfeWise before but looks like a great service. I currently use WorldRemit which has been amazing as well. They only charge $1.99 for any amount of transfer that I have made to the Phiilppines from U.S. I transfer directly into my bank account there with BDO from my Chase account. Takes a few hours for it to be delivered to my account in the Philippines but not too bad; like 2-4 hours for everything to be complete. They also send my recipient a text letting them know that they have a new deposit into the account.
Thank you SO much for the explanation between the two! Whilst bank transfer has fewer fees, it looks a bit more complicated so... I might stick with debit card. Will send this video over for anyone who needs it. Clear, concise, and I think your affiliate link does work!
I think you forgot to mention that it's not "converted" into a currency but TransferWise's Canadian bank account was notified to send you the amount that you agreed upon hence no fees were charged. So technically, no money was transferred between countries just between your AU bank and TW's AU bank and again with TW's Canadian bank with your Canadian bank.
Super vid buddy. TransferWise should pay you royalties for making the procedure hell of a lot clearer than the information they provide. Cheers from Canada. PS, do a follow up video telling everybody to use your account number when sending money cause that is "the special number" and you can retire in the Bahamas ;)
Thanks for all the info, this is my very first to use transferwise and quite hesitate to wire money to a third party that's not a bank. Good job my friend👍
If you want to make sure the destination bank gets the whole $500, you can enter that in the “recipient gets exactly” line and the “You send” line will automatically adjust to fit.
very good vlog, as I live in Thailand I have been looking for the cheapest way with the best rates to transfer money here from Australia, the bank rates are pitiful, thanks mate!!
I spend a lot of time in Thailand, and was the main motivation behind getting this card. When you withdraw from ATMs there do you still get charged a fee?
Hey Nikolaus. Transferwise has an affiliate program, so because he has such a great video, people are probably opening their accounts through his link (that he mentioned you could do, through his link in the description). He's definitely getting paid :) You could earn from them as well, by recommending TW after you sign up for an account :D
I used Transferwise often, to transfer money from Canada to Poland. Recently they increased the fees, in 2019. Transfering larger sums, it was around 0.6%, now it comes close to 1% EXTRA fee. The problem is that they have their account in BMO only, and BMO has a limit of $7500 per day to do Wire transfer between mine account and TW online. To transfer bigger amounts, above $7500, BMO is adding its own fee of 0.2% to transfers between my account and TW private account. On the top of that, it is impossible to transfer online. You must personally go to the bank, get the papier cheque (draft), pay $8.50 and deposit it to the same cashier. It looks stupid on BMO side, but they have those archaic rules. Any other canadian Bank can transfer your larger sums directly to you account in another country, they have transfer fee (RBC fee of $42, plus $6.50 for draft), but their exchange rate is much worse, then you will loose money on exchange. Transferwise is ok for smaller amounts, but for 50k and more, their cost is comparable with the airplane ticket when moving money in a backpack and flying to Europe. TW is still good for a few hundred $, in comparison to Western Union which is charging 8% fee and it has a very low limits of transferred amounts.
Hi! Thank you for this video but I'd like to ask, let's say you're from United States and you have WISE , if you will use WISE to send money to a US bank account (doesn't have WISE account ), will the sender be charged for sending the amount? or it will be deducted on the receiver's end?
I have used transfer wise for some time now, sending money from UK to Spain. A couple of points, do transfer before bank opens, I do mine before 0800 UK time, I normally get the money in Spanish bank about 15 minutes later, longest I waited was two hours. Transferred money does not actually leave the country, my money goes into UK account and they tell a euro account to pay me so no borders to cross, rates always good fees come out of the amount transferred .£ 1000 bank bank costs me £12 transfer wise about £4.
Great account Transfer wise. You could really BLOW lots of international banks out the water. If you one day offer the options with this account for customers to do Direct debits so customers can pay their bills on 2nd homes abroad you'll be onto a winner. Thousands will close their foreign bank accounts. Now there's a market for you. Watch this space...
Doesn't look like you do many videos. Shame cos they're so good, and easy to do understand! You no doubt have better things to do in life, but if you're looking to do more, please do a transaction video for Currencyfair. Because of your Transferwise one, it gave me the courage to use it instead of the bank. Thanks!!
Usually Transferwise fees are a percentage of the transaction, so it should be the same price for 3x600 or 1800. It depends on the route, you can see detailed fees before you commit to the transfer on TW's app or website.
You explained the process perfectly correct, but I have a simple doubt: I am going to receive money (from another bank account in United States) in my borderless account in USD and I wanted to know if I need to make something on my TransferWise account or just the other bank send me the money and I will receive it afterwards. I hope you understand it well, considering that I am from Spain and my English is not so good. Thanks in advance!
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Thanks, mate! This is really good and informative! I wonder why Transferwise doesn't have a video like this, just the marketing video which doesn't give any details.
I have a problem, been stuck for days. Trying to send money from Malaysia to the UK. Got stuck on all paying methods. I cant use my online banking, no way to transfer. What do I do? Please help
Question, if I transfer US dollars to British pounds and have the debit card, can I just withdraw the money from any atm at the airport as soon as I land in England?
I am doing a research about digital bankings for university. I would like to know why transferwise allows to top up the cards with our own debit card? This impplies that a merchant fee will be applied to transferwise each time I top up the card. Why don't they just allow bank transfer? Thank you! Great video!
Very good practical video!!! Do you have any video on how to open a bank account online in Canada? did you open Tangerine in person? Thanks for your contribution!
Thank you so much for the wonderful video and tips! But one thing, Transferwise doesn't convert your AUD into CAD, in fact they will transfer CAD from Transferwise Canadian bank account to your Canadian bank account...
That is correct. Transferwise (and other so-called 'peer to peer' transfer services) dont technically move money across borders, they just pair customers with opposite transactions together. However, to keep my explanation simple, I decided to skip that bit as I felt the video was long enough as it is. :)
I live in the States and I would like to get a transfer wise debit card because I'm going to Greece on vacation. Do I have to open a bank account in Greece too? Great video😊
Oui. Si tu as des Euros sur ton 'Borderless Account' Transferwise (par exemple un client en Europe fait un virement pour te payer en Euros), tu peux ensuite facilement faire un virement de ton compte TW en Euros vers un compte au Canada en CAD. (Balances -> EUR -> Send EUR -> Choisir son compte au Canada comme destination)
Transferwise usually has very high limits and the limits are often per transaction or per day... Also I'm curious where you found a better deal than Transferwise? Usually they are really competitive on fees/exchange rates (spread).
@@CreativeNomadTV : Checked to send money INR -> US. Compare to Transferwise, I found ICICI bank a better service fee. Also , I found fees better for UK + EURO + CANADA few countries compare with Asian countries.
Make sure to compare the exchange rates, not just the fees. Banks sometimes charge low fees but have terrible exchange rates than can add sometimes 6-7% to the cost of the transfer.
ich mag transferwise, bloss die videos und erklärungen wünsche ich mir in deutsch ;) I like transferwise, just the videos and explanations I wish in German ;) best wishes Baranyai
This is you sending to you. I would have liked to see how one person sends to another person, because on my TW screen it says ‘friends and others’ cannot send to my account.
Sending money to someone is the exact same process as sending to yourself, you need the recipient's bank details. If you want someone to send you money, then you need to open a borderless account and give them your account details (only available to recive from UK, Euro, USA, Australia, NZ and Poland)
CreativeNomad TV Thanks. Uk to Thailand in under 24 hours. Delighted. I think maybe it is just that initial £20 to open a balance that has to come from my account. (I’m guessing) It definitely said “cannot receive money from friends and family”. So the money was sent, not to my GBP account but direct to Thailand. In fact, like me, my friend could not even find GBP in the drop down list. So we both got confused but muddled through.
I have been very faith with using transfer wise for over 2years now , but right now I found out that other organisations are much higher in respect to the Nigerian Naira and the Euro . Please explain this .
My girlfriend was injured while in Poland. Would the Wise card be a good way to pay the hospital bill there in Poland? What about purchasing her airplane tickets to travel from Poland back to the USA?
Transferwise has the option to send money to someone other than yourself. See the screen at 1:42 titled "Who are you sending money to?". If you know the bank details for the recipient, you can fill them in yourself when setting up the transfer. If you don't know their bank details, then you need to provide the recipient's email address and TW will send them a form to fill in their bank details themselves. Either way the recipient needs to have a bank account to receive the funds.
Wait a minute: are you starting at TransferWise to send yourself money from your Australian bank? You video is very clear but I want to make sure I understand why you did this. I guess this is because it may be less costly than to go to the bank and do a wire transfer.
Yes exactly. I worked in Australia and I needed to send money home to canada. Transferwise is *much* cheaper than using the bank the do an international wire transfer.
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Thanks a lot for this great video explaining things clearly and even with humour! I watched it several times so that I could integrate all the information. Many thanks!
Hi, great video, I love Transferwise. It has changed my International life and especially helped in Covid times. One question, any idea how to amend an existing payee's details ? I need to change an email adress of the payee and trying to avoid deleting the payee and resetting up. Thanks.
Hi dude. I just want to tell you that you've added the German flag instead of the French one when you're talking about the bank accounts. You may wish to change that :)
At the time the video was made, TW was using a bank account in Germany to service all customers in the Eurozone. So it isn't a mistake. Thanks for watching and for paying attention though!
can you transfer between two tansferwise customers ? I am from uk and the person I want the money to go to is in the us, he has. transfer wise too, will this be the best method instead of making a payment from transfewise once currency is converted instead of transferring to their us personal account ?
As far as I can tell there is no speed or cost benefit to sending money to a TW customer vs some random bank account. Either way the US dollars will come from a local bank in the US. So I suggest you send the money to your friend's regular bank account.
hey great video, i want to know if this is the best solution for transferring $100,00.00 dollars in Vietnamese dong to an Australian bank like NAB or Commonwealth as this is what i need to do (my partner and i are getting married in AUD and her visa has been approved so she is moving there and needs to send her money there , cheers
Does TransferWise maintain their own reserves to exchange here and there? The question is how really they are able to provide better rates than banks notwithstanding banks are primarily into this exchange business at the outset?
They are able to beat banks because behind the scenes they dont really send money internationally. They have hundreds of local bank accounts across the world and they match opposite transfers together. So when I send AUD to Canada, my AUD never really left Australia... It stays in Australia until they need it for someone else who sends some other currency to Aus. On the other end, they just wired some CAD back to me after someone else sent CAD (which never really left Canada) to some random country.
If for example, I am an employer and I want to send money to my employee's bank account using TW, does my employee need to create a TW account or do I just provide the bank details upon sending the money, et cetera? Thanks for the awesome video!
Hi Ryan, yes if you have your employee's bank details (I guess in a different country than yours) you can use 'someone else' as the recipient and TW will deposit the money in their account.
Transferwise is meant to have a bank account as the recipient for transfers. If you have bank details for the company you want to pay, you could use Transferwise to pay them.
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Your demonstration was helpful but doesn't look like what my options are transferring US $ to € in France. I don't see the debit card or the POLI options.
Each countries have different options to 'send in' your money to Transferwise. POLI is definitely Australia-only. In the USA, Transferwise allows you to 'send in' money via ACH Bank Debit or domestic wire transfer.
Helpful. I’m trying to do my very first transfer from Canada to Uk. I have the sort codes entered but nothing else happens. No where to enter the account number & proceed to the steps you’ve outlined. What do I do now?
