Transferring money with Wise (formerly known as TransferWise) can indeed help you save on fees compared to traditional bank transfers. Wise uses a peer-to-peer model, which matches your transfer with someone sending money in the opposite direction. This eliminates the need for international wire transfers and reduces the associated fees.
Here's how you can save fees with Wise:
1. Transparent and Low Exchange Rates: Wise offers the real mid-market exchange rate, which is the same rate you find on Google or XE.com. They add a small transparent fee on top of that, which is usually much lower than what banks charge.
2. Low Transfer Fees: Wise charges a small fixed fee or a percentage of the transfer amount, depending on the currencies involved. This fee is often lower than what banks charge for international transfers.
3. No Hidden Fees: With Wise, you won't encounter any hidden fees. They provide upfront information about the fees and exchange rates, so you know exactly what you're paying for.
4. Borderless Account: Wise also offers a borderless account, which allows you to hold and manage money in multiple currencies. This can be beneficial if you frequently transfer money between different countries or currenciesOpen you account wise save more fees
5. Fast and Convenient: Wise transfers are usually faster compared to traditional bank transfers. In many cases, the money reaches the recipient within a few hours or even minutes.
To get started with Wise, you'll need to create an account with Wise and provide the necessary information for verification. Once your account is set up, you can initiate transfers online or through their mobile app.
Keep in mind that the exact fees and rates may vary depending on the currencies and transfer amount. It's always a good idea to check the fees and rates on the Wise website or app before making a transfer to ensure you're getting the best deal