What Kind of Business is TransferWise? (The what, how, why and don’t when transferring money in 2019)

What Kind of Business is TransferWise? (The what, how, why and don’t when transferring money in 2019)

When you deal with any kind of foreign currency, you know that you will also be dealing with exchange rates, transfer fees and so on. A company such as TransferWise can help you with that. But what does a transfer company such as TransferWise do? Why do you need such a company if you want to send or receive money abroad? And how do you know that a money transfer company is reliable? That is what we would like to tell you more about. We only provide some facts about what kind of company TransferWise is. You can read honest reviews about TransferWise here.

What does a Money Transfer Company Do?

A money transfer company helps you to send money abroad. Every country has its own currency and those currencies fluctuate because the economy of most countries is unsteady. That is why there are people whose job it is to keep an eye on the exchange rates in the world. It’s also why it’s hard to figure out for yourself what your Dollars or Pounds are worth compared to Euros and Yen, for example. A money transfer company shows you the value of your currency compared to the currency of the country in question. They can also transfer the money for you.

Why Is a Money Transfer Company Needed?

We already mentioned that it’s hard to make a transaction to a foreign country if you don’t know what your currency is worth. They stay on top of the exchange rates and, if you are dealing with a proper money transfer provider, they will keep the costs as low as possible and offer you the best value for your money. Often, these companies are the only way to get your hands on some foreign money.

When Do People Use Money Transfer Services?

Going on holiday is one of the main reasons for people to want some money in a foreign currency. You shouldn’t pay everything with your debit card because every time you make a transaction the bank will charge you a money transfer fee. If you request foreign money from a money transfer company they can provide you with a sum of money that will be enough for your holiday. That means paying the fee only once. Another reason why you’d want foreign money is that you are going to migrate and don’t want to leave your savings behind. Chances are that you want to buy a house or other kind of property before you have settled. And then there is reason number three: transferring money to a friend or relative who lives abroad.

What to Watch Out For

There are a few things that you need to be aware of before you decide to transfer money. First of all, you should keep in mind that not all money transfer providers charge the same exchange fee. Always compare their rate to other money transfer companies to see if you found the best deal. And, of course, you should always calculate for yourself if their calculation checks out. TransferWise claims to offer free money transfers and 0% commission. But decide for yourself if they are reliable.

Category Finance

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