Transferwise is an application that allows people to send money to people in other countries. However, the platform has since evolved and continues to innovate to be a leader in financial services all over the world. This article will discuss some of the things you can do with a Transferwise account.
Send money abroad
If you need to send money to people that reside in other countries or
traveled to other countries, you can do so with the aid of your Transferwise
account. All you need to do is register a free account after which you would be
required to provide the amount you want to transfer as well as other details of
the person you want to transfer money to. Once you have provided these details,
you might be asked to provide a means of identification if the money you intend
to transfer is very high. This is to help ensure that your money is kept safely
for you. After providing a means of identification where applicable, you would
then be allowed to fund your account either through ACH, wire transfer or with
the aid of your credit or debit card. After funding your account, you would be
able to send money to the account you want to send money to. The recipient will
be informed about the transfer you have initiated. It is also possible to trace
the money you have sent from your account. In most cases, the recipient will get
the money instantly or in less than an hour after you initiate the transfer.
Receive money
Another service that you can enjoy when you have a Transferwise account is
receiving money. Transferwise allows its customers to create a borderless
account. This implies that your account is not specifically tied to your
country or any country. Thus, you can decide your currency and other features
of your account. With your Transferwise account number, people can send you
money that would reflect in your account. You can have balances in more than 40
currencies if you so wish. Their platform is very flexible and further allows
you to transfer the money or spend the money. You can learn more about
Transferwise by reading Transferwise reviews.
Spend money
It is possible to spend money that you have received or funded into your
account from your Transferwise platform. To achieve this, all you have to do is
to request for a Transferwise MasterCard. With the aid of the Transferwise Mastercard, you can
withdraw money from ATM and use the card to pay for products and services
online and offline. The implication is that you can use Transferwise in a
similar way that you use your traditional bank account. You can use to send
money to people, receive money from people as well as to pay for products and
services. Using the Transferwise account is very affordable as most of their
features you would be using are available for free. Some of these features
include spending money in your account, withdrawing up to £200 from an ATM and
getting foreign bank accounts in the UK and USA among others.
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