Transferwise Review – An International Students Look on Low Fee Exchange Rates

Being a student these days is expensive. The last thing we need is unnecessary costs for basic services—especially when there doesn’t seem to be any other way around getting what you need to be done. For me, and so many other students, there are all sorts of reasons that one needs to occasionally send an international money transfer. And when these occasions arise, a low-cost option who is also reliable and trustworthy seems to be the best we can ask for. That’s why I am so excited to tell you about Transferwise, who are super affordable in terms of fees and rates, and a well-established leader in the industry.

It’s not just students who are looking for a provider they can trust in terms of security and competitive, fair pricing… saving a bit of money on mid-market rates is a real breath of fresh air for people in many different sets of circumstances. Still, my situation definitely informs my perspective, and as such, I am pretty excited about the service itself, as well as the transparency regarding the costs and the entire process that seem to exemplify the TransferWise customer experience. Beyond this, the customer support is remarkable, even though the platform makes transfers so simple that using these services will be a rarity for most of us.

I’m pretty critical when it comes to this stuff, but TransferWise managed to pass basically all of my tests. Let’s talk about it.

A General Overview of TransferWise

TransferWise is not a particularly new company, but their cutting-edge ability to find modern, money-saving methods that benefit the customer are definitely novel. In making an international transfer with them, I found that there were no unexpected costs or hidden fees, and the final amount spent was totally refreshing as compared to other services I have used in the past.

Now, it shouldn’t come as a surprise that I am not alone in this. On an annual basis, billions of dollars are wired around the globe, with people in over 70 countries (and nearly 50 currencies) using the service due to its convenience, customer-friendliness, and simplicity.

Personally, I was surprised I hadn’t turned to TransferWise in the past. It’s strange to me that others are using less consumer-friendly options that hide fees and force higher rates on those of us using the service… Still, TransferWise is very popular, and for good reason. Not only do they have a great reputation, but they continue to earn it with their unique ways of saving the customer money and earning trust in basically every way imaginable.

Some services work great domestically, but fail to accommodate those of us who need to send money internationally. As mentioned previously, 71 countries are compatible with TransferWise, which works with your bank accounts in this vast array of nations. No matter the distance or the currency exchange, the process is basically never going to take more than 1-2 business days, which is so impressive considering the scope, the cost, and the offers from other similar service providers which quite frankly just don’t stack up.

What’s so impressive about the cost?

First of all, transparency. Everything is clear and at the surface, with no unpleasant surprises as the process continues. Other comparative platforms will seduce us with attractive numbers—but, by the time the process has been completed, the cost has gone up so much with hidden fees and poor rates that you’d have been better with other easily accessible services. This doesn’t happen with a service as legitimate as TransferWise.

TransferWise promises fair, mid-market exchange rates. Further, the exchange rate will never be marked up from what you originally see—banks and other financial institutions use this trick all the time, but not TransferWise. Basically, the promise of mid-market values becomes rarer by the day, but TransferWise offers this as a basic element of their practice, which is exceptional.

One downside is that, in many countries, the transfers can only occur from bank account to bank account. Whereas other areas allow more elasticity in this regard, allowing you to use apps or cards, this is not the case internationally. TransferWise has an app, and others use Apple Pay, Android Pay, and other such services.

But, considering the benefits in regards to the amount you’re paying, this seems like more of a slight inconvenience than a deal-breaker, right?

TransferWise will also provide you with an accurate quote for the cost of your transfer, even if you have not yet registered for the service. So, before you use someone else, run the total against what TransferWise is offering—as far as I can tell, it is very unlikely you’ll be finding a better rate elsewhere.

User Experience

Everything about using this service is crystal clear. It’s simple, basic, effective. What else can you ask for? If you have any doubts, go ahead and browse the thousands of positive reviews from customers and users around the globe.

Plus, as previously mentioned, if you have any confusion or any questions, the customer service team is very accessible and open to answering any concerns that arise. You don’t have to talk to robots and experience the automated frustration we’ve become accustomed to. Give them a call, send an email, or use their live chat option. But, before you turn to this, their FAQ page is also very helpful.

Use the service from your phone, tablet, laptop, or desktop. No matter your approach, TransferWise is consistent in its delivery of smooth transfers.

And, in case there was any question, the service is very secure— TransferWise has to keep up with very tight checks and balances, running this type of service. As such, their authorization and licensing are held to a high standard, which they not only meet but exceed.

Conclusion

As a student, I’m always looking for the most bang for my buck. TransferWise delivers this in spades—in fact, I am confident in suggesting this as the most secure, affordable, and consistent option currently on the market! I’m sure you will be equally satisfied!