TRANSFERWISE: The smart way to move money
A lot of Winter Sports Company customers are travelling the world, and living and working in a foreign country means opening a new bank account. We are often asked by our clients how they can transfer money from their home country to a new bank account abroad.
The first thought for most people, is to head to their bank to transfer money abroad, and whilst you’ll get a good service and with modern technology, a fairly quick turnaround, you will be paying up to 4% in fees for the pleasure. TransferWise has been set up to make moving your money quicker, easier and most importantly, cheaper!
TransferWise is money without borders. The service allows you to move your money as fast as possible, for as little as possible.
TransferWise works so money doesn’t actually cross borders – they have bank accounts in each country which means it’s actually ‘currency swapping’ rather than ‘currency exchange’. This means they can charge as little as £1 for transfers up to £200 and 0.5% for everything above that.
For example, to transfer £1,000 transfer to euros, banks could charge you £50. With TransferWise, it’s only £5 – that’s ten times cheaper!!
TransferWise low fees allows money to stay in your pocket rather than lining the wallets of the big banks. To ensure a secure transfer experience TransferWise are regulated by the FCA and HMRC in the UK and use a mid-market exchange rate – that’s the one you see on google and yahoo finance.