My Friday Favourite this week is Transferwise – Send Money Abroad Cheaply.
What is it?
Transferwise allows you to send money abroad cheaply through their service. It provides you with the real exchange rate for international funds transfers.
It’s an innovative service created by the creators of Skype to take advantage of peer to peer funds transfers which circumvent the banks high fees system.
Sending money abroad through your bank can be complicated, time consuming and expensive. Banks charge hidden fees for sending money abroad. Using Transferwise instead of your bank can mean you pay up to 8x less in fees.
You can use Transferwise as an individual, or you can set up a business account to reduce the fees when paying your suppliers from other countries.
How much does it cost?
Transferwise say they only charge you a fair service fee and then uses the real mid-market rate for the conversion of funds.
You can find a full list of the Transferwise fees at the Transferwise website.
How can I get it?
You can sign up for a free Transferwise account.
Transferwise also has iOS and Android apps.