Since its launch in 2011, Transferwise has become a global favorite among transfer services, with over 6 million transfers completed to 64 different countries. Due to the increase in competitors, the company has upped its game accordingly with some flashy new features alongside its reliably competitive rates.
As a trusted international company, Transferwise is licensed and regulated by the official financial authorities around the world.
Official video from TransferWise youtube channel:
How to open TransferWise business account
Opening a Transferwise Business account is simple and can be completed in minutes. All you need is a verified photo ID and proof of address, and your account can be up and running in as little as two days.
There is no fee for setting up your account or monthly fees for the service, or even receiving money, just fees for making a transfer which is competitively low compared with others on the market.
Making transfers with TransferWise business
The minimum amount you can transfer is $1, and the maximum is $199,000. Each transfer should take 3 to 5 days.
Transferwise charges a $3 fee for amounts up to $300 transferred, and 1% of transfers up to $5000. For transfers over $5000, the fee is lower, at 0.7%, which makes the service one of the cheapest out there.
However, transfers in some currencies may incur an additional fee, clearly laid out before you send anything.
Transferwise uses the mid-market exchange rate for all its transfers, whether personal or business, which means you can expect the rate to match most high street banks and other transfer services. While personal and business exchange rates are the same, business accounts, allow for a higher maximum transfer amount.
Batch payments are now simplified with Transferwise Business, with a clearer yet more detailed interface, the ability to review transfers, plus handy templates to get you started.
TransferWise Business payment card
The Business account for UK and EU customers now includes an important feature which may well tip the balance towards Transferwise for many new customers – it now issues a debit card which enables you to pay expenses, create subscriptions, and spend money abroad in a range of currencies using the regular exchange rate.
TransferWise Business mobile app
The Transferwise Business app scores highly with users. Its clean, bright interface makes it easy for users to review all their transfers and recur a payment with a click. It is Apple Pay enabled, and you can now add card details via your camera instead of entering them manually.
TransferWise Business USPs
According to research by Transferwise, its service is up to 19 times cheaper than some other major financial services for businesses sending and receiving money internationally.
Accounts can now be synced with the popular accounting tool Xero, to make it simpler for businesses to track and manage their finances.
Transferwise also boasts a new API to enable customers to automate payments, connect with other business tools, and improve financial management.
Transferwise has boosted its Business account for the global market, allowing invoices and wages to be paid in tens of currencies with real exchange rates.
The exchange rates offered by Transferwise are set at the mid-market rate so you are not losing out by avoiding traditional banks and other services.
The new automated payment feature is convenient, as is the level of support available by phone, online chat, and email.
The online transfer experts at Transferwise have relaunched the Business account for 2020 with some great new features, with the brand new Transferwise Business debit card for UK and EU customers set to be a game-changer. Its integration with Xero and the ability to automate payments make it a highly efficient and value for money transfer service.