First launched in January 2015, Rewire is an online digital banking and money transfer service designed specifically for expats or those spending large amounts of time abroad. Their services include the creation of a dedicated online bank account or MasterCard, as well as offering money transfer locally and internationally. But for those considering Rewire, is this platform everything it claims it can be? Read on Rewire review to find out more, from how the service works to whether it’s the best option for you:
Rewire is a dedicated financial service that is designed specifically for those living or traveling long-term abroad. Unlike other financial options on the market, Rewire doesn’t limit itself to just providing general money transfer services. Instead, they aim to provide the full package for expats, including allowing the creation of a free IBAN account and Rewire MasterCard that can be used to withdraw cash, make purchases, and more. This system enables individuals to send money home to specific countries and deposit their money into a safe and secure account for day-to-day use.
By providing the full solution, Rewire is a one-stop financial shop for individuals currently living and working abroad that need a simple, practical way to transfer money – preferably from the bank account they’re using – without the high costs of a traditional bank account. Rewire describes itself as a platform founded for expats, and as such the services they offer are dedicated to supporting this specific demographic of people.
Rewire provides its users with a dedicated EUR IBAN account upon signing up to its platform. As such, it’s no surprise that the platform is designed for expats working in Europe, which limits the creation of accounts and the use of services outside this specific continent. While Rewire specifies digital banking for 21 countries, it doesn’t identify which countries these are, requiring the sign-up process to begin in order to know whether your country of residence is included.
In terms of where you can send money to, Rewire supports many of the expected countries where immigrants are likely to be sending money home. This includes Nigeria, India, Thailand, Nepal, China, The Philippines, and more. Judging by their current timeline, the plan is to continue expanding the number of money transfer services available to encompass more regions and locations.
To use any of the specified services, those that want to send money are required to open an account using either the mobile app or the Rewire website. You’ll need to provide your full name, phone number, and email for the initial signing up process, but you’ll also need to upload an ID, submit a photograph and give additional personal information for your IBAN account to be set up ready to go.
Once your account is created, you can deposit money into your Rewire account through a range of different options, including credit and debit cards, bank transfers, or using the Sofort service. From there, you can send deposited money to any of the locations supported by Rewire using the ‘Send Money’ tab within your online banking service. Rewire charges a 1% fee on all international transfers, while local transfers are free of charge.
One of the great benefits of a bank account-style money transfer service is the fact that the user on the other end doesn’t need an account in order to receive that cash. As Rewire performs bank account transfers, instead of card-to-card transfers, the money can be deposited into any bank account – provided you have their full details and IBAN number. Of course, it doesn’t hurt that you gain access to a free bank account and universally accepted MasterCard as part of the process, which is something much-needed by many expats looking for a secure and stable way to keep their money safe.
What’s immediately clear about Rewire is that it is a service with a specific purpose. If you aren’t a expats looking to send cash home to family or relatives, it’s likely you won’t get as much out of the features than you could. While this isn’t a downside for many of the platform’s customers, it does make it less suitable for those looking for an all-rounder money transfer service with fewer country limitations. In addition, customer reviews regarding customer service have been less than stellar in some instances, with customers claiming they’re unable to get in contact with the support team over issues with transfers and accounts.
So, is Rewire an excellent option for you? That depends on exactly what you’re looking to get from an online bank account or money transfer service. If you fit into the expats’ niche looking to send their hard-earned cash home, then Rewire might be for you. But if that doesn’t sound like the kind of service you’re looking for, you may be better off looking for something less targeted. Rewire is a great system, with a specific purpose – but the flipside of this is that it’s not the right fit for everyone, especially when it comes to money transfer.