What is TransferWise?
TransferWise is an international money transfer service that was founded in 2011. It is backed by high profile investors including PayPal’s co-founder Max Levchin and Sir Richard Branson.
TransferWise provides services across borders through online and mobile platforms where customers can easily send and receive money while saving considerably against bank charges and exchange rates.
It is the quickest, cheapest and easiest way I have ever transferred money. Also, if you are still based in the UK you can order a borderless debit card(a great international money withdrawal card).
Transferwise borderless accounts allows you to send and receive money through borderless bank accounts.
Why TransferWise?
- Fast transfers – The way their system works is by you depositing money into one of their local bank accounts, say their Australian account, and once
Transferwise receives that money, they send you money from their destination account, in this case, their UK account. The money technically never moves across borders and allows for an incredibly fast transfer. - Cheap – This means far cheaper fees compared to banks and other services.
- Easy to use – Very easy interface to use. Easy account set up and saves all your details so you can do repeat transactions very easily.
- Multiple currencies – 39 countries in total to choose from.
- Safe and regulated – by the UK (FCA) Financial Conduct Authority, meaning customers who use the service are protected under European rules and regulation.
How to Sign up for TransferWise? – It is Super easy!
You just need your email address and a password to start with. If you use one of my links you get money off and by I get a referral bonus for signing up.
Tip: Your first transfer of up to £500 is free if you use my referral link below:
Once you want to transfer money to your Australian Bank account you will need the following information:
- Date of Birth
- Address
- UK & Australian Bank Account details:
- Sort Code & account number (UK)
- BSB & Account Number (AUD).
- Addresses – that both banks use.
If you apply for TransferWise’s Borderless Debit Mastercard you can just open an Australian Bank account and use it immediately.
The best perk for British travellers is the TransferWise Debit Mastercard
The TransferWise borderless account comes with a debit card that you can apply for. It lets you spend anywhere in the world at the real exchange rate with low conversion fees, and zero transaction fees.
Perks:
- Free to pay with any currency in your account
- Free ATM withdrawals up to £200 a month
- Only pay a small conversion fee when you convert your money — typically between 0.35% and 1%
- Automatically convert your money at the real exchange rate.
The great part of it is, you have all your international accounts in one place with the Transferwise Borderless Account.
This means you can get paid from around the world with zero fees and if you travel before or after your Australian adventure, you can open an account in the country you visit.
Tip: Make sure you order one before you leave home! It takes 10 days to arrive and you will need to activate it and change the pin.
All you need to do is go into your free TransferWise account and order one. You will need to top it up with £20 to activate it.
How TransferWise has helped me:
Over the last year, TransferWise has truly saved me a lot of money. It’s such an easy to use service and there is no doubt it’s giving you a great offer.
I can’t imagine trying to work out how to do a bank transfer with any of my banks.
In fact, I remember walking into Barclays to ask, and coming out feeling even more lost. A few of my friends lost 100’s of pounds transferring their money over.
The only thing to be wary of is Bank Holidays (public holidays) because it may take a while for you to get your money. However, most transfers take seconds.
Don’t be like me and get stuck in the Kangaroo Valley with no money!
Tip: Make sure you always move enough money over to live on. Think ahead.
What next?
Your TransferWise account is a great back up and an excellent way to move money, but having an official Australian bank account is important for a lot of reasons.
Follow my next step to find out the three best ways to apply for an Australian bank account. That way you can move a larger chunk of money across, earn interest on your savings and have proof for any future visa applications.
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