Working internationally, general traveling often, or having to pay consultants in other currencies, we always come up to this question : what is the best way to send money abroad ?
Many steps required, the transaction fee and final rate aren’t very clear, a lot of information is required to set up the account or the transfer.
Western Union remains the best (or more like the only…) way to send money to somebody which doesn’t have a bank account.
However, if the recipient do have a bank account, the best option is now TransferWise !
Using the service for more than 3 years, with great satisfaction. The rate is always transparent, the interface is user friendly, the fee is minimal, and it is processed on time (4 business days with a bank transfer, or only 1 day with the recent credit card payment option). You can even choose to send a defined amount in the origin currency, or in the target currency (i.e., you want to send exactly 400 AED to UAE the next day, paid with your credit card in EUR regardless of the current rate).
It also supports numerous currencies – at the moment, you can send (and receive) in all of these currencies : Australian Dollar AUD, Bulgarian Lev BGN, Brazilian Real BRL, Canadian Dollar CAD, Swiss Franc CHF, Czech Koruna CZK, Danish Krone DKK, Euro EUR, British Pound GBP, Hungarian Forint HUF, Japanese Yen JPY, Norwegian Krone NOK, New Zealand Dollar NZD, Polish Zloty PLN, New Romanian Leu RON, Swedish Krona SEK, Singapore Dollar SGD, US Dollar USD.
You can also receive in the following currencies – not send yet, but it is probably only a question of time : UAE Dirham AED, Bangladeshi Taka BDT, Chilean Peso CLP, Georgian Lari GEL, Hong Kong Dollar HKD, Indonesian Rupiah IDR, Indian Rupee INR, South Korean Won KRW, Sri Lankan Rupee LKR, Moroccan Dirham MAD, Mexican Peso MXN, Malaysian Ringgit MYR, Philippine Peso PHP, Pakistani Rupee PKR, Russian Ruble RUB, Thai Bhat THB, Turkish Lira TRY, Ukrainian Hryvnia UAH, Vietnamese Dong VND, South African Rand ZAR.
To start, the login process is simple – only use your Facebook or Google account for example, you can then login with a single button click.
Therefore, if you need to proceed to an international money transfer, don’t wait to use their awesome service !
For example, I successfully use it every month to transfer my money from my Swiss bank account to my French bank, as I have a better credit card there for the daily use.
Only had to get the contact bank details, setup a transfer for a fixed target amount, and start the transfer.