Tips for getting started with TransferWise

Tips for getting started with TransferWise

TransferWise is an online account that lets you send money, get paid, and spend money internationally. With a TransferWise account, you can send money abroad, get paid in other currencies, and spend abroad on the TransferWise debit Mastercard.

Here are some tips to help you get started.

It’s quick, simple and free to open your account

It’s free to create an account with TransferWise, and it only takes a few minutes to set up. You’ll need to enter some details about yourself, and you can sign up as an individual or as a business. And your recipients don’t need to use TransferWise for you to send money to them.

Tip: Send, receive, and spend money around the world with borderless

TransferWise is safe, secure, and regulated 

Since our first transfer, in 2011, we’ve helped over 3 million people send money to 64 countries. To do business in all of the countries we operate in, we have to be registered with numerous financial authorities, all over the world. 

We use HTTPS encryption, and two-factor authentication to protect all your transactions and make sure your communications with us are secure. We’ll never misuse or sell your data. And we have real live people who watch over every transaction, and confirm every customer’s identity. 

Tip: Read customer reviews on Trustpilot

We use the real, mid-market exchange rate 

Banks and other providers often set their own, unfriendly exchange rates. It means that you pay more than you need to, and they pocket the difference. 

At TransferWise, we never mark up the exchange rate. You’ll always get the real mid-market exchange rate — like you’d find on independent sources like Google, XE, Yahoo Finance or Reuters.

Tip: Compare us to other providers​

Keep your money safe by verifying your identity

When you open a bank account, you usually need take some ID into the bank branch. TransferWise is no different. We’re a financial institution, so we need to know who's using our service. It helps us combat money laundering, and keep everyone’s money safe. 

So once you’ve opened your TransferWise account, we’ll need to verify your identity, usually with some photo ID, proof or address, and/or a picture of you holding that ID. It usually takes about 2 working days. Verification requirements vary by region, and you can read more about them here

Tip: Get verified ahead of time

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