TransferWise has found a simple way to make international money transfers transparent, fair and inexpensive.
The solution is local bank transfers. Money doesn't have to leave the country to be transferred abroad.
For example, if you want to send US Dollars from your American bank account to a British Pounds account in the United Kingdom, you can use your TransferWise profile to do the following.
1. Set up a transfer through which you provide us with your recipient's bank account details.
2. Pay in money your US bank account to TransferWise's USD bank account also in the United States.
We'll then convert it at the real exchange rate ( as shown on Reuters.com) and pay out the resulting amount as a inexpensive, local transfer from our UK bank to your recipient's UK account.
We have a bank or partner through which we can make local transfers to every currency we support.
To balance the process, it is constantly working in reverse. This means that money is paid in from many of the currencies you send to, converted to US Dollars, and paid out to bank accounts within the United States.
Our charge for this is small and never hidden.
Money saved, problem solved.