Transferwise allows you to send money from an account in one country to another account in a different country in a different currency. Compared to transferring the money using banks the fees and the exchange rate is way better at Transferwise. There are more than 50 currencies available.
We have been using Transferwise for many years and can definitely recommend. The only disadvantage may be that the registration process is a bit slow, as you have to scan and send in your ID. The verification takes about two days. The transfers themselves take a few days as well and are not instant. If you’re not in rush, this isn’t such a big disadvantage, though.
Similar services are offered by CurrencyFair and Revolut.
If you click on the button below and create your account at Transferwise, you’ll get your first transfer up to £500 for free.
CurrencyFair is similar to Transferwise and compared to bank transfers is also very advantageous. On top of that, CurrencyFair is basically a currency exchange marketplace, and so if you don’t want to have your money exchanged straight away, you can wait for a better exchange rate.
For us, Transferwise has usually been always a bit cheaper compared to Currencyfair. On the other hand, CurrencyFair often has quite interesting deals for the first transfer when you register with them. This is the case at the moment, as well. If you click on the button below and register through our referral link, you can earn €30 for the first transfer. The transfer must be equivalent to or higher than €2000.
Revolut is a fairly new service, however, it’s already attracted a lot of customers. Revolut is not only a bank account with a debit card but also offers the option to buy and sell cryptocurrency, stock or, for example, gold.
What makes Revolut valuable to travellers is the fact you can keep several currencies in your Revolut app and exchange them very easily with a great exchange rate. You can use the card to pay and take out money when abroad, just be conscious of the card limit for the free Standard account. It’s a good idea to become acquainted with the terms and conditions. In comparison with Transferwise or CurrencyFair, the advantage is the speed with which you receive your money.
To set up an account with Revolut, you can click on the button below and download the app and register. By registering through this link you’ll receive your debit card for free (normally £4.99). It takes around 7-10 days to get your card by mail, however, until then you’re free to use the app and online payment.