Want to send and receive money at a low-cost fee? Good news! TransferWise offers a cheap and fast way to send money abroad!
TransferWise is an authorized Electronic Money Institution independently regulated by the Financial Conduct Authority (FCA) in the United Kingdom. Due to this fact, it is perfectly safe for people to send and receive money anywhere in the world.
A London-based online money transfer company, Transferwise has more than 750 currency routes all over the world. It includes GBP, USD, EUR, AUD, and CAD. They also provide multi-currency accounts. So if you’re in the Philippines and expect to receive money abroad, TransferWise is one of the best options!
Steps on How to Send Money through Transferwise
Step 1: Sign up with Transferwise for free. You can also sign up using your Google or Facebook account.
If you already have an existing account, go to Home on the Transferwise website then choose ‘Send Money’.
Step 2: Type in how much you want to send.
Tip by Transferwise: “If it’s important that your recipient gets an exact amount, type that amounts into the Recipient gets ‘box’. We’ll automatically tell you how much you need to send.”
Step 3: Indicate if it’s a ‘Personal Transfer’ or a ‘Business Transfer.’ If the transfer you’re making is from a personal bank account, then it’s a Personal Transfer.
Step 4: Fill in your details. Transferwise will ask for your personal details such as your address, they might probably ask for a photo of your ID as well for large transfers.
Step 5: Add the recipient’s bank details. If you have the recipient’s bank details then just simply add them in and Transferwise will transfer the money to that account. If you don’t have their details, uncheck the box, and Transferwise will send an email to the recipient asking them for you.
Step 6: Review all the details. Make sure that every detail you put in is correct before you transfer the money.
Step 7: Pay for your transfer. Choose your transfer type and how you can pay. You can send your money either with a bank transfer, or a debit or credit card. Transferwise will inform you of the fees for each option and how long it would take for the money to arrive.
Step 8: That’s it! You will receive a confirmation email from Transferwise regarding your transfer, they will also let you and you’re recipient know that the money is on its way. You can track your transfer on your account.
Steps on How to Receive Money through Transferwise
First, you have to remember that receiving money works the same as a regular bank account. Give your bank details of the currency you want to be paid to the sender.
Transferwise Note: At the moment, you can receive money directly into your account in US dollars (not available in all countries), euros, British pounds, New Zealand dollars, Australian dollars, Polish złoty, and Singapore dollars.
Step 1: Just open a balance in the currency you want to receive the money in. It’s possible to do this from Home on the website or app.
Step 2: Click Get bank details. If it’s your first time, you may need to complete some requirements first.
Step 3: Give your bank details to the sender.
Step 4: You will then receive their payment directly in your currency balance account.
Frequently Asked Questions
1. Are there limits on how much money I can send to the Philippines?
Yes. However, it will depend on which currencies you send to and from, and how you will pay. Using Transferwise’ calculator, you can check the limits for each of the currency. They will also inform you if you’re trying to send too much at one time. BUT, if you want to send more than the allowed limits, it’s possible. You just have to set up several transfers that are under the limits.
2. How long does it take for the money to arrive in the Philippines?
Usually, Transferwise can send your money within one day or even seconds especially on popular routes. However, sometimes a different method or routine check may affect the transfer time. You can track each step in your account.
3. How much does it cost to receive large amounts?
Transferwise does not charge any fees to your balance. However, the sender’s bank may charge fees, so it’s better to coordinate with the sender.
4. Someone sent me money through Transferwise but I haven’t received it yet. What should I do?
If someone sent you money through Transferwise, the best thing you can do is to ask the sender. They are the ones who can check the status in their account. If you wish to talk to Transferwise’ support team, it is unfortunately not possible as they can’t give you any specific details for privacy and security reasons. In short, they can only give information to the person who sent it.
We hope that this guide was able to help you in terms of sending and receiving money through TransferWise. If you already used their service, share with us your experience!
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About the Writer
Hi there! I’m Fatima. My first major travel was in 2016 in the beautiful city of Cebu. After that, I got interested in traveling. Now I enjoy learning languages and other country’s cultures. My goal is to visit at least one country each year and to share my experiences with other people through writing or blogging. Witness my journey by following me on Instagram.