How does Transferwise work? A simple explanation

In times of fast money transfer, it is important to be able to transfer money abroad quickly. This is exactly the function that Transferwise performs. The service works completely online and gives its customers access through the browser. Thus, there are no branches where cash can be withdrawn.

How exactly does Transferwise work?

Transferwise is an online money transfer service that can be operated through the browser.

1. After signing up with Transferwise, you must first verify your profile. You do this by specifying an account and going through the required verification procedure.
2. Now you can deposit cash into your Transferwise account and then send it abroad as you wish.
3. When you send an amount abroad, it is not actually sent abroad. Transferwise just looks for a user in the state you want to send the money to, who wants to transfer roughly the same amount somewhere else. This money is then sent to the person you want to send the money to. So fallen keine Überweisungsgebühren oder Umrechnungsgebühren an.
4. Dieses Vorgehen spart eine Menge Kosten und ermöglicht es Transferwise, seinen Kunden Auslandsüberweisungen zu sehr billigen Konditionen anzubieten.
5. Sie werden bei jedem Schritt der Überweisung per E-Mail benachrichtigt und wissen so immer, wo Ihr Geld ist.
6. Die anfallenden Gebühren hängen von der Währungsroute ab. Diese sind jedoch bis zu fünfmal günstiger als bei einer Bank.