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Chris Bell

Transferwise: One of the Gains of Online Banking



The fact that banking activities can now take place online with each person having great control over how things work is one of the most significant gains of this era. Unlike before when checking an account balance means one would have to get to the bank and line up in a queue, it is just a matter of having a stable internet connection these days and login into the online system of one’s bank. Things are even more comfortable now as it is possible to operate an account in another country.

The advent of cross-border banking services makes an employer in one country to pay an employee in another continent or country. One such online bank services provider is Transferwise. It is a British company that helps people to transfer money in different currencies. That is, if two people living in different countries open a transferwise account, sending money between them becomes very easy.

That aside, this medium allows users to send money to another bank account in another country with a small fee. So, if A lives in Germany for instance, and wants to send some 200 Euros to B in Canada but B does not operate transferwise accounts, B can receive the money in their Canadian bank account from A with just a small fee. The ease that this arrangement brings to cross-border payment is so great that many people on suomiarvostelut, a national review website in Finland where people read and drop reviews about Finnish companies, cannot but continue to sing its praises.

The benefits of using Transferwise can hardly be set aside. First, the fee required to transfer money to a foreign account is quite low, especially when one compares it with the amount needed to send through bank wiring and other means. Again, transferwise allows users to keep their monies in the currency of their choice. There are more than seventy currencies that are supported on the platform. And in this era where exchange rates can be erratic, a user can choose to save their funds in a more stable currency using transferwise.

What about the speed of completing international money transfer? It is just amazing. If there are no errors in imputing your recipient’s details, you can send funds to your loved ones abroad in minutes on transferwise. If your funds do not get to the account in time, you can track its movement and understand what the issue is. Added to that, the company provides a free debit card that its users can use online and at every eligible ATM worldwide. What more can one request from a bank than this?Finally, the world owes the internet a lot of gratitudes for making life easier and cross-border payments and transactions very easy. The internet continues to keep the globe together and even helping businesses to flourish. Online banking is, no doubt, here to stay, and one can only hope that transferwise will continue in its good service of breaking down barriers associated with sending and receiving money abroad.