Things you can do with a Transferwise Account

Transferwise is an application that allows people to send money to people in other countries. However, the platform has since evolved and continues to innovate to be a leader in financial services all over the world. This article will discuss some of the things you can do with a Transferwise account.

Send money abroad
If you need to send money to people that reside in other countries or traveled to other countries, you can do so with the aid of your Transferwise account. All you need to do is register a free account after which you would be required to provide the amount you want to transfer as well as other details of the person you want to transfer money to. Once you have provided these details, you might be asked to provide a means of identification if the money you intend to transfer is very high. This is to help ensure that your money is kept safely for you. After providing a means of identification where applicable, you would then be allowed to fund your account either through ACH, wire transfer or with the aid of your credit or debit card. After funding your account, you would be able to send money to the account you want to send money to. The recipient will be informed about the transfer you have initiated. It is also possible to trace the money you have sent from your account. In most cases, the recipient will get the money instantly or in less than an hour after you initiate the transfer. Having said that, despite the fact that wire transfers tend to be faster, ACH transfers may be a better choice for small enterprises. People might consider ach payment processing for small business as it can be considered as more secure and could be an effective method of transferring large amounts.

Receive money
Another service that you can enjoy when you have a Transferwise account is receiving money. Transferwise allows its customers to create a borderless account. This implies that your account is not specifically tied to your country or any country. Thus, you can decide your currency and other features of your account. With your Transferwise account number, people can send you money that would reflect in your account. You can have balances in more than 40 currencies if you so wish. Their platform is very flexible and further allows you to transfer the money or spend the money. You can learn more about Transferwise by reading Transferwise reviews.

Spend money
It is possible to spend money that you have received or funded into your account from your Transferwise platform. To achieve this, all you have to do is to request for a Transferwise MasterCard. With the aid of the Transferwise Mastercard, you can withdraw money from ATM and use the card to pay for products and services online and offline. The implication is that you can use Transferwise in a similar way that you use your traditional bank account. You can use to send money to people, receive money from people as well as to pay for products and services. Using the Transferwise account is very affordable as most of their features you would be using are available for free. Some of these features include spending money in your account, withdrawing up to £200 from an ATM and getting foreign bank accounts in the UK and USA among others.