I recently discovered a new way to send and receive money from my family in America that I’m totally loving. It’s called TransferWise and it’s super easy to use.
Whether you’re backpacking Europe, traveling abroad, living overseas, studying abroad, or have family or friends doing any (or all) of the above, you should use this service.
It’s been almost three months since I moved to Germany, and while I’ve been self-sufficient thanks to saving up for such a big move, I have had family members and loved ones who wanted or needed to send me money. Whether for a birthday gift or just because.
In order to send money abroad to me, my family members had been depositing personal checks into my bank account from their local branch. Still, for them there’s the hassle of writing out a check, and having to go all the way to the branch to deposit it. And just forget about wire transfers because they’re ridiculously expensive.
Enter Transferwise. It’s from the creators of Skype, and I was introduced to it last month and told my mom about the service. She agreed to give it a shot and send me money using the service. Though she initially encountered a website error that did not have USD listed as a currency option, after a quick live chat with a helpful customer service representative, and refreshing her browser, the error disappeared and she was able to move on to the next steps. Even though my mom isn’t a techie, she found the process to be very easy.
For sending USD to EUR, there was the option to either do a federal transfer, wire transfer, or direct transfer. My mom chose to do a direct transfer which sent money straight from her bank account to my German bank account. “I can use this to send money to missions in Africa! It’s way cheaper to send money this way,” she said.
Step #1 – Create a Sender Profile
Create an account with either your email address or your Google or Yahoo log-in.
Step #2 – Enter How Much Money You’d Like to Transfer
The system does the exchange rate right there for you on the screen, and shows you how many days it’ll take for the money to be delivered to the recipient’s bank account. For my mom, it told her it would take 5 days to get to my account.
Step #3 – Complete Your Personal Contact Info
Here you must fill out your name, date of birth, and contact information and agree with Terms & Conditions.
Step #4 – Complete Your Recipient’s Personal/Banking Info
Here you have the option to complete your recipient’s name, and decide whether or not to send the money to their bank account or via email. If you send it to their bank account, you need their bank account information.
Please Note: If you’re sending USD abroad, you need your recipient’s bank information and street address to be able to send money. The option to “send money via email” is not currently available for USD, and the money transfer cannot be completed without the recipient’s bank information.
Step #5 – Upload Your Money
And complete the transfer! After that, your payment will be processed via the method of choice.
There are so many reasons why someone might need to send money abroad. While traveling, your wallet could get pickpocketed. You could be subletting your apartment back home and need an easy way to receive rent payments each month. If you’ve moved abroad, maybe you could use a little financial help getting set up in your new country. Or you’re a full-time freelancer, like me, and work for clients abroad, and need to avoid hidden fees when sending invoices and getting paid. (You can also request money using the TransferWise if a friend, family member, or client needs to pay you back for something.)
While there are other options like Paypal, which charges higher percentage fees than TransferWise, and XE, which is altogether so complicated to set up and use I was afraid to try it, I’ve found Transferwise to be the new best way to transfer money abroad for my family and me.
Disclosure: Please note, I’m an affiliate for TransferWise, which means I make a small commission if you decide to use the service. But please know that I’ve used TransferWise and really like the useful service it provides, which is why I can confidently recommend it to you.
So if you’re looking for a way to send money abroad, check it out! And if you have any questions about the service, feel free to contact me. I’m happy to talk more about my experience using it to receive money from my family.