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TransferWise (WISE) Money Transfer 2022 | How To Use TransferWise - YouTube
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what's up simon here back with another
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video and in this video
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we're going to talk about transferwise
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which is a service that you can use
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to transfer money to all over the world
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without having to pay
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crazy high transfer fees for your money
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transfer
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i'll be covering exactly how
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transferwise works and why they're able
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to
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offer such low prices for money
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transfers internationally
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i'm also going to show you step by step
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how to actually carry out
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an international money transfer using
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transfer ice on my computer
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so if this is the first time you're
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using transferwise to carry out the
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money transfer
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you can just follow along with this
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video and i'll show you exactly how to
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use transferwise and how to get the
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lowest fees possible
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for your money transfer so if you want
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to skip the part where i talk about how
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transferwise actually works and you want
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to go straight to the part
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where i explain how to carry out the
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money transfer step by step on my
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computer
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just hover over the progress bar of the
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video and click on the part that you're
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looking for
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or just go to the video description and
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click on the timestamp where it says
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how to carry out the money transfer with
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transferwise also if this is the first
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time you're actually sending money
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somewhere using transferwise
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feel free to use my personal referral
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link down below in the description
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which will get you a free money transfer
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up to a certain amount
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okay so what is transferwise and what
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makes a difference to the other
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traditional ways
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of sending money well the main reason
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people use transferwise
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is because you can save a lot of money
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on conversion fees and transfer fees
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for example i live in switzerland so if
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i want to send a thousand swiss francs
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to a friend who lives in the united
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states with a u.s bank account
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i would have to pay 12 more for the
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transfer
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compared to using transferwise meaning
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that the amount that will actually end
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up in my friend's u.s bank account
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will be 12 less compared if i would have
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used transferwise
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the reason is because my bank charges a
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higher transfer fee
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and also exchanges my swiss francs into
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us dollar
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at a much worse exchange rate now when i
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increase the amount i want to send to
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let's say
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10 000 swiss francs the difference
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becomes even more significant
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even though i have to pay a higher
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transfer fee using transferwise compared
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to my bank
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the transfer is still cheaper using
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transferwise because the exchange rate
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transferwise offers me to convert my
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swiss francs into us dollars
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is so much better compared to my bank
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that is still a lot cheaper if i were to
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use transferwise
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but now why is transferwise actually
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able to offer money transfers for so
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much cheaper
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than most other alternatives well the
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secret lies
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in the way transferwise actually carries
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out the transfer
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so let's go back to my initial example
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of sending a thousand swiss francs
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to a friend who lives in the united
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states who has a u.s bank account
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well what a traditional bank does is
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take my thousand swiss francs
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convert that into u.s dollars at a
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pretty bad exchange rate
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and then send that us dollars across to
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the united states
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to the u.s bank account across countries
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which is what makes this transfer so
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expensive so we have the conversion fee
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to actually convert the swiss francs
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into u.s dollars
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and also the transfer fee for the money
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going from switzerland
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to the united states and that's exactly
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where transferwise
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had an idea to make things a lot cheaper
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so
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they have their own bank accounts in
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over 50 countries
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worldwide in the local currency so they
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don't actually
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have to convert one currency to another
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and they don't have to transfer money
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across borders saving them a lot of fees
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so how this would work in my specific
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example of sending a thousand swiss
[209]
francs
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to my friend in the us is that i would
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send my thousand swiss francs
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from my swiss bank account to the swiss
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bank account of transferwise
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and then what they do is they take those
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sound swiss francs and calculate
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how much us dollars those swiss francs
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are right now
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using the mid market rate which is
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pretty much the google exchange rate
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that you can just look up on google
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which is a lot better than what banks
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actually use to convert
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your money and then they take that
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amount of u.s
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dollars and send that from their local
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u.s bank account
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to the local u.s bank account of my
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friend in the united states
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so they never actually convert the swiss
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francs into u.s dollars
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and they never actually transfer money
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from one country
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to another so as long as transferwise
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makes sure that all of their bank
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accounts and all of their countries
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have enough funds then cheat transfers
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like that are possible
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also next to international money
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transfers transferwise
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also offers a multi-currency account and
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also a transferwise debit card
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that you can use while traveling so that
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you can avoid paying high conversion
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fees
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when you're paying for stuff abroad i
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will actually make another
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video specifically about those topics so
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you can check the description below this
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video and click somewhere on the top of
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this video right now
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if you want to check out that topic but
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now let's actually take a look at
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how to carry out an international money
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transfer using trends rice on my
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computer
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so you can see step by step how this
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would work
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again if you want you can use my
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personal referral link down below in the
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description
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which will give you a free money
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transfer up to a certain amount
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so let's now get onto my computer and
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get started
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okay so this is the site where you
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should end up on when you click on the
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link in the description
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to get a free transfer up to 600 swiss
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francs
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and if you actually just go to
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transferwise.com which is something you
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can also do
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then you will end up on this page here
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um and then you just have to
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start by entering the amount you want to
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send and also the currency you want to
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send in
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and you can um click somewhere here
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where it says
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start your transfer or or create your
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account or something like that
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and then it will be exactly the same
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process but most of you probably will
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use the link to get that free transfer
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or the discounted transfer
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depending on the amount um i'm going to
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start using this page here i'm going to
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walk you through everything from here on
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out
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and also don't worry if it says 600
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swiss francs or another amount or
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another currency
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because it will just calculate whatever
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that amount
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is for your currency that you want to
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transfer in and then you will still get
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that discount
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or that free transfer depending on the
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amount
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so let's get started by creating our
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transferwise account
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you just have to type in your email and
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create a password
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and then type in the
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country that you live in and then click
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on claim your fee free
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transfer so i'm just going to quickly do
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that
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right here
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and then i'm going to click on claim
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your fee free transfer
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okay okay so the next page
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we have to decide what we want to send
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so how much we want to send in what
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currency so again i'm going to go back
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to my example here of sending a thousand
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swiss francs to united states
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so i'm going to choose swiss francs here
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and us dollars
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on the bottom here and
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you can also already select a payment
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method right here but you can also do
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that at the
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end where uh when we are at the at the
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pay
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option here so i'm going to cover that
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at the end so it
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it depends uh what a payment method you
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use also on the fees
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so currently the fee is five swiss
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francs 49
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and we get a discount because um
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if you use the discount link you get a
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discount for the first 600
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swiss francs and then the rest will be
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one
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swiss franc 70 for the last 400 swiss
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francs of the transfer
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if i would just type in 600 right here i
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would have to pay
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zero fees but let's go back to a
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thousand
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and then we'll see exactly the amount
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that will be converted which is a
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thousand swiss francs
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minus the total fees and you can also
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see the
[472]
the conversion the exchange rate that um
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transferwise is using
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so again i said it's probably most
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likely very close to the google exchange
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rate
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that you simply find on google so let's
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actually um check if that's true
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so we see here 1.08861
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so let's actually go to google and check
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what
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we find there so i'm gonna type in swiss
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francs
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in us dollars then type in a thousand
[500]
swiss francs
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and we have 1.0887
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compared to 1.0886
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so like i said it's pretty much the
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google rate which is a lot better
[512]
than and the rate you get with a bank
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that have
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because they have high markups okay so
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you also get that rate guaranteed for
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the next 17 hours
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or maybe a bit longer or less long
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depending on what currency what country
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you're in
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it's really uh dynamic so um
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but you don't have to worry that the
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exchange rate will actually be worse
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once you have started that transfer as
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long as you
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do your payment within that time frame
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you will actually get
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the conversion rate that you see here
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and then what's very cool with
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transferwise is that you will always see
[545]
exactly what your fees are
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and how much money will end up after you
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transfer the money so here
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is exactly what my friend will see in
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his
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u.s bank account once the transfer is
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finished
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um then we also see
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an estimate of when the money should be
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there and here it says
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october 5th right now is first of
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october
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so it says four days so over the weekend
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but
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um it probably will be there tomorrow
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and i'm going to show you in the next
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step
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because sometimes and adjusts that that
[580]
estimation
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at a later step but you're going to see
[583]
that
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okay and then i'm going to click on
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continue once everything's set up here
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and then we have to tell them if we are
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a personal
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if this is a personal transaction a
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personal transfer
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or business transfer so in my case it's
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a personal transfer so i'm going to
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click on personal
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and then we have to fill out our
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personal details
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make sure you actually type in your real
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details otherwise you will have
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problems with the money transfer so i'm
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just going to quickly type in my details
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and i'm going to come back to the video
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okay so once you've filled in your
[616]
details here just click on continue
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and then they ask us where we want to
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send the money to
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we can send it to ourselves so to our
[626]
own bank account
[627]
or to someone else or to a business or
[630]
charity
[631]
i want to send it to my friend so i
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click on someone else
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and then we have to enter the details of
[637]
the recipient so of the friend i want to
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send that money to
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so i'm just going to enter their name
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here
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and also the country so that would be
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united states
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in my case and also um
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if you don't wanna or if you don't have
[655]
all the details of your friend
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you can just type in their email address
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and also
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and then transferwise will send them an
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email asking them to fill out their
[664]
details
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so you can just uncheck this box here
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and just type in the email address but
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probably most of you will actually have
[671]
the the details of the person you want
[673]
to send that money to
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so um you can just fill it out here so
[677]
also i'm going to quickly do that
[679]
and i can then come back to the video
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all right so once everything is filled
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out here we just click on confirm
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maybe it's if you have a large amount
[691]
that you want to transfer like
[693]
i don't know 15 000 euros or 20 000 us
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dollars
[697]
then it might ask you for a verification
[699]
so
[700]
you have to uh you have to scan or you
[703]
have to
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um upload your id personal id and also
[707]
give them some proof of residence
[709]
which is mostly like an electricity bill
[712]
or a gas bill or something
[713]
that shows your name on the bill so that
[715]
they can actually verify
[716]
that you are the person you are saying
[718]
you are but if it's just like a thousand
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dollars or a couple of thousand
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it probably won't ask you for a
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verification so right now it didn't ask
[726]
me for any verification so i'm just
[728]
going to continue
[728]
here the next step here is the review of
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details of your transfer so just
[733]
um check again if everything looks good
[736]
and like i said here you see
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it should arrive now by october 2nd so
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that would be already tomorrow
[742]
i don't know why it said 5th of october
[744]
in the beginning but um that sounds a
[746]
lot better so it only takes a day
[748]
to actually arrive at my friend's bank
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account then also if you want to type
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a reference for your recipient you can
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do that here
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and once you've finished everything
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click on confirm and continue
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and then we get to the next step which
[763]
is the step um
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about how we actually pay and the
[768]
payment method really decides on how
[770]
many fees you will have to pay
[772]
so um i would suggest you actually use
[775]
just a manually a manual bank transfer
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because that is pretty much the cheapest
[781]
option the only
[782]
thing that would be cheaper is if you
[784]
already have a balance
[785]
on your transferwise account but as you
[787]
see because this is a new account i
[789]
don't have any balance on here
[790]
so i can choose your balance um if you
[793]
are really in a hurry and you need the
[795]
money to arrive as fast as possible
[797]
you can use debit card or credit card
[801]
a debit card mostly is a bit cheaper
[803]
than credit card
[805]
and that will basically arrive
[807]
immediately or in a couple of seconds
[809]
if you choose that option just click on
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continue to payment
[812]
then type in your card information and
[814]
then click pay
[816]
but i would suggest you just use a
[818]
manual bank transfer if you're not in a
[820]
hurry for the money to arrive
[822]
because you'll save um you save more
[824]
money on fees
[826]
so i'm going to show you how it works
[828]
with a manual bank transfer so we're
[830]
going to choose
[830]
the top option here again you see all
[833]
the fees here
[834]
and what will end up in the bank account
[836]
of my friend
[837]
and then i'm going to click on continue
[839]
to payment
[841]
then they ask us what bank account this
[843]
money is coming from is it coming from
[845]
me
[845]
or is it coming from a joint account
[847]
it's coming from my own account so i'm
[849]
gonna click on yes i'm the account
[851]
holder
[852]
then we're gonna click on continue and
[855]
here they ask us how we want to actually
[857]
transfer the money so we're going to use
[858]
online banking telephone banking or
[860]
bank branch they pretty much give you
[863]
the same information
[864]
it doesn't matter what you choose here
[866]
um the difference is that you just have
[868]
to call your bank
[870]
and give them the information that way
[872]
if you choose telephone banking
[874]
but it really doesn't matter how i do it
[875]
the way it works for you just do it like
[877]
that but most of you are probably gonna
[878]
use the online banking
[880]
option here so i'm gonna choose this and
[882]
click on continue to
[884]
bank details and this is where i
[887]
see now the bank details of
[889]
transferwise's
[890]
swiss bank account again we try to avoid
[894]
any trends any transfer over
[897]
different countries and also any
[898]
conversions so they give
[900]
me their swiss bank account because i'm
[901]
sending in swiss francs
[905]
so what you have to do is basically take
[906]
that information go to your online bank
[909]
and or just log into your online banking
[912]
and then
[913]
carry out the payment there also make
[916]
sure you use
[917]
the reference here where it says um this
[920]
number
[921]
and just put that in the reference field
[924]
of your online banking payment
[926]
and that way they say
[929]
it might be delayed if you don't put
[931]
that that number here so just make sure
[934]
to put it
[934]
to avoid any delays in with your
[938]
transfer
[939]
but that's basically it once you have
[941]
actually
[942]
done your payment with your online
[944]
banking you can click on i've made my
[946]
bank transfer on the bottom here
[949]
and then you will be redirected to your
[952]
transferwise dashboard this is what you
[954]
see
[955]
every time you log into your new
[957]
transferwise account right now
[958]
so here you see all your activity and
[961]
this is the transfer that we have just
[962]
set up so we have just
[964]
set up our transfer and now the money is
[966]
on the way from my bank account
[968]
to their bank account then once they
[971]
receive my swiss francs
[973]
they will actually give me a message and
[974]
say hey we received your swiss francs we
[976]
are now
[977]
paying your friend from our us dollar
[981]
account
[981]
to their u.s bank account and you can
[984]
track your
[985]
progress of your transfer here or you
[987]
can also just check your email because
[989]
they will keep you updated
[990]
um by email how uh
[993]
on the progress of your transfer and
[996]
that's basically that's basically it
[999]
that's basically how you
[1001]
carry out an international transfer
[1003]
using transferwise
[1004]
okay so i hope this video actually
[1006]
helped you out getting started with
[1007]
transferwise
[1008]
and for you to understand how
[1009]
transferwise actually works if it was in
[1012]
fact helpful make sure to give me a
[1013]
thumbs up on this video
[1015]
which really helps out my youtube
[1016]
channel and also if you want to see more
[1018]
content from me
[1019]
feel free to actually subscribe to my
[1021]
channel and hit the little notification
[1022]
bell next to the subscribe button so you
[1024]
don't miss any new videos that i put out
[1026]
with that being said thank you very much
[1027]
for watching and i look forward to
[1028]
seeing you in the next video
[1040]
[Music]
[1054]
you
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