- Offers the highest exchange rate
- Very transparent in fees; 0.892%
- Takes upto 2 to 3 days to transfer money
TransferWise is a disruptive startup trying to change the way international money transfer transactions work. They use a new method to facilitate money transfers without transferring the money across the borders. The founders of TransferWise are the same team who built Skype that revolutionized the way we make international phone calls. The startup is backed by legendary investors like Richard Branson of Virgin, Peter Thiel of PayPal, Andreessen Horowitz and others. Just in few years this startup has grown rapidly and now handling over $750 million worth of transfers every month.
With mottos like "Charge as little as possible", TransferWise provides best exchange rates without any commission / markup on exchange rates compared to other money transfer services. Their exchange rates are most transparent and they charge a small percentage of fee to facilitate transfers. The exchange rates of TransferWise is same rate that you see sites like xe.com and its called mid-market.
Though there is no difference for a customer who is trying to transfer money, behind scenes TransferWise uses a very innovative strategy for international money transfers. When money transfer is initiated by a customer they don’t actually transfer money across the borders to avoid fees as well as markups involved in buying and selling currencies. Lets say if a Person A wants to transfer money from USA to India and Person B wants to transfer money from India to USA. TransferWise acts a middle man by moving Person A’s US Dollars to Person B's US bank account and then moving Person B’s Indian rupees to Person A’s Indian bank account. If you notice the discussed scenario, there is no money transfer between US & India, money is transferred peer-to-peer( between A & B accounts).
With an innovative approach, TransferWise is providing best exchange rates and trying to disrupt money transfer businessSummary
- Transparent about the fees they collect, flat 0.9% fee
- Offers mid-market exchange rates and it is the best possible exchange rate one could get
- Takes up to 2-3 business days to transfer money.
- High fee eats up the advantages provided by best exchange rates(full review)
To transfer money to India, TransferWise charges the following fee
Following payment options are available for Senders to initiate money transfers