I want to share my experience with everyone on transferring money internationally using Wise. I've been away from my home country for a while now and often need to send money back to my parents occasionally. It's been quite a painful process before Wise (previously TransferWise. Yes, I've been their customer before they changed name).
Remitting money via banks or remittance service in Singapore are very tedious for me. And another point, the rates are not that good. Often they'll charge additional service fee that may eat up to the amount of money that you're going to send.
When Wise came up, I was originally skeptical on the service and whether they can be trusted. Anyway I did try out Wise with small amount of money first as a trial to understand their process and to check out their rates.
Few features that I like from Wise:
1. You can check the rate real-time and it's guaranteed for certain period of time.
2. You know how much you pay for the transfer fee and it's quite low compare to the banks.
3. You can see the fluctuation of the exchange rate in graph.
4. You know when the money will arrive to recipient's bank account.
5. When there's issue with your transaction, Wise will return your money fully, except the any fee incurred for transferring between your bank account to Wise account, if any.
6. There's a flowchart shown for your transaction as well so you know the current status of your transaction.
And, Wise is regulated by Monetary Authority of Singapore (MAS) and many other countries' authorities.
I've transferred big amount of money to Indonesia and Canada so far and the experience is easy and fast.
If you want fuss free cross border transfer experience, try Wise.
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