What is the cheapest way to send money from Turkey to the US?

What are the benefits of using transferwise?

  • Send money abroad eight times cheaper than using your regular high-street bank
  • Transaction costs are always transparent, unlike some other providers which add a markup to the real exchange rate in addition to their fees
  • transferwise international payments on major routes from the UK and Europe are delivered within 24 hours – compared to 3-7 days for a regular bank. In fact, 25 percent of all transfers from the UK to Europe are delivered within seconds
  • Arrange your transfer online for convenience
  • TransferWise is regulated by the Financial Conduct Authority, just like a UK bank, and trusted by 3 million people around the world
  • Your money is sent directly to your recipient’s bank account
  • Suitable for both business and personal use

I have put this online money transfer service to the test and liked it.

Cheap Transaction Costs

transferwise has adopted an ingenious system to help it bypass the high bank rates. The service allows its users to create local accounts from anywhere in the world. It then transfers money between users’ local accounts, thus bypassing the high rates imposed by banks on international money transfers. In a sense, the money never crosses borders.

These local accounts are multicurrency and can hold money in more than 40 different currencies. This includes the U.S. Dollar, British Pound, Euro, and Indian Rupee, among many more. The money is converted to the desired currency in-house before transfer, further cutting costs.

I’ll put it in the figures for you. A Pound-to-Euro transfer would cost only 80p and a commission of 0.35% of the entire transaction. This is about 8 times cheaper than the cheapest international bank transfer and considerably cheaper than most other online money transfer services.

How it Works

As mentioned, transferwise allows users to create local accounts. You can then transfer money into your created local account from your bank or debit and credit cards. An account is then created for the recipient and the money transferred in their prefered currency.

You will receive a message once the money is deposited into your local TransferWise account and also after The recipient gets it. The recipient will also receive simple instructions on how to withdraw their money.

All you need to do to use this service is to load the website on your Google search page. You will be required to provide certain details that you should fill out and submit – the data required is not sensitive and will not be exploited against you.

Transfer Times

The new system created by TransferWise not only bypasses the high bank rates but also slashes online money transfer times. Typically transfers from the UK to Europe and the U.S. take less than 24 hours to finalize; international money transfers to India and Africa take 3-7 business days to complete.

Safety and Legality

transferwise is used by over 3 million people across the world, among them small and big businesses. The service is completely legal, and there are measures in place to protect users’ money and privacy.

TransferWise is licensed and regulated by the Financial Conduct Authority. It is held to the same standards as banks and other financial institutions based in the UK. This means you can fully trust it with your money and information.

Fully regulated by the Financial Conduct Authority and, like large banks and financial institutions, it authenticates users to prevent fraud and money laundering.

TransferWise Ltd has passport rights throughout the European Economic Area under registration number 900507 and approved by the UK Financial Conduct Authority as an Electronic Money Agency (EMI). They have registered it with the news secretariat. Protecting your data is important because they will not share your data with third parties unless required by law.

They take great care to protect the security of your personal information and use a secure server to store your personal information. They store all information you provide on their secure server. They encrypt all payment transactions using the security technology of the transport layer.

As you know, the transmission of information on the Internet is not secure. When they receive your information, they use strict procedures and security features to prevent unauthorized access.

They limit access to your personal information to specific TransferWise employees who have business reasons to know this information. They take continuous training of their employees to make them understand the importance of confidentiality. They take physical, electronic, and procedural safeguards to protect your personal information from unauthorized access and to comply with applicable laws and regulations.

As a regulated financial institution, TransferWise must store some of your personal and transactional data. A tiny number of employees can only view data and only when necessary. They will always delete unnecessary information. All they need to maintain themselves is by the highest level of security protected.

As a financial institution, it licenses them in the United Kingdom by the Financial Conduct Authority (FCA) under the e-money regulation 2011, reference number 900507 for the company issuance of electronic money. They must also meet with all regulators who report globally. They also maintain security of a bank level. It is continuously and independently reviewed and improved through continuous training for all employees.

Their security includes preventive measures such as the two-step connection and verification process. They design these to protect your account from unauthorized access. It works with a full set of technical protections and dedicated teams to monitor unusual activities in personal data and accounts without borders.

transferwise, commits to providing you with the highest standards of service through their products and customer support teams. However, in rare cases, their services may not meet your expectations. Here, they act and decide based on the Terms of Use, including payment settings, use of borderless features, user agreements and other rules you agreed to when downloading the application.

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