What is the cheapest way to send money online overseas?

For making international transfer, I myself using TransferWise for the last 2 years and I never had any issue with it.

You see, TransferWise is a money remitter that will help you transfer your money from one country to another. And as a money remitter, it has been approved in all 60 countries where it operates.

For instance, in the UK, the FCA has approved and regulates TransferWise and you can find them using their reference number 900507. In the US, it is also registered with Financial Crimes Enforcement Network (FinCEN) and regulated in every individual state. Same goes for Canda where it is registered by the Financial Transactions and Reports Analysis Centre of Canada.

So TransferWise is approved and registered by the legal body of every single country. If it were fake or scam, then all those international watch dogs and govt regulators wouldn’t have approved it in the first place.

So TransferWise is legal, legitimate, and of course, licensed.

And besides these regulators, TransferWise is also backed by heavy-weight investor like Sir Richard Branson, Neil Patel, and even by Index Venture and Andreessen Horwitz.

Now, do you think that those high-profile investors are backing TransferWise without knowing its legitimacy?

So, TransferWise is legally safe and legitimate. And more importantly, it is regulated by the watchdogs of every country where it operates.

However, if you search online, you will find a few posts where people are whining about TransferWise.

But you know what? They only talk about transferwise and how it delayed their transfer and suspended their accounts, while strategically hiding the reason for such action.

As I mentioned above, transferwise is regulated by international watchdogs. And by the international law, TransferWise is required to do an advanced verification when your transfer amount crosses a certain threshold.

I remember, last January, I was making a big transfer of $70k USD. And unfortunately, my TransferWise was delayed and a mail was sent to me requesting a couple of documents for further verification.

You know, to prevent money laundering, TransferWise will ask you such information about your utility bills, source of income, and the intend of transfer. And this is basically to prevent money laundering which is a part of International law.

So, when you make big transfer with TransferWise, at your very first attempt, TransferWise will DO ask you for some additional verification details. And if you don’t help them with it, your transfer will be rejected, your fund will be transferred back to your account, and yes, your account will be suspended too.

And this why many people complaint about TransferWise. But you know what? I find it rather a useful feature of TransferWise. You know, it gives you maximum level of security for your account and further transfers.

So TransferWise is legally approved, registered, and licensed, so you can use it with full confidence. You just have to verify your account before you start sending money. And that’s it.

So, feel free to use it. It is safe and it is regulated. And more importantly, it is way cheaper than those typical high street banks.

You can check out this article of mine to get all the details and reference about TransferWise and why it is safe.

Here are some of the reasons why I love transferwise:

  1. Very fast to open virtual accounts accounts in multiple currencies,
  2. It can transfer money within seconds to your local bank accounts,
  3. Good customer services (much better than Payoneer),
  4. Competitive currency conversion rates,
  5. Safe (login with One Time Password),
  6. Available in most of the currencies,
  7. Available in most of the countries,
  8. To get joining bonus use link; transferwise

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