USING PEER 2 PEER INTERNATIONAL MONEY TRANSFERS
We have been using a peer to peer platform for international money transfers for over three years. If you need to pay internationall invocies from AUD into any other currency then we recommend that you use a peer to peer platform too.
Transferwise has saved this business thousands of pounds in bank transfer fees. Which is a good thing.
There are no bank fees at either end, just a small commission paid to the platform for hosting the transaction. This also stops the annoying problem of invoices being slightly underpaid when they arrive in the business account less the obligatory hidden bank fee!
How to set up an account
Sign up is simple. If you follow this refferal link to set up your account the first 500GBP transfer is free.
Just log in and undertake usual verification process to create an account. Dont leave it until the last minute as KYC checks always take a day or two.
You can then securely link your business bank account, debit or credit card and select the amount to upload for transfer. You will also need the payee bank details found on the invoice to send the money too.
How Does it work?
The process is completely transparent. Transferwise state the low cost of the transaction at this stage so you know exactly how much you are paying - a fraction of the standard bank charge. The rate is displayed as the current market rate - no currency conversion rip-offs here. This rate is guaranteed for 24 hours. Once you accept you enter the payee details, then the upload of funds takes place and you will receive a confirmation email from Transferwise.
Here's where the clever part takes place. Transferwise is a peer to peer service, so it is matching your request to exchange your peso into pounds or dollars with someone else who wants to exchange dollars or pounds into pesos. Once your order has been met, the converted currency is placed into the requested account. There are no bank fees at either end, just a small commission to pay that Transferwise notified you it would make for the service. So you know the exact amount that will arrive in the account at the other end.
How long do the international money transfers take?
Transferwise will estimate the time to completion when you have submitted the order. It's not instant but its pretty quick. Usually quicker than the estimated time given. I have had transfers take as little as a few hours, never longer than a day -unless there is a bank holiday. Transferwise will also email you to notify you when the exchange is complete and that the funds are going to be deposited into the payee's account. Again there may be a delay of an hour or two here depend on how quick the back processes the transactions.
And that's it. Simple, fast and secure. We have used this method for all our international transfers for 3 years without a single issue. If your business involves sending money internationally to pay DJs, artists, anyone, anything, then I also recommend you use Transferwise
You will save lots of money.