Tech of the week: TransferWise

What is TransferWise

TransferWise is an online money transfer service. It allows users to move foreign money from one bank account to another while avoiding high bank fees.

What does it do?

Using peer to peer technology, TransferWise is 8 times cheaper than transfering money via a traditional bank. If someone wants to change pounds to euros, the technology will match someone who wants to transfer euros to pounds. This nifty technology means that the money never crosses international borders which would normally incur bank charges.

The website is really easy to use. You simply enter your bank or credit card details and the information about where you want the money to go. Normally it takes a day to transfer and in some cases can be the same day. This is much faster than a usual bank transfer. The user receives an email when the transfer has been made.

Why does it benefit assistants?

If you work for a small organisation that transfers a lot of money internationally this could save them a small fortune. The exchange rate tends to be better than that offered by a bank and they only charge a small fixed fee for the transfer. It is also a really efficient and quick service.

Why is it Practically Perfect PA’s tech of the week?

I use TransferWise a few times a month and I really like the service. The website is really easy to use, the money is transferred quickly and the few times I’ve had an issue the customer service has been excellent. As I have an account I can offer Practically Perfect PA readers a free transfer – just use this link to set up your account.