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How to transfer money overseas with TransferWise

TransferWise is an online money transfer tool that allows you to send money overseas at rates lower than those offered by traditional banks. For this, it is necessary to perform a quick registration, inform the data of the destination account and pay the ticket issued within the deadline. The service is intended for personal purposes only, transactions for commercial purposes or for payment of services are prohibited. TransferWise is also available as an Android or iPhone (iOS) mobile app.

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Check below how to create an account and transfer money to other countries with TransferWise.

TransferWise allows you to send money overseas at lower rates than the banks

Step 1. Enter the Transferwise website and, in the upper menu, select in the "Create account" option;

account"

Step 2. On the next page, enter a valid email, create a password and click "Create an account". If you prefer, you can access with your Facebook or Google login data, simply choose one of the two options under "Or continue with Google or Facebook";

Create your TransferWise account

Step 3. With the login data entered, you will be redirected to the page below. In the space indicated by the arrow, enter the value you want to transfer. In the highlighted box with the number 1, select the currency used in the country of departure (of whom you deposit). In box 2, select the currency in which the money is to be converted (that is, the one officially used in the country to which it will be addressed);

Enter the amount you want to transfer through TransferWise

Step 4. Scroll down and click "Continue" to continue the transaction;

Step 5. Next, confirm to the service that the transaction is personal by clicking on the corresponding box. Transferwise makes it clear that it is not possible to make transfers on behalf of companies or other persons;

Confirm to TransferWise that the transfer is for personal purposes

Step 6. On the next page, enter all data requested by the service;

Enter your details for TransferWise

Step 7. After filling in all the necessary information, go to "Continue";

Step 8. Now it's time to tell if the deal will be carried out for your own or third-party account. "The reason for the transfer should be one of the following: maintenance of residents, personal donations or personal expenses, " the service informs. TransferWise also warns that it does not carry out the process with commercial purposes or to pay for services;

Please advise whether the money will be sent to an account of your own or someone else's

Step 9. Finally, fill in the recipient's details, such as e-mail (in which he will be informed of the transfer and progress of the recipient), full name and international account number. As an example of a European Union banking institution, the IBAN is used (acronym for International Bank Account Number). Once the process is complete, go to "Confirm";

Enter the bank details of who will receive the money overseas via TransferWise

Step 10. Check if all the data is correct and, if affirmative, click on "Confirm and continue";

Confirm that the data reported to TransferWise is correct

Step 11. Read the information about the procedure of payment of the ticket that will be generated. Be aware: it needs to be paid for by the person reporting the data, otherwise the transfer will not be processed. After reading, click "Ok, I got it";

Please read carefully the instructions on the payment of the ticket issued by TransferWise

Step 12. Next, click on "Download Ticket" to download the ticket. Keep an eye on the due date as payment can not be made after the deadline has expired. It is possible to carry out the process in the regular and electronic banking boxes and also through Internet banking or mobile apps.

Download the ticket issued by TransferWise

Ready. Now just wait for the transfer to be identified by the service. With this, the value will be sent to the indicated external account.

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