Added a new transfer systеm — TransferWise

What is TransferWise

TransferWise is a British company that has been providing international money transfers to 59 countries since 2011. Security and privacy are regulated by the British FCA (Financial Conduct Authority). It is important to understand the specifics of this systеm. Money transfer can only be sent and received to a local bank account in local currency. TransferWise is ideal for sending money from the following countries: Australia - Britain - Brazil - Hungary - Denmark - Canada - China - Norway - New Zealand - Poland - Romania - Singapore - USA - Czech Republic - Croatia - Switzerland - Sweden - Japan.

How Transferwise works

The systеm uses P2P (peer-to-peer) technology: during the transaction, the sender is connected to the user who sends funds in the opposite direction. Thus, the money does not leave the country, and you do not need to pay cross-border tax.

TransferWise in Ukraine has cool advantages:

• average exchange rate - at which banks around the world buy currencies from each other. This makes money transfers to Ukraine with TransferWise almost 8 times cheaper than similar systems;
• low commission;
• money comes quickly;
• fixed rate - from the moment the payment is completed. If the rate changes within a few hours, this will not affect the amount sent.

TransferWice in detail

• Minimum send limit: 1 USD.
• Max send limit: 199,999 USD.
• Submission speed: 30 minutes - 1 day.
• Available currencies: 44 currencies.
• Exchange rate: average, real time.

TransferWise and PrivatBank

It is impossible to send a payment from Ukraine with TransferWise, but you can receive money! The tandem of TransferWise and PrivatBank was established back in 2015, this bank is the only partner in Ukraine. I agree, not a lot, but this lack of choice has its advantages: PrivatBank does not charge a commission for receiving an international money transfer, branches in each city, and it has a convenient mobile application. By the way, TransferWise commission from any payment is up to 5%.

How to get money from TransferWise in Ukraine

Getting cheap TransferWise money transfers in Ukraine is very easy. First you need to get a PrivatBank hryvnia bank card. You can order and receive a card at any Privat branch. Payments can only be received on a hryvnia card, a currency card will not work. When filling out your personal information, please inсlude the phone number you want to use when registering with TransferWise. Then sign up for TransferWise (it's free) and tell the sender your email, full name, phone number, and the last 4 digits of your credit card. Expect payment from 30 minutes to one day, when the money is credited to the account, a notification will be sent to the email of the sender and recipient.

Send money with TransferWise

You can send money transfers with TransferWise only in local currency from a limited number of countries, let me remind you: Australia, Britain, Brazil, Hungary, Denmark, Canada, China, Norway, New Zealand, Poland, Romania, Singapore, USA, Czech Republic, Croatia, Switzerland , Sweden and Japan.

TransferWise fees

TransferWise money transfer fees to Ukraine depend on two factors: the amount and type of currency. It is always visible when calculating or transferring, and is read at the initial stage of creating a translation. The recipient will receive exactly the amount that will be sent to him, there is no additional commission upon receipt. You can check the shipping cost for your country and currency at this link. For example, to send 100 EUR or USD to Ukraine, pay a fee of 4.76 €/$. For sending 1000 EUR or USD, the fee is 9.52 €/$.

TransferWise fees to Ukraine:

• in USD – 2.35% + 1.00 USD
• in EUR – 2.5% + 0.50 EUR
• in PLN – 2.5% + 2.00 PLN
• in GBP – 4.15% + £1.00
• in CAD – 5%

Pros

Easy to use. You can register and start receiving (or transmitting) in less than 2.5 minutes. Low commissions - up to a maximum of 5%. Compare TransferWise's international money transfer costs to those charged by banks and other money transfer companies.

• Average rate with no hidden fees.
• High daily limits.
• Sending limits per day for individuals. persons - up to 49 999 USD, and 199 999 USD - per year!
• Entrepreneur sending limits up to $199,999 per day, and $1 million per year.
• The site is Russified.

Cons

• You can only send money via TransferWise from 18 countries.
• You can only send money to your local bank account in local currency.
• It is currently not possible to order a bank card.
• You can't send money from Ukraine.