Need to send money overseas? If yes, here's how to send it for free*!
I used to send payments overseas on a very regular basis, as part of my job, and so know first hand how expensive it can be to send the cash, due to unfavourable exchange rates and service fees.
I found that the charges made by banks, and dedicated money sending companies, could be as high as £25 per transaction, plus exchange rates that were often rates set at the start of the day, and by the time my money had actually been sent, the live exchange rate had actually changed and I had lost out on a rate change that would have saved me money, or my recipient received less money than they were expecting, which was somewhat embarrassing!
So with this in mind, knowing I have a long history dealing with currency transfers overseas, I thought it may be useful to some of my readers to give Wise a mention.
Wise is an online money transfer service, specialising in sending money overseas. The reason I'm mentioning them is that having used them recently I was impressed with their speed of transfer, my transfer arrived with the recipient within 5 minutes of me hitting the send button, the exchange rate was the best I could find online, and I found a referral code that gave me a free currency exchange, (no fees), which was even better! Having compared the price of my transfer with other exchange companies, I saved about 3 % on my transfer, which is not to be ignored, every penny counts these days! Wise are up to 8% cheaper than using a bank and 3x cheaper than using PayPal to send money!
If you need to send some cash, then Wise is offering a free* transfer of between £200 and £500 when you use the Penny Pincher referral code meaning that you won't pay any fees to send the money, but will still benefit from the sharp currency exchange rates and fast speed of service.
Wise also offer lots of other foreign currency themed services, but as I haven't had direct usage of them, I'm not going to mention them but did want to let you folks know about the Wise currency sending service...
* The free transfer is only available on a transfer of between £200 and £500.